Wheeler Real Estate Investment Trust, Inc. Acquires 21,997 Square Foot Retail Center in South Carolina
September 29 2014 - 8:30AM
Business Wire
- Acquisition expands Wheeler’s presence
in South Carolina to eight properties and marks first location to
be solely managed by newly opened Charleston regional office.
- Property is shadow-anchored by a
Walmart Supercenter.
- Property is 100% leased.
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR)
(“Wheeler” or the “Company”) announced today that the Company has
assumed and closed a contract previously entered into by Wheeler
Interests, LLC, an affiliated company, to acquire Graystone
Crossing, a 21,997 square foot retail center for an acquisition
price of $5.4 million, or $245.49 per square foot. The property was
acquired using a combination of cash and bank debt.
Wheeler Real Estate Investment Trust Inc.
(NASDAQ:WHLR) acquires Graystone Crossing, a retail center located
in Tega Cay, SC. (Photo: Business Wire)
Jon S. Wheeler, Chairman and Chief Executive Officer, commented,
“We are excited to announce this acquisition, as Graystone Crossing
is a well-located retail center in a strong community that has
recently seen exponential growth. The property is shadow-anchored
by a Walmart Supercenter and is currently 100% leased with several
of its tenants nationally known. Graystone Crossing is in-line with
our acquisition criteria of 'necessity-based' properties acquired
at favorable rates and located in secondary and tertiary markets.
We are pleased to utilize a portion of the proceeds from our recent
capital raise towards the acquisition of this property, as this
location will add value to the Company and benefit our
shareholders.”
Graystone Crossing – Tega Cay, South
Carolina
Graystone Crossing was built in 2007 and is a 21,997 square foot
retail center. In addition to being shadow-anchored by the Walmart
Supercenter, the center is 100% leased by national tenants that
include T-Mobile, Tropical Smoothie and Edible Arrangements as well
as an array of locally based service providers.
The center is located in Tega Cay, South Carolina on SC Highway
160, which averages 27,900 vehicles per day and is a primary state
highway that runs from the North Carolina state line into Lancaster
County, South Carolina.
Location / Demographic
Information
The City of Tega Cay is on the peninsula of Lake Wylie in York
County, South Carolina. York County has a population of 226,073 and
is included in the Charlotte-Concord-Gastonia, North Carolina-South
Carolina Metropolitan Statistical Area.
About Wheeler Real Estate Investment
Trust Inc.
Headquartered in Virginia Beach, VA, Wheeler Real Estate
Investment Trust, Inc. specializes in owning, acquiring, financing,
developing, renovating, leasing and managing income producing
assets, such as community centers, neighborhood centers, strip
centers and free-standing retail properties. Wheeler’s portfolio
contains strategically selected properties, primarily leased by
nationally and regionally recognized retailers of consumer goods
and located in the Northeast, Mid-Atlantic, Southeast and Southwest
regions of the United States.
Additional information about Wheeler Real Estate Investment
Trust, Inc. can be found at the Company’s corporate website:
www.whlr.us.
Forward-looking
Statement
Wheeler Real Estate Investment Trust, Inc. (the "Company")
considers portions of the information in this press release
relating to its business operations contemplated acquisition
strategy to be forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, both as amended. Although the
Company believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
it can give no assurance that its expectations will be achieved.
For this purpose, any statements contained herein that are not
historical fact may be deemed to be forward-looking statements.
Specifically, the Company's statements regarding potential future
acquisitions and the anticipated profitability of such potential
acquisitions are forward-looking statements. There are a number of
important factors that could cause the Company's operations to
differ from those indicated by such forward-looking statements,
including, among other factors, local conditions such as oversupply
of space or a reduction in demand for real estate in the area;
competition from other available space; dependence on rental income
from real property; the loss of, significant downsizing of or
bankruptcy of a major tenant; constructing properties or expansions
that produce a desired yield on investment; the Company's ability
to renew or enter into new leases at favorable rates; its ability
to buy or sell assets on commercially reasonable terms; its ability
to complete acquisitions or dispositions of assets under contract;
its ability to secure equity or debt financing on commercially
acceptable terms or at all; the Company's ability to enter into
definitive agreements with regard to its financing and joint
venture arrangements or its failure to satisfy conditions to the
completion of these arrangements and the success of its capital
recycling strategy. For additional factors that could cause the
operations of the Company to differ materially from those indicated
in the forward-looking statements, please refer to the Company's
filings with the U.S. Securities and Exchange Commission which are
available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20140929005330/en/
Wheeler Real Estate Investment Trust
Inc.Robin Hanisch, 757-627-9088Corporate
Secretaryrobin@whlr.usorLaura Nguyen, 757-627-9088Director of
Marketinglnguyen@whlr.usorINVESTOR RELATIONS:The Equity Group Inc.Terry Downs,
212-836-9615Associatetdowns@equityny.comorAdam Prior,
212-836-9606Senior Vice-Presidentaprior@equityny.com
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