Wheeler Real Estate Investment Trust, Inc. Acquires 99,848 Square Foot Shopping Center in Onley, Virginia
July 13 2015 - 8:30AM
Business Wire
Acquisition marks Wheeler’s tenth property in
Virginia
Grocery anchored by national tenant Food
Lion
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 Chesapeake Square Shopping Center (“Chesapeake Square” or
the “Property”). The Property was acquired from an affiliated
entity of the Company and has an acquisition value of approximately
$6.34 million, or $63.49 per leasable square foot. The Company used
a combination of cash and operating partnership units to purchase
Chesapeake Square.
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Wheeler Real Estate Investment Trust,
Inc. (NASDAQ:WHLR) has acquired Chesapeake Square located in Onley,
Virginia. (Photo: Business Wire)
Jon S. Wheeler, Chairman and Chief Executive Officer of Wheeler,
stated, “We are excited to acquire Chesapeake Square, as we are
very familiar with the asset and the area. The Commonwealth of
Virginia is home to us, our headquarters are here and we have nine
other properties located throughout the state. Chesapeake Square is
located in a growing community and with the expected opening of the
nearby Riverside Shore Memorial Hospital in the fall of 2016 we
anticipate traffic will increase at Chesapeake Square.”
“We acquired Chesapeake Square at a discount to replacement
cost, using operating partnership units along with available
capital from our recent financing. We will immediately integrate
the asset into our property portfolio and in combination with the
efforts of our leasing and property management teams, we are
confident that Chesapeake Square will add value and generate solid
returns for the Company. ”
Chesapeake Square Shopping Center –
Onley, Virginia
Chesapeake Square was built in 1987 and is a 99,848 square
grocery-anchored shopping center located in Onley, Virginia. The
property is 83.4% leased and major tenants include Food Lion, Rite
Aid, Sears, CATO and Subway.
Chesapeake Square is located on Lankford Highway which averages
21,000 vehicles per day. Lankford Highway also known as Route 13,
is the major throughway that runs along the coast between Norfolk,
Virginia and Dover, Delaware.
Location / Demographic
Information
Chesapeake Square is located in Onley, Virginia, a town that is
part of Accomack County which has a population of 33,164 people.
Accomack and Northampton counties comprise the Eastern Shore of
Virginia and are located along the coast of the Chesapeake Bay and
Atlantic Ocean.
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 the expected increase in traffic at Chesapeake Square,
potential increase in the value of its property portfolio and the
anticipated profitability of the 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150713005314/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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