Wheeler Real Estate Investment Trust, Inc. Acquires Retail Development Property for $2.4 Million in Grove, Oklahoma
November 25 2014 - 8:30AM
Business Wire
- Shadow-anchored by a Harp’s Food Store,
another Wheeler property
- Acquisition expands Wheeler’s
geographic footprint to six locations in Oklahoma
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR)
(“Wheeler” or the “Company”), a company specializing 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,
announced today that it has acquired a development property for an
acquisition value of $2.4 million. The asset was acquired from
Sooner Capital, LLC, an affiliate of the Company, and was paid for
using a combination of cash and the assumption of debt.
The land is commercially zoned, and the Company expects to
develop the property into Harbor Pointe Shopping Center. The future
retail property is shadowed-anchored by another Wheeler owned
asset, a Harp’s Food Store (“Harp’s”), which is one of the region’s
most recognized independent grocery store chains. The two
properties are located on a combined 10.8 acres of land and will
have a potential total gross leasable area of 77,225 square
feet.
Jon S. Wheeler, Chairman and Chief Executive Officer, stated,
“Harbor Pointe is an exciting opportunity to further support a
market in which we have vast knowledge and experience. This
development property fits our acquisition criteria, as it was
acquired at favorable rates and is located in a secondary or
tertiary market in a growing community. The land is ready for
vertical development, and we look forward to launching construction
on this project. Upon completion, Harbor Pointe and Harp’s will
provide the complete shopping center environment, and we anticipate
it will become the primary retail destination for the
community.”
Harbor Pointe – Development
Property
The development property is approximately 7.2 acres of land and
was acquired with elevated building pads as well as all
entitlements in place which include zoning, sewer, curb and gutter
systems. Harbor Pointe is located at the southwest corner of
Har-Ber Road and S. Main Street, which averages 14,000 vehicles per
day.
Location / Demographic
Information
Grove, Oklahoma is located in Delaware County and has been named
the fastest growing community in the state. Delaware County is
considered the fastest-growing county in the state and has a
population of approximately 41,487.
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 the anticipated,
successful development of the property referenced herein. 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 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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