Wheeler Real Estate Investment Trust to acquire Georgia shopping center
Virginia Beach-based Wheeler Real Estate Investment Trust has assumed a contract to acquire Freeway Junction in Stockbridge, Ga., for about $10.5 million.
Wheeler plans 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.
Freeway Junction is a 156,834-square-foot shopping center, which is located about 16 miles southeast of Atlanta.
Built in 1987, Freeway Junction was renovated in 2005. The shopping center is 95.5 percent leased and is anchored by Northern Tool, Goodwill, Ollie’s and Farmer’s Furniture stores.
The four anchor tenants represent more than 70 percent of the center’s gross leasable area with the remaining occupied space leased to tenants such as Cato Fashion, Citi Trends and Jackson-Hewitt.
The center is adjacent to Kohl’s, Lowes, Wal-Mart and Kroger stores.
Wheeler Real Estate Investment Trust 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 includes properties, primarily leased by nationally and regionally recognized retailers, in the Northeast, mid-Atlantic, Southeast and Southwest.