Boston, MA 09/30/2014 (wallstreetpr) – Real estate investment trust company, Wheeler Real Estate Investment Trust Inc (NASDAQ:WHLR) disclosed that it has purchased 21,997 square feet retail center properties in South Carolina to expand its presence to eight properties. This would also mark the first location to be managed solely by the newly established regional office in Charleston.
Assumed And Closed
Wheeler Real Estate Investment Trust Inc (NASDAQ:WHLR) said that this acquisition was in relation to its earlier announcement of a contract struck to buy Graystone Crossing, its statement indicated. It has paid $245.49 a square foot to take the total acquisition amount to $5.4 million and was paid out of bank debt and cash.
Wheeler Real Estate Investment Trust Inc (NASDAQ:WHLR) said that the Graystone Crossing retail center was built in 2007. The retail center was shadow-anchored by the retailer giant Walmart Supercenter, and the center was fully leased out to national tenants such as Tropical Smoothie, T-Mobile and Edible arrangements besides a host of local-based service providers.
The retail center was situated in South Carolina’s Tega Cay on SC Highway 160, which was a principal state highway running into Lancaster County, South Carolina, from the North Carolina state line. The company indicated that Tega Cay City has a population of 226,073 and came under the statistical area of North – South Carolina Metropolitan.
Management Speaks
Wheeler Real Estate Investment Trust Inc (NASDAQ:WHLR)’s Chairman and CEO, Jon Wheeler, said that Graystone Crossing retail center was located very well in a strong community, which has witnessed tremendous growth recently. He said that the acquisition was in tune with its acquisition standard of ‘necessity-based’ properties purchased at competitive and favorable rates besides being located in the territory and secondary markets.
Wheeler Real Estate CEO said that it was happy to make use of a portion of the funds from its recent capital fund raising exercise to acquire the property in South Carolina since the location adds value not only to Wheeler Real Estate Investment Trust Inc (NASDAQ:WHLR) but also to its shareholders.
