Wheeler Real Estate Investment Trust, Inc. Enters Into a Contract to Acquire 122,259 Square Foot Shopping Center in West Virg...
November 07 2014 - 8:30AM
Business Wire
- Acquisition will expand Wheeler’s
geographic footprint into West Virginia
- Property is grocery-anchored by Shop ‘N
Save and shadow-anchored by a Lowe’s Home Improvement.
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR)
(“Wheeler” or the “Company”) announced today that the Company has
entered into a contract to acquire Pierpont Centre, a 122,259
square foot shopping center located in Morgantown, West Virginia.
The property will be acquired using a combination of cash and bank
debt.
Jon S. Wheeler, Chairman and Chief Executive Officer, commented,
“We are very pleased to announce that we have entered into a
contract to acquire Pierpont Centre. Pierpont Centre is considered
one of the major retail destinations in the area with a stable
tenant mix of retailers and restaurants and is located in one of
the fastest growing cities in the state. This property will mark
the Company’s first location in West Virginia and we believe it
represents a perfect example of the ‘necessity-based’ retail
focused properties located in growing secondary and tertiary
markets that are available to acquire at a discount to replacement
costs. We expect to secure attractive financing terms and are
confident that Pierpont Centre, in time, will provide a strong
return on our investment.”
Pierpont Centre – Morgantown, West
Virginia
Built in 1999, Pierpont Centre is a 122,259 square foot
grocery-anchored shopping center. The center is leased by
nationally, regionally and locally known tenants that include GNC,
Hallmark, Michaels’s, Ruby Tuesday, and Outback Steakhouse.
The center is located in Morgantown, West Virginia on Cheat Road
with immediate access to I-68, a 113 mile US Interstate highway
that runs through West Virginia and Maryland. The center is
approximately 3 miles northeast of West Virginia University and the
downtown section of Morgantown.
Location / Demographic
Information
Morgantown, West Virginia is a city in Monongalia County and has
a population of 30,666. Morgantown is approximately seventy-five
miles south of Pittsburgh, Pennsylvania and approximately
seventy-nine miles southeast of Wheeling, West Virginia. The city
is the home of West Virginia University, the largest institute of
higher education in the state.
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.
Wheeler Real Estate Investment Trust
Inc.Robin HanischCorporate Secretary(757)
627-9088robin@whlr.usorLaura NguyenDirector of Marketing(757)
627-9088lnguyen@whlr.usorINVESTOR RELATIONS:The Equity Group Inc.Terry
DownsAssociate(212)836-9615tdowns@equityny.comorAdam PriorSenior
Vice-President(212)836-9606aprior@equityny.com
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