Wheeler Real Estate Investment Trust, Inc. Completes Sale of Chipotle Outparcel at Conyers Crossing located in Conyers, Geor...
January 19 2018 - 8:35AM
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 it has
completed the sale of an outparcel free standing retail property in
Conyers, Georgia featuring national credit tenant Chipotle to an
institutional real estate firm.
Wheeler sold the outparcel for gross proceeds of
$1.27 million. Conyers Crossing was acquired in September 2015, and
Chipotle opened for business in December 2016. The center was
purchased at an approximate 8.35% capitalization rate, and the sale
of the outparcel equates to an approximate 5.9% capitalization rate
based on the current ground lease terms.
Jon S. Wheeler, Chairman and Chief Executive
Officer, stated, “I am pleased to announce this sale and believe
this sale demonstrates to the market that our properties have
significant value. Chipotle was not open when we purchased Conyers
Crossing, and after one year, we have leveraged the value via the
sale at a 5.9% capitalization rate. As stated on our call earlier
this week, we will be evaluating our portfolio for disposition
opportunities that we believe will maximize shareholder value. We
have every intention of maximizing shareholder value, and the sale
of our assets is included in the strategy.”
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 Statements
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. The
Company’s expected results may not be achieved, and actual results
may differ materially from expectations. Specifically, the
Company’s statements regarding its ability to maximize shareholder
value through disposition of real estate assets and the ability of
the sale of the Chipotle outparcel to create value for shareholders
are forward-looking statements. Forward-looking 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 that could cause the Company’s actual results to differ
materially from those expressed or forecasted in forward-looking
statements 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
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