- Wheeler now owns 41 retail shopping
centers, and the acquisitions expand its presence in North
Carolina
- Properties total 171,466 square feet,
have a combined occupancy of 91%, with anchor tenants that include
Food Lion and Family Dollar
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 three properties located in North Carolina from a
family-owned group. The Company acquired the properties on August
21, 2015 using a combination of cash and debt for a combined
acquisition value of $15.3 million, or $89.38 per square foot.
This Smart News Release features multimedia.
View the full release here:
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Wheeler Real Estate Investment Trust,
Inc. (NASDAQ: WHLR) has acquired Cardinal Plaza located in
Henderson, North Carolina.
Jon S. Wheeler, Chairman and Chief Executive Officer of Wheeler,
stated, “We are pleased to continue to grow our asset base with the
acquisition of three quality properties in a geographic region that
we know very well. We always aim to buy well and manage
exceptionally well. We sourced this acquisition from the seller in
an off market transaction, which is another example of our great
relationships within the investment brokerage community. Our
acquisition team demonstrated their core expertise, as all three
properties solidly fit our acquisition criteria. We believe these
properties have upside potential as a result of the efforts of our
experienced leasing and management teams. Each location is leased
by national tenants that we have long-standing business
relationships with, such as Food Lion and Family Dollar. We expect
the properties to be immediately accretive to the Company’s
earnings.”
“These acquisitions expand our geographic footprint in North
Carolina, and we now own 41 retail properties. Wheeler is a growth
oriented company, and we continue to maintain our focus on
acquiring retail properties at favorable prices in the markets we
target, continuously striving to increase the Company’s net
operating income and move closer to profitability. We look forward
to continuing to capitalize on a very robust pipeline at favorable
cap rates. This acquisition represents another example of our
organization’s ability to quickly deploy capital in strong, stable
markets.”
Cardinal Plaza – North
Carolina
Cardinal Plaza, a 50,000 sq. ft. grocery-anchored retail center
located in Henderson, North Carolina, was built in 2000. The
property is 84% leased and key tenants include Food Lion and Family
Dollar. The Company purchased the property from Cardinal Plaza,
LLC, an entity controlled and owned by members of the Barnett
family. The acquisition value was approximately $4.4 million, or
$88.00 per leasable square foot.
Location / Demographic
Information
Cardinal Plaza is located approximately 40 miles north of
Raleigh. The plaza connects to Raleigh via the four-lane US Highway
1, and to Durham via I-85. The Company believes that it is well
positioned to benefit from the northern growth from the Raleigh
Durham MSA.
Franklinton Square – North
Carolina
Franklinton Square was opened in 1999 and is a 65,336 sq. ft.
grocery-anchored retail center located in Franklinton, North
Carolina. The property is 88% leased and key tenants include Food
Lion and Family Dollar. The Company purchased the property from
Franklinton Square, LLC, an entity controlled and owned by members
of the Barnett family. The acquisition value was approximately $5.0
million, or $76.87 per leasable square foot.
Location / Demographic
Information
Franklinton, NC is located in eastern North Carolina,
approximately 20 miles northeast of Raleigh. Franklinton has a
population of approximately 2,000 people, and is located in
Franklin County, which has a population of approximately 62,000.
Franklin County is one of eight counties in the Raleigh-Durham MSA
(1.8 million people in 2000 census).
Nashville Commons – North
Carolina
Nashville Commons, built in 1998, is a 56,100 sq. ft.
grocery-anchored retail center located in Nashville, North
Carolina. The property is 100% leased, with Food Lion as an anchor
tenant. The Company purchased the property from Nashville Commons,
Square, LLC, an entity controlled and owned by members of the
Barnett family. The acquisition value was approximately $5.9
million, or $105.17 per leasable square foot.
Location / Demographic
Information
Nashville, NC is located in eastern North Carolina,
approximately 45 miles east of Raleigh. Nashville has a population
of approximately 14,788 people in 2015, and is located in Nash
County, which has a population of approximately 95,000. Nashville
is the county seat.
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
This press release may contain “forward-looking” statements as
defined in the Private Securities Litigation Reform Act of 1995.
When the Company uses words such as “may,” “will,” “intend,”
“should,” “believe,” “expect,” “anticipate,” “project,” “estimate”
or similar expressions that do not relate solely to historical
matters, it is making forward-looking statements. Forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties that may cause the actual results to differ
materially from the Company’s expectations discussed in the
forward-looking statements. The Company’s expected results may not
be achieved, and actual results may differ materially from
expectations. Specifically, the Company's statements regarding: (a)
the Company’s continued ability to identify and acquire properties
in its targeted markets at acceptable cap rates; (b) the Company’s
continued ability to utilize its relationships with the investment
brokerage community; (c) the Company’s continued ability to
maintain its relationships with anchor tenants; and (d) the
Company’s continued ability to generate positive returns on
investment are forward-looking statements. There are a number of
important factors that could cause the Company's results 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. Additional factors are discussed in 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/20150824005312/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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