Wheeler Real Estate Investment Trust, Inc. Acquires 147,791 Square Foot Shopping Center in Alexander City, Alabama
April 02 2015 - 8:30AM
Business Wire
- Acquisition marks Wheeler’s entrance
into Alabama
- Property is 98.3% leased, with over 90%
of the gross leasable area occupied by national retailers
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR)
(“Wheeler” or the “Company”), 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, announced today that the Company has
closed on the acquisition of Alex City Marketplace (“Alex City” or
the “Property”) for approximately $10.25 million, or $69.35 per
leasable square foot. Wheeler utilized capital from the recent
equity offering in combination with debt to pay for the
Property.
Wheeler Real Estate Investment Trust Inc.
(NASDAQ: WHLR) has acquired Alex City Marketplace located in
Alexander City, Alabama. (Photo: Business Wire)
Jon S. Wheeler, Chairman and Chief Executive Officer, stated,
“Alex City will be the Company’s first property in Alabama and is
considered by the local residents to be the premier community
shopping center in the area. We see additional opportunities to
increase the value of the Property, which include possible shop
expansions and outparcel development. We view Alex City as a great
example of the Company’s acquisition focus of ‘necessity-based’
properties, located in strong secondary and tertiary markets that
are acquired under favorable terms with solid NOIs. We are excited
to include Alex City in our portfolio and to expand Wheeler’s
geographic footprint into the state of Alabama.”
Alex City Marketplace – Alexander City,
Alabama
Alex City is a 147,791 square foot grocery-anchored shopping
center located in Alexander City, Alabama. The shopping center is
located on US Route 280, which averages 26,050 vehicles per day and
is a 392-mile roadway that runs from Bryan County, Georgia to
Birmingham, Alabama.
Alex City is the dominant shopping center in the community and
is anchored by the area’s leading grocery store, Winn-Dixie. The
shopping center was built in 1995, and was renovated in 2001. The
Property is 98.3% leased to nationally and regionally known
merchants that include Dollar Tree, Goody’s, Domino’s Pizza,
Verizon Wireless, Advance America, Subway, and Cato Fashion.
Location / Demographic
Information
Alexander City is a city in Tallapoosa County, Alabama and has a
population of approximately 14,875. The city is centrally located
between Birmingham, Columbus and Montgomery and is approximately 40
miles northwest of Auburn, Alabama.
About Wheeler Real Estate Investment
Trust Inc.
Headquartered in Virginia Beach, VA, Wheeler Real Estate
Investment Trust, Inc. 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. Wheeler’s portfolio contains
well-located, potentially dominant retail properties in secondary
and tertiary markets that generate attractive risk-adjusted
returns, with a particular emphasis on grocery-anchored retail
centers.
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 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 profitability of the Property, the anticipated increase
in value of the Property, and anticipated improvements to the
Property 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; 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/20150402005195/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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