Wheeler REIT assumes contract to buy South Carolina shopping center

Published May 9, 2014 by Robert Powell, III

Virginia Beach-based Wheeler Real Estate Investment Trust Inc. has assumed a contract to buy a South Carolina shopping center for $8.3 million.

The 80,435-square-foot, grocery-anchored the Cypress Shopping Center is located in Boiling Springs, S.C., near Spartanburg.

Wheeler Interests LLC, an affiliated company, had entered into the contract for the property.

The potential acquisition will increase Wheeler’s total number of properties count to 24 and its total gross leasable area to 1.38 million square feet.

The company expects to acquire the property using a combination of cash and debt.

The shopping center has access to Interstate 85. The property is about 8 miles northwest of Spartanburg and 35 miles east of Greenville in South Carolina’s Upstate region.

Jon S. Wheeler, the company’s chairman and CEO, said the shopping center is 93 percent leased and anchored by nationally and regionally known tenants.

Built in 1999, the Cypress Shopping Center is anchored by a Bi-Lo grocery store and Dollar General Store.

The property’s tenants include UPS, Little Caesars, Subway, Verizon and H&R Block. The property is adjacent to Wal-Mart and Lowes stores.