Anticipated acquisition will expand Wheeler’s presence to two
properties in Georgia
Property is 95.5% leased
Upon acquisition, Wheeler will own or have under contract 26
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 the Company
has assumed the contract to acquire Freeway Junction for a purchase
price of approximately $10.5 million, or $66.63 per leasable square
foot. Wheeler intends to use a combination of cash and debt to pay for
the property and will assume the contract from Wheeler Interests, LLC,
an affiliated company.
Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR) is expected to acquire Freeway Junction, a shopping center located in Stockbridge, Georgia. (Photo: Business Wire)
Freeway Junction is a 156,834 square foot shopping center located in
Stockbridge, Georgia, which is approximately 16 miles southeast of
Atlanta. The shopping center is situated on Highway 138, which averages
47,360 vehicles per day and is in close proximity to Interstate 675, an
auxiliary interstate highway off of I-75 that travels through the
southeast part of the Atlanta metropolitan area.
Jon S. Wheeler, Chairman and Chief Executive Officer, stated, “Freeway
Junction will make an excellent addition to our property portfolio. The
property is centrally located in a secondary market, a high occupancy
rate with strong anchor tenants that create opportunities for
cross-shopping by the center’s customers. We expect to acquire Freeway
Junction at an attractive price per square foot and under favorable
financing terms that, in turn, is expected to generate additional
revenue for the Company and deliver a strong return on our investment.”
Freeway Junction – Stockbridge, Georgia
Built in 1987, Freeway Junction is a 156,834 square foot shopping center
that was renovated in 2005. The center is 95.5% leased and is anchored
by Northern Tool, Goodwill, Ollie’s and Farmer’s Furniture. The four
anchor tenants represent over 70% of the center’s gross leasable area
with the remaining occupied space leased to nationally and regionally
known tenants that include Cato Fashion, Citi Trends, and
Jackson-Hewitt. The center is adjacent to Kohl’s, Lowes, Wal-Mart and
Location / Demographic Information
Stockbridge is part of the Atlanta metropolitan area and has a
population of 25,637. The city is located in Henry County, Georgia,
which is the tenth fastest growing county in the nation.
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.
Forward looking Statement
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 statements regarding potential acquisition
of Freeway Junction and the anticipated profitability of such potential
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. 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.
The Equity Group Inc.
Source: Wheeler Real Estate Investment Trust, Inc.