Wheeler Real Estate Investment Trust, Inc. to Acquire 107,122 Square Foot Retail Center in Tennessee
October 14 2014 - 8:30AM
Business Wire
- Acquisition will expand Wheeler’s
presence in Tennessee to two properties and also marks another
location to be solely managed by the Company‘s 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
entered into a contract to acquire Crockett Square, a 107,122
square foot retail center for an acquisition price of $9.75
million, or $91.02 per square foot. The property will be acquired
using a combination of cash and bank debt.
Wheeler Real Estate Investment Trust Inc.
(NASDAQ: WHLR) assumes contract to acquire Crockett Square, a
retail center located in Morristown, TN. (Photo: Business Wire)
Jon S. Wheeler, Chairman and Chief Executive Officer, commented,
“We are pleased to announce that we have entered into the contract
to acquire Crockett Square. Crockett Square fits our acquisition
criteria perfectly, as it is 100% leased by national tenants such
as Hobby Lobby, Dollar Tree, Pier 1 and Ross, located in a tertiary
market, shadow-anchored by a Walmart Supercenter and directly
across from Walters State Community College, both of which draw
traffic to the area. We intend to acquire Crockett Square under
favorable terms that will generate returns that are accretive to
our bottom line. We believe this property is another prime example
of Wheeler utilizing capital from its recent offering to generate
additional revenue and add value for shareholders.”
Crockett Square – Morristown,
Tennessee
Built in 2005, Crockett Square is a 107,122 square feet retail
center that is shadow-anchored by a Walmart Supercenter. The center
is 100% leased by nationally known retailers and anchor tenants
that include Hobby Lobby, Ross Dress for Less and Dollar Tree. The
remaining 8,000 square feet is leased to Pier 1 Imports, a
nationwide retailer of decorative home furnishings and related
products.
The center is located in Morristown, Tennessee on US Route 25E,
an auxiliary route of US 25, a major highway that travels from
Newport, Tennessee to North Corbin, Kentucky. The center is
directly across from Walters State Community College, a
state-supported community college that predominately serves ten
counties in East Tennessee. Crockett Square is also approximately
half a mile southeast of College Square Mall.
Location / Demographic
Information
Morristown, Tennessee has a population of 29,137 and is
approximately forty miles northeast from Knoxville, Tennessee. The
city is located in the County of Hamblen and is home to several
international businesses as well as over ten Fortune 500 Companies
having manufacturing facilities located in the 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/20141014005151/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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