Wheeler Real Estate Investment Trust, Inc. Acquires Redevelopment Property for $2.4 Million
July 02 2015 - 8:30AM
Business Wire
Acquisition located in the historic Congaree
Vista district in Columbia, South Carolina
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR)
(“Wheeler” or the “Company”), a company specializing 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,
announced today that it has closed on the acquisition of Columbia
Fire House, a one acre parcel of land located in Columbia, South
Carolina. The property has an acquisition value of $2.4 million,
and the Company completed the acquisition on June 30, 2015.
Columbia Fire House – Redevelopment
Property
The property is approximately 1 acre of land and was acquired
with two vacant buildings which previously served as the Columbia
Fire Department’s Headquarters from 1950 until 1995. The buildings
were designed by Heyward S. Singley, South Carolina architect, and
are listed on the National Register of Historic Places. During the
course of redeveloping this property, the Company may receive tax
adjustments as a result of the renovation of the existing
structures. The Company expects to launch the first phase of the
redevelopment project later this year.
Columbia Fire House is located in Columbia’s Congaree Vista
district. Previously known as the warehouse district, Congaree
Vista has become one of the city’s premier locations for
commercial, residential, shopping, dining and art. The district is
anchored by the Hilton Columbia Center Hotel and is also home to
the Columbia Metropolitan Convention Center, a 142,500 square foot
facility.
Columbia Fire House is in close proximity to downtown Columbia,
the state’s Capitol Building, the University of South Carolina and
the University of South Carolina’s Alumni Center, a $26.6 million
project which is currently in development.
Jon S. Wheeler, Chairman and Chief Executive Officer, stated,
“We first began pursuing this property over three years ago, and I
am very pleased to have the opportunity to acquire this historic
and centrally located asset. Columbia Station is in a prime
location where retail is thriving and the area is rich in historic
and cultural offerings that attract local residents and visitors.
We view Columbia Fire House as one of the best opportunities in the
city for its location and visibility in the Vista. Upon completion
of the project, we believe that this retail property will generate
strong returns on our investment.”
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
profitability of acquisition and the potential receipt of tax
adjustments 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/20150702005065/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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