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Wheeler Real Estate
Investment Trust, Inc.
("Wheeler" or the "Company"), a
fully-integrated, self-managed commercial real estate investment company
focused on acquiring and managing income-producing retail properties with a
primary focus on grocery-anchored centers, announced today that the Company
has acquired Fort Howard Square ("Fort Howard" or the "Property") for a
purchase price of approximately $11.5 million, or $101.19 per leasable
square foot. Wheeler completed the acquisition on September 30, 2015 using a
combination of cash and debt to pay for the property.
Jon S. Wheeler, Chairman and Chief Executive Officer, stated, "Fort Howard
Square is our seventh property in Georgia and fits our 'necessity-based'
acquisition criteria. Located in a steadily growing community just minutes
north of Savannah and in what we believe to be the county's largest and most
profitable retail corridor, Fort Howard Square has a strong tenant mix, the
majority of which are nationally known. In addition, we believe there are
opportunities over the next several months to increase Fort Howard's net
operating income through leasing renewals of our small shop tenants.
Nearby, there is a Kroger Marketplace that is currently under development,
and market conditions indicate that upon completion this should also
contribute to increases in rent at the center. We acquired the center at a
discount to replacement cost and under favorable financing terms. We are
confident that Fort Howard is an excellent addition to our property
portfolio and will be accretive to earnings, generating solid returns for
our shareholders."
Fort Howard Square -- Rincon, Georgia
Built in 1986 and renovated in 2007, Fort Howard is an 113,652 square foot
shopping center located on 12.8 acres of land that had an additional 7,600
square foot added in shop space in 2012. The center is 95.0% leased by
national tenants that include Goodwill, Dollar Tree, Game Stop, Goody's and
rue21.
Fort Howard is located in Rincon, Georgia, which is approximately 18 miles
northwest of Savannah. The shopping center is situated at the intersection
of Fort Howard Road and S. Columbia Avenue, which averages 33,000 vehicles
per day and is in close proximity to Route 405, an auxiliary road that
connects to Interstate I-95.
Location / Demographic Information
With the motto of "Just around the corner from everywhere you want to be, "
Rincon is a city located in the southeast section of Effingham County,
Georgia. As of the 2010 census, the population of Effingham County was
52,250 and it is part of the Savannah metropolitan area. Since 2000,
Effingham County has had a growth rate 39.08% and in 2008, was ranked sixth
in the nation for fastest growing mid-size county for the years 2000 through
2007.
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