Wheeler Real Estate Investment Trust, Inc. Completes the Acquisition of Village of Martinsville Located in Martinsville, Virg...
December 19 2016 - 8:05AM
Center is anchored by national grocer, Kroger,
and includes a free-standing fuel station.
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, today reported that the
Company has closed on the acquisition of Village of Martinsville, a
grocery-anchored shopping center previously announced as an
acquisition target.
The Village of Martinsville, located in
Martinsville, Henry County, Virginia (the “Property” or “Center”),
is a single-story, grocery- anchored shopping center containing
297,950 of rentable square feet. The Property is 97% occupied
and anchored by five prominent retailers including a recently
renovated Kroger grocery store and freestanding fuel station
comprised of 55,969 square feet and 4,080 square feet respectively;
Belk (85,000 square feet); Marshalls (24,100 square feet); Office
Max (23,523 square feet); and Dunham’s Sports (43,872 square feet).
The Center was originally built in 1989 as a regional mall and
underwent a full renovation into an open air center in 2012.
Total acquisition value of the Property was
$23.53 million, or $78.98 per leasable square foot, which the
Company financed using a combination of cash and the Company’s Key
Bank credit facility with an interest rate of 30 day LIBOR plus 250
basis points. The cap rate on Village of Martinsville was 8.25%,
and the loan-to-value was 65%.
Jon S. Wheeler, Chairman and Chief Executive
Officer of Wheeler, stated, “We have made great progress towards
closing on the acquisition targets previously disclosed, and are
quickly approaching the goal line of completing the acquisition of
the last two announced targets by year end. I am pleased to be
adding Village of Martinsville to the portfolio as it represents
our business strategy of acquiring necessity-based retail in the
secondary and tertiary markets. The Center will be efficiently
operated out of our Virginia Beach, Virginia headquarters as we
maintain our scalable and manageable platform.”
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 StatementThis
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: (i)
the future generation of financial returns from the acquisition of
‘necessity based’ retail focused properties; (ii) completing the
acquisition of two announced targets by year end; (iii) the
Company’s ability to maintain a scalable and manageable platform;
and (iv) the Company’s anticipated ability to produce returns and
growth for the Company and its shareholders are forward-looking
statements. These statements are not guarantees of future
performance and are subject to risks, uncertainties and other
factors, some of which are beyond our control, are difficult to
predict and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements.
For these reasons, among others, investors are cautioned not to
place undue reliance upon any forward-looking statements in this
press release. 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.
Wilkes Graham
Chief Financial Officer
(757) 627-9088
wilkes@whlr.us
Laura Nguyen
Director of Capital Markets
(757) 627-9088
lnguyen@whlr.us
Robin Hanisch
Corporate Secretary
(757) 627-9088
robin@whlr.us
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