Wheeler Real Estate Investment Trust Announces Acquisition of Surrey Plaza for $2.3M
Wheeler Real Estate Investment Trust (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 Surrey Plaza, a grocery-anchored shopping center for a purchase price of approximately $2.3 million, or $53 per leasable square foot. The property was purchased from Wheeler Interest, LLC, an affiliate of the Company and paid for using a combination of proceeds from the Company's initial public offering ("IPO"), completed November 2012, and the issuance of operating partnership units.
Surrey Plaza is located in Hawkinsville, Georgia, approximately 45 miles south of Macon. The property is located along the well-traveled Golden Isles Parkway, connecting I-95 and I-75 across Southeastern Georgia. With the addition of Surrey Plaza, Wheeler's portfolio includes 11 properties, located in Virginia, North Carolina, South Carolina, Florida, Oklahoma, and now Georgia. Surrey Plaza marks the third acquisition that the Company has made since its IPO.
Jon S. Wheeler, Chairman and Chief Executive Officer, stated, “Surrey Plaza makes a great addition to our portfolio, as it is 100% leased, grocery-anchored, includes vacant outparcels that may provide value add opportunities, and includes a large shadow anchor (Ace Hardware) that has historically helped to drive traffic to this particular submarket. We believe that this transaction fits our acquisition criteria and provides an excellent opportunity for the Company to increase value for our shareholders while maximizing the use of the proceeds from our IPO. We are pleased with the Company's effort and fully expect that this momentum will continue well throughout the new year.”
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