Wheeler Real Estate Investment Trust acquires three North Carolina properties for $15.3 million
Virginia Beach-based Wheeler Real Estate Investment Trust Inc. said Monday that the company has acquired three North Carolina retail centers from a family-owned group.
The grocery-anchored properties total 171,466 square feet. The deal involved a combination of cash and debt for a combined acquisition value of $15.3 million, or $89.38 per square foot.
The transaction expands Wheeler’s footprint in North Carolina. The REIT acquires and manages income-producing retail properties with a primary focus on grocery-anchored centers.
“We believe these properties have upside potential as a result of the efforts of our experienced leasing and management teams. Each location is leased by national tenants that we have long-standing business relationships with, such as Food Lion and Family Dollar. We expect the properties to be immediately accretive to the company’s earnings,” Jon S. Wheeler, the company’s chairman and CEO, said in a statement.
According to Wheeler, the occupancy for the combined properties is 91 percent. The deal boosts the total of Wheeler-owned retail shopping centers to 41.
The new properties are:
Cardinal Plaza — The 50,000 square-foot center in Henderson, N.C., was built in 2000. The property is 84 percent leased, and key tenants include Food Lion and Family Dollar. The company purchased the property from Cardinal Plaza LLC. The acquisition value was about $4.4 million, or $88 per leasable square foot.
Franklinton Square —The center, which opened in 1999, is a 65,336-square-foot center in Franklinton, N.C. The property is 88 percent leased, and key tenants again include Food Lion and Family Dollar. The company purchased the property from Franklinton Square LLC. The acquisition value was about $5 million, or $76.87 per leasable square foot.
Nashville Commons — The 56,100-square-foot center, built in 1998, is located in Nashville, N.C. The property is 100 percent leased, with Food Lion as an anchor tenant Wheeler purchased the property from Nashville Commons Square LLC. The acquisition value was about $5.9 million, or $105.17 per leasable square foot.