Wheeler Real Estate Investment Trust, Inc. Enters into Contract to Acquire Grocery-Anchored Shopping Center for $9.4 Million
February 13 2015 - 8:30AM
Business Wire
- Acquisition will expand Wheeler’s
geographic footprint to 8 locations in South Carolina.
- Property is anchored by national
tenants Bi-Lo and Dollar Tree.
- Center is 100% leased.
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR)
(“Wheeler” or the “Company”) announced today that the Company has
entered into a contract to acquire Butler Square, a 82,400 square
foot shopping center located in Mauldin, South Carolina. The
Company will purchase the property for $9.4 million, or
approximately $114 per square foot, using a combination of cash and
bank debt.
Wheeler Real Estate Investment Trust Inc.
(NASDAQ: WHLR) signs contract to acquire Butler Square, a shopping
center located in Mauldin, SC. (Photo: Business Wire)
Jon S. Wheeler, the Company’s Chairman and Chief Executive
Officer, commented, “Butler Square is a strong example of the
assets in our property portfolio. The center is 100% leased and has
national tenants, Bi-Lo and Dollar Tree, as anchors. Butler Square
is located in Greenville County, one of the fastest growing
communities in South Carolina and the North American headquarters
of several major corporations. We are very pleased to enter into
this contract to acquire Butler Square. We expect the property to
be immediately accretive to the Company’s earnings and view this
acquisition as another opportunity to demonstrate how we acquire
‘necessity-based’ retail focused properties located in growing
secondary and tertiary markets. We are excited that our regional
office in Charleston will primarily handle the leasing and
management services of this property and are confident that the
office’s close proximity will further contribute to an increase in
value for our shareholders.”
Butler Square – Mauldin, South
Carolina
Built in 1987 and renovated in 2011, Butler Square is an 82,400
square foot grocery-anchored shopping center. The center is leased
by nationally, regionally and locally known tenants that include
Bi-Lo, Dollar Tree, Cato Fashions and Sally Beauty Supplies.
The center is located in Mauldin, South Carolina on West Butler
Road, which averages 24,000 vehicles a day with immediate access to
U.S. Route 276, a 104 mile US Interstate highway that runs from
Mauldin, South Carolina to Cove Creek, North Carolina. The center
is approximately 6 miles southeast of Greenville Downtown Airport
and approximately 12.6 miles south of Greenville-Spartanburg
International Airport.
Location / Demographic
Information
Mauldin is a city in Greenville County, South Carolina and is
the principal city of the Greenville–Mauldin–Easley Metropolitan
Statistical Area. Greenville has a population of 61,397 and is the
headquarters for several major corporations which include
Caterpillar Inc. and Michelin. The 3M Company and Honeywell also
operate facilities 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 the anticipated
closing of the acquisition, the anticipated profitability of such
acquisitions and the value anticipated to be added through local
management 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/20150213005042/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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