Wheeler Real Estate Investment Trust, Inc. Acquires 147,738 Square Foot Shopping Center in Richmond, Virginia
June 04 2015 - 8:30AM
Business Wire
- Acquisition marks Wheeler’s ninth
property in Virginia
- Property is 91.2% leased
- Anchored by national tenant CVS
Pharmacy and regional grocer Martin’s Food Market
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
acquired Brook Run Shopping Center (“Brook Run”). The property was
acquired from an affiliated entity of the Company and has an
acquisition value of approximately $18.5 million, or $125.22 per
leasable square foot. Brook Run was paid for using a combination of
the proceeds from the Company’s recent financing, debt and the
issuance of operating partnership units.
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Wheeler Real Estate Investment Trust,
Inc. (NASDAQ: WHLR) has acquired Brook Run located in Richmond,
Virginia (Photo: Business Wire)
Jon S. Wheeler, Chairman and Chief Executive Officer of Wheeler,
stated, “Brook Run Shopping Center is a perfect example of our
acquisition criteria as it is a ‘necessity-based’ retail focused
property that is located in a growing secondary market with a
majority of its tenants either nationally or regionally known.”
“We view Brook Run as a testament to the Company strategically
utilizing the capital from its recent financing, as Brook Run
offers additional opportunities to increase the value of our
property portfolio even further through outparcel development. We
were also pleased to acquire this property under what we believe to
be attractive terms and are confident Brook Run will generate
strong Net Operating Incomes and solid returns for our
shareholders.”
Brook Run Shopping Center – Richmond,
Virginia
Brook Run is a 147,738 square foot grocery-anchored shopping
center located in Richmond, Virginia. Brook Run was built in 1990,
and is 91.2% leased. The property is anchored by a Martin’s Food
Market and CVS Pharmacy. The majority of the remaining leased
square footage is occupied by nationally and regionally known
tenants that include Crunch Fitness, Hair Cuttery, and H&R
Block. Wells Fargo and Merchant’s Tire and Auto shadow anchor the
property. J. Sargent Reynolds Community College is within a 3 mile
distance from the shopping center.
Located on US Route 1, which averages 26,000 vehicles per day,
Brook Run is in close proximity to Interstate 95 with this
particular section of the highway averaging 98,000 vehicles per
day. The property also has nearby access to Interstate 64 which
runs a total of 298 miles east to west through the middle of West
Virginia to the Hampton Roads area.
Location / Demographic
Information
Brook Run is located in the city of Richmond, Virginia. In 2014,
the US Census Bureau estimated that Richmond had a population of
approximately 217,853 and was considered the fourth most populated
city in Virginia. Fortune 500 companies Dominion Resources and
MeadWestvaco, are headquartered within Richmond city limits. Major
corporations, Capital One, Altria, CarMax, Genworth and UPS Freight
also have their headquarters located in the Richmond metropolitan
area.
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. 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, benefits from the
acquisition of this property, terms of such acquisition,
acquisition strategy and its target markets 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 increase in the value of its property portfolio
due to outparcel development and greater NOIs and returns for its
shareholders 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150604005324/en/
Wheeler Real Estate Investment Trust,
Inc.Robin Hanisch, 757-627-9088Corporate
Secretaryrobin@whlr.usorLaura Nguyen, 757-627-9088Director of
Capital Marketslnguyen@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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