Wheeler Real Estate Investment Trust, Inc. Acquires 113,652 Square Foot Shopping Center in Rincon, Georgia
October 01 2015 - 8:30AM
- Acquisition expands Wheeler's presence to 7 properties in
Georgia
- Property is 95.0% leased with 80% leased to nationally known
retailers
- Shadowed-anchored by a Lowes Home Improvement and the only
Walmart Supercenter within a 15 mile radius
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 Fort Howard Square ("Fort Howard" or the
"Property") for a purchase price of approximately $11.5 million, or
$101.19 per leasable square foot. Wheeler completed the acquisition
on September 30, 2015 using a combination of cash and debt to pay
for the property.
A photo accompanying this release is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=36398
Jon S. Wheeler, Chairman and Chief Executive Officer, stated,
"Fort Howard Square is our seventh property in Georgia and fits our
'necessity-based' acquisition criteria. Located in a steadily
growing community just minutes north of Savannah and in what we
believe to be the county's largest and most profitable retail
corridor, Fort Howard Square has a strong tenant mix, the majority
of which are nationally known. In addition, we believe there are
opportunities over the next several months to increase Fort
Howard's net operating income through leasing renewals of our small
shop tenants. Nearby, there is a Kroger Marketplace that is
currently under development, and market conditions indicate that
upon completion this should also contribute to increases in rent at
the center. We acquired the center at a discount to replacement
cost and under favorable financing terms. We are confident that
Fort Howard is an excellent addition to our property portfolio and
will be accretive to earnings, generating solid returns for our
shareholders."
Fort Howard Square –
Rincon, Georgia
Built in 1986 and renovated in 2007, Fort Howard is an 113,652
square foot shopping center located on 12.8 acres of land that had
an additional 7,600 square foot added in shop space in 2012. The
center is 95.0% leased by national tenants that include Goodwill,
Dollar Tree, Game Stop, Goody's and rue21.
Fort Howard is located in Rincon, Georgia, which is
approximately 18 miles northwest of Savannah. The shopping center
is situated at the intersection of Fort Howard Road and S. Columbia
Avenue, which averages 33,000 vehicles per day and is in close
proximity to Route 405, an auxiliary road that connects to
Interstate I-95.
Location / Demographic Information
With the motto of "Just around the corner from everywhere you
want to be," Rincon is a city located in the southeast section of
Effingham County, Georgia. As of the 2010 census, the population of
Effingham County was 52,250 and it is part of the Savannah
metropolitan area. Since 2000, Effingham County has had a
growth rate 39.08% and in 2008, was ranked sixth in the nation for
fastest growing mid-size county for the years 2000 through
2007.
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. Specifically, the Company's statements
regarding the expected increase in Fort Howard's net operating
income and rents due to leasing renewals and the completion of
Kroger Marketplace, the expected ability to generate revenue from
Fort Howard, 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. 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.
CONTACT: Wheeler Real Estate Investment Trust, Inc.
Robin Hanisch
Corporate Secretary
(757) 627-9088
robin@whlr.us
Laura Nguyen
Director of Capital Markets
(757) 627-9088
lnguyen@whlr.us
-OR-
INVESTOR RELATIONS:
The Equity Group Inc.
Terry Downs
Associate
(212)836-9615
tdowns@equityny.com
Adam Prior
Senior Vice-President
(212)836-9606
aprior@equityny.com
Wheeler Real Estate Inve... (NASDAQ:WHLR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Wheeler Real Estate Inve... (NASDAQ:WHLR)
Historical Stock Chart
From Jul 2023 to Jul 2024