Wheeler Real Estate Investment Trust, Inc. Completes Acquisition of 111,189 Square Foot Shopping Center for $10.35 Million
July 22 2015 - 8:30AM
Business Wire
Acquisition expands Wheeler’s geographic
footprint to 3 locations in Florida
Property is 97% leased, with over 76% 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 Sunshine Plaza Shopping Center
(“Sunshine Plaza” or the “Property”) for approximately $10.35
million, or $93.08 per leasable square foot. The Property was
acquired using a combination of cash raised from the Company’s
March financing and debt.
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Wheeler Real Estate Investment Trust,
Inc. (NASDAQ:WHLR) has acquired Sunshine Plaza located in Lehigh
Acres, Florida. (Photo: Business Wire)
Jon S. Wheeler, Chairman and Chief Executive Officer, stated,
“We were very pleased to acquire this asset and believe Sunshine
Plaza to be a prime example of our business model. We believe
Sunshine Plaza is a premier ‘necessity-based’ grocery-anchored
shopping center with a large percentage leased to nationally known
tenants, historically high occupancy rates and located in a strong
growing tertiary market. We acquired Sunshine Plaza at a discount
to replacement cost and anticipate it will generate solid returns
for our shareholders.”
Sunshine Plaza – Lehigh Acres,
Florida
Developed in 1970 and renovated in 1999, Sunshine Plaza is an
111,189 square foot grocery-anchored shopping center located in
Lehigh Acres, Florida. Sunshine Plaza is anchored by Winn-Dixie,
which recently made significant upgrades to the interior of the
store. Junior anchors include Ace Hardware and Family Dollar,
Sunshine Plaza’s other nationally known tenants are Advance
America, Direct General Insurance, Domino’s Pizza, GNC,
Neighborhood Shipping Store, and Rent-A-Center.
Sunshine Plaza recently underwent capital improvements that
include a new roof to over 82% of the center, additional outdoor
lighting, striping and sealing of the parking lot and an exterior
paint job. The shopping center is located across from an elementary
school along one of Lehigh Acres’ main commercial thoroughfares,
Homestead Road, which averages 26,335 vehicles per day. Sunshine
Plaza is in close proximity to Interstate 75, a 471 mile highway
that runs through Florida.
Location / Demographic
Information
Lehigh Acres is a community in Southwest Florida located 16
miles east of Fort Myers. The community has a population of over
90,000 residents and is located within Lee County which, as of the
2010 census, had a population of approximately 618,754.
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 and 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 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150722005631/en/
Wheeler Real Estate Investment Trust,
Inc.Robin Hanisch, 757-627-9088Corporate
Secretaryrobin@whlr.usorLaura Nguyen, 757-627-9088Director of
Capital Marketslnguyen@whlr.usorThe
Equity Group Inc.Terry Downs,
212-836-9615Associatetdowns@equityny.comorAdam Prior,
212-836-9606Senior Vice-Presidentaprior@equityny.com
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