Wheeler Real Estate Investment Trust, Inc. Completes Acquisition of Two Shopping Centers in Lilburn, Georgia for $16.7 Million
July 01 2015 - 4:05PM
Business Wire
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR)
(“Wheeler” or the “Company”) announced today that the Company has
completed the acquisition of Beaver Ruin Village (“Beaver Ruin”)
and Beaver Ruin Village II (“Beaver Ruin II”), two shadow
grocery-anchored shopping centers located in Lilburn, Georgia. The
properties were acquired on June 30, 2015 from Arcado II, LLC, a
Georgia limited liability company, for a combined acquisition value
of $16.7 million, or $153.49 per square foot.
Beaver Ruin is a 74,038 square foot shopping center. The
property is 91.5% leased, and the tenant mix is consistent with the
Company’s business model with a large percentage of the property
leased to national and regional tenants, including Chase Bank,
State Farm Insurance, T-Mobile, Firehouse Subs and Sally Beauty
Supplies. The property includes three outparcels which are leased
by national fast-food chains: McDonald’s, Popeyes, and Captain
D’s.
Beaver Ruin II is located directly across Lawrenceville Highway,
a major thoroughfare in Lilburn, from Beaver Ruin and is a 34,925
square foot shopping center. Beaver Ruin II is 100% occupied with
AutoZone as the primary leaseholder. National, regional and local
tenants such as Metro PCS, Agavero Cantina and Fred Loya Insurance
Agency occupy the remaining square footage.
The properties were built in 1976. Beaver Ruin was renovated in
1996 and prior to Wheeler’s acquisition, the center underwent
improvements that include repairs to the parking lot, HVAC unit
replacements and new roof installations.
Jon S. Wheeler, the Company’s Chairman and Chief Executive
Officer, said, “Beaver Ruin and Beaver Ruin II exemplify the
Company’s acquisition criteria, as they are ‘necessity-based’
shopping centers located in a growing tertiary market with higher
than average occupancy rates. We entered into the contracts to
acquire these properties in March and are pleased to complete the
acquisitions, expanding the Company’s geographic footprint in
Georgia.
“Wheeler is a growth company, and we will maintain our focus on
acquiring retail properties at favorable prices in the markets we
target, always striving to increase the Company’s net operating
income and, therefore, adding value for our shareholders.”
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
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 acquisitions and its ability to
identify and acquire other properties 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150701006383/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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