Wheeler Real Estate Investment Trust, Inc. Acquires 170,475 Square Foot Shopping Center for approximately $10.75 million in C...
October 02 2015 - 8:30AM
- Acquisition marks Wheeler's 45th property, 8th location in
Georgia
- Anchored by nationally known retailers, Burlington Coat Factory
and Hobby Lobby
- Property has an occupancy rate of 99% with 95% leased to
national or regional tenants
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 the
acquisition of Conyers Crossing ("Conyers Crossing" or the
"Property"), a 170,475 square foot shopping center located on 15.67
acres in Conyers, Georgia. The Company completed the acquisition on
September 30, 2015 for approximately $10.75 million, or $63.06 per
leasable square foot, using a combination of cash and debt.
A photo accompanying this release is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=36626
Jon S. Wheeler, Chairman and Chief Executive Officer of
Wheeler, stated, "Conyers Crossing fits our acquisition criteria
perfectly with a 99% occupancy rate and has a strong mix of
national, regional and local tenants that draws traffic from the
surrounding regions. The Property is located in a secondary market
in close proximity to Atlanta, Georgia, which we believe is one of
the nation's fastest growing cities. In addition, Conyers Crossing
is ideally situated along Highway 138, which is heavily traveled
and serves as a major thoroughfare to the neighboring counties.
This acquisition offers the potential for additional upside through
appreciation, as we secured the asset at below replacement cost. We
believe there is also room for enhancing the returns generated
through increases in rents over the long term. We anticipate that
Conyers Crossing will be accretive to earnings and immediately add
value for our shareholders."
Conyers Crossing Shopping Center
– Conyers, Georgia
Conyers Crossing was built in 1978 and is a 170,475 square foot
retail center located in Conyers, Georgia. The property is 99%
leased and key tenants include Hobby Lobby, Burlington Coat
Factory, Burger King, Rainbow and CiCi's Pizza.
Conyers Crossing is located in the southwestern quadrant at the
highway interchange of Interstate 20 and Stockbridge Highway (US
Route 138) in Conyers, Georgia.
Location / Demographic Information
Conyers Crossing is approximately 24 miles east of Atlanta and
is located in Rockdale County, Georgia, which has a population of
85,215 as of the 2010 census. Rockdale County is included in the
Atlanta-Sandy Springs-Roswell, GA Metropolitan Statistical Area,
which is considered the most populated metro area in the state of
Georgia and the ninth-largest metropolitan statistical area in the
nation.
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 rents at the property, expected
ability to generate revenue from the property, potential
appreciation of the property 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
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