Wheeler Real Estate Investment Trust, Inc. Acquires Redevelopment Property for $2.4M

Wheeler Real Estate Investment Trust, Inc.

("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 closed on the acquisition of Columbia Fire House, a one acre parcel of land located in Columbia, South Carolina. The property has an acquisition value of $2.4 million, and the Company completed the acquisition on June 30, 2015. Columbia Fire House – Redevelopment Property The property is approximately 1 acre of land and was acquired with two vacant buildings which previously served as the Columbia Fire Department's Headquarters from 1950 until 1995. The buildings were designed by Heyward S. Singley, South Carolina architect, and are listed on the National Register of Historic Places. During the course of redeveloping this property, the Company may receive tax adjustments as a result of the renovation of the existing structures. The Company expects to launch the first phase of the redevelopment project later this year. Columbia Fire House is located in Columbia's Congaree Vista district. Previously known as the warehouse district, Congaree Vista has become one of the city's premier locations for commercial, residential, shopping, dining and art. The district is anchored by the Hilton Columbia Center Hotel and is also home to the Columbia Metropolitan Convention Center, a 142,500 square foot facility. Columbia Fire House is in close proximity to downtown Columbia, the state's Capitol Building, the University of South Carolina and the University of South Carolina's Alumni Center, a $26.6 million project which is currently in development. Jon S. Wheeler, Chairman and Chief Executive Officer, stated, "We first began pursuing this property over three years ago, and I am very pleased to have the opportunity to acquire this historic and centrally located asset. Columbia Station is in a prime location where retail is thriving and the area is rich in historic and cultural offerings that attract local residents and visitors. We view Columbia Fire House as one of the best opportunities in the city for its location and visibility in the Vista. Upon completion of the project, we believe that this retail property will generate strong returns on our investment."