Grocery-anchored property that is 92.0% leased
Including this acquisition, Wheeler owns or has under contract 27
properties in 10 states.
VIRGINIA BEACH, Va.--(BUSINESS WIRE)--
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) (“Wheeler”
or the “Company”), a company specializing in owning, acquiring,
financing, developing, renovating, leasing and managing income producing
assets, such as community centers, neighborhood centers, strip centers
and free-standing retail properties, announced today that it has
purchased LaGrange Marketplace, a grocery-anchored shopping center based
in LaGrange, Georgia for a purchase price of approximately $3.7 million,
or $48.24 per leasable square foot. The property was purchased from
LaGrange Marketplace, LLC, an affiliate of the Company, and paid for
using a combination of cash, debt and Operating Partnership units.
Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR) acquires LaGrange Marketplace, a shopping center located in LaGrange, GA. (Photo: Business Wire)
Jon S. Wheeler, Chairman and Chief Executive Officer, stated, “We are
very pleased to announce the acquisition of LaGrange Marketplace. This
grocery-anchored shopping center is located in a progressive tertiary
market and is over 92% leased by national and regional tenants that
include Food Depot, Rite Aid, and Jackson-Hewitt. We expect the property
to be immediately accretive to the Company’s earnings. We are excited to
add this location to our portfolio and view it as a great opportunity to
expand the Company’s presence in the state of Georgia.”
LaGrange Marketplace - LaGrange, Georgia
LaGrange Marketplace is a 76,594 square-foot grocery anchored retail
center located on Hogansville Road, which averages 10,320 vehicles per
day and has direct access to U.S. Route 29, an auxiliary interstate
highway that runs north and south from Baltimore, Maryland to Pensacola
The center was built in 1989 and is 92.0% leased. The tenant base
include well-known grocery and retail merchants Food Depot and Rite-Aid,
which comprise approximately 73.5% of the center’s gross leasable area.
Location / Demographic Information
LaGrange, Georgia is located approximately 60 miles southwest of Atlanta
and has a population of 67,044.
About Wheeler Real Estate Investment Trust Inc.
Headquartered in Virginia Beach, VA, Wheeler Real Estate Investment
Trust, Inc. specializes in owning, acquiring, financing, developing,
renovating, leasing and managing income producing assets, such as
community centers, neighborhood centers, strip centers and free-standing
retail properties. Wheeler’s portfolio contains strategically selected
properties, primarily leased by nationally and regionally recognized
retailers of consumer goods and located in the Northeast, Mid-Atlantic,
Southeast and Southwest regions of the United States.
Additional information about Wheeler Real Estate Investment Trust, Inc.
can be found at the Company’s corporate website: www.whlr.us.
Wheeler Real Estate Investment Trust, Inc. (the "Company") considers
portions of the information in this press release relating to its
business operations contemplated acquisition strategy to be
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934, both as amended. Although the Company believes that the
expectations reflected in such forward-looking statements are based upon
reasonable assumptions, it can give no assurance that its expectations
will be achieved. For this purpose, any statements contained herein that
are not historical fact may be deemed to be forward-looking statements.
Specifically, the Company's statement regarding the anticipated
accretive nature of the LaGrange Marketplace acquisition is a
forward-looking statement. 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.
For additional factors that could cause the operations of the Company to
differ materially from those indicated in the forward-looking
statements, please refer to 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.
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Wheeler Real Estate Investment Trust Inc.
757-627-9088 / firstname.lastname@example.org
The Equity Group Inc.
212-836-9615 / email@example.com
212-836-9606 / firstname.lastname@example.org
Source: Wheeler Real Estate Investment Trust, Inc.