Wheeler Real Estate Investment Trust, Inc. Enters into Contract to Acquire Second Shopping Center in Lilburn, Georgia
March 30 2015 - 8:30AM
Business Wire
- Acquisition will expand Wheeler’s
geographic footprint to 5 locations in Georgia
- Property is shadow-anchored by
Kroger
- Leased by national tenants that include
Auto Zone and Metro PCS
- 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 Beaver Ruin II Village (“Beaver
Ruin II” or the “Property”), a 34,925 square foot shopping center
located in Lilburn, Georgia. The Company will purchase the property
from Arcado II, LLC, a Georgia limited liability company, for
approximately $4.4 million, or $125.27 per square foot, using a
combination of cash and bank debt.
Wheeler Real Estate Investment Trust,
Inc. (NASDAQ: WHLR) signs contract to acquire Beaver Ruin II
Village, a shopping center located in Lilburn, GA, in close
proximity to another Wheeler property. (Photo: Business Wire)
Jon S. Wheeler, the Company’s Chairman and Chief Executive
Officer, commented, “We are very pleased to expand the Company’s
presence in Lilburn. Recently, we entered a contract to acquire the
shopping center located across the street from this Property. The
two assets are shadow-anchored by a Kroger, the leading grocery
store in the community, and each center further benefits the other
by drawing in additional merchants to the area. We believe this
acquisition to be a sound investment as we are familiar with the
area, the center is 100% leased and we have worked with the seller
previously. We believe that Beaver Ruin II will generate strong
returns for our shareholders.”
Beaver Ruin II Village – Lilburn,
Georgia
Built in 1976, Beaver Ruin II is a 34,925 square foot shopping
center. Auto Zone is the majority leaseholder of the Property with
the remaining square footage occupied by national, regional and
local tenants such as Metro PCS, Agavero Cantina and Fred Loya
Insurance Agency.
Beaver Ruin II is located off of Lawrenceville Highway and is
also known as U.S. Route 29, a 1,036 mile highway that runs from
Pensacola, Florida to Baltimore, Maryland. The Property is in close
proximity to the intersection of Beaver Ruin Road and Lawrenceville
Highway, which has a combined traffic count of 55,000 vehicles per
a day. The center is approximately 25 miles northeast of Atlanta
and 32 miles southeast of Marietta.
Location / Demographic
Information
Lilburn is a city in Gwinnett County, Georgia, and has a
population of 13,344 people. Lilburn is a part of the Atlanta-Sandy
Springs-Roswell, Georgia Metropolitan Statistical Area, the
ninth-largest metropolitan statistical area in the United
States.
As of the 2010 census, Gwinnett County had a population of
805,321 people and is the second most populated county in Georgia.
Gwinnett County is home to the headquarters of several corporations
including NCR Corporation, Asbury Automotive Group, Waffle House,
and Primerica.
About Wheeler Real Estate Investment
Trust, Inc.
Headquartered in Virginia Beach, VA, Wheeler Real Estate
Investment Trust, Inc. is a fully-integrated, self-managed
commercial real estate investment company focused on acquiring and
managing income-producing retail properties with a primary focus on
grocery-anchored centers. The Company’s strategy is to
opportunistically acquire and reinvigorate well-located,
potentially dominant retail properties in secondary and tertiary
markets that generate attractive risk-adjusted returns. Wheeler’s
portfolio contains strategically selected properties, primarily
leased by nationally and regionally recognized retailers of
consumer goods and are 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
The Company considers portions of the information in this press
release relating to its business operations and contemplated
acquisition 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 of the Property and the anticipated
profitability of such acquisition 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/20150330005085/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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