Wheeler Real Estate Investment Trust, Inc. Announces Contract to Acquire JANAF Shopping Yard in Norfolk, Virginia
January 09 2018 - 8:20AM
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, through WHLR-JANAF, LLC, a wholly-owned subsidiary, has
entered into a purchase and sale agreement (as amended) with JANAF
Shopping Center, LLC, JANAF Shops, LLC, JANAF HQ, LLC and JANAF
Crossings, LLC to acquire JANAF Shopping Yard (“JANAF”), an 887,917
rentable square foot shopping center located in Norfolk, Virginia.
JANAF is located approximately 9 miles from the
Wheeler corporate office in Virginia Beach, Virginia and, as of
September 30, 2017, was 94% occupied and anchored by prominent
retailers including BJ’s Wholesale Club and Fuel Center (151,345
square feet in total); T.J. Maxx (37,383 square feet); Petco
(17,000 square feet); Wawa (7,240 square feet); and Big Lots
(42,500 square feet). Service and necessity providers such as the
United States Postal Service, SunTrust Bank and others are also
tenants of JANAF and serve the surrounding community. JANAF
encompasses approximately 92 acres and includes 850,683 square feet
of retail space in multiple buildings and 37,234 square feet of
office space in one building. Originally built in 1959, JANAF has
undergone several renovations, the last being in 2006.
The expected purchase price of the acquisition of
$85.65 million, or approximately $96 per leasable square foot,
includes the assumption of approximately $58.4 million of mortgage
loans secured by the property. The primary loan that the
Company is assuming has a $53.3 million balance, bears interest at
a fixed rate of 4.49%, matures in July 2023 and is pre-payable 90
days prior to its maturity. The Company will also assume a
separate loan with a $5.1 million balance that bears interest at a
rate of 4.95%, matures in January 2026 and is pre-payable six
months prior to its maturity. Jon S. Wheeler, Chairman and
Chief Executive Officer of Wheeler, stated, “JANAF is an iconic
property located right here in our back yard in Virginia. The asset
is centric to our business strategy of owning the dominant center
in secondary and tertiary markets. We expect JANAF to be a
long-term play for WHLR as we believe there is tremendous value in
the underlying real estate. ”
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 (a)
the Company’s ability to complete the JANAF acquisition, (b) the
Company’s willingness to retain the JANAF property for a
significant period of time and (c) the value of real property
underlying the JANAF investment 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 Investor
Relations
(757)
627-9088
laura@whlr.us
Wheeler Real Estate Inve... (NASDAQ:WHLRD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Wheeler Real Estate Inve... (NASDAQ:WHLRD)
Historical Stock Chart
From Jul 2023 to Jul 2024