Three New Properties in Wheeler’s Portfolio
- Aug 28, 2015
In a $15.3 million deal, Virginia-based Wheeler Real Estate Investment Trust Inc. recently acquired three North Carolina grocery-anchored shopping centers from a family-owned group.
Cardinal Plaza, Franklinton Square and Nashville Commons, the three properties purchased by the commercial real estate investment company total 171,466 square feet. The combined occupancy of the acquisitions reaches 91 percent, with anchor tenants that include Food Lion and Family Dollar.
“These acquisitions expand our geographic footprint in North Carolina, and we now own 41 retail properties. Wheeler is a growth oriented company, and we continue to maintain our focus on acquiring retail properties at favorable prices in the markets we target, continuously striving to increase the Company’s net operating income and move closer to profitability. We look forward to continuing to capitalize on a very robust pipeline at favorable cap rates. This acquisition represents another example of our organization’s ability to quickly deploy capital in strong, stable markets,” Jon Wheeler, chairman and chief executive officer of Wheeler, said in prepared remarks.
Cardinal Plaza, a 50,000-square-foot grocery-anchored retail center, is located at 1419 East Andrews Ave., Henderson. The property is currently 84 percent leased and was acquired for approximately $4.4 million, or $88.00 per leasable square foot.
Franklinton Square is a 65,336-square-foot grocery-anchored retail center located at 3380 US 1 Hwy, Franklinton. The property was purchased for approximately $5 million and is currently 88 percent leased. The acquisition price per square foot reaches $76.87.
The third property, Nashville Commons, had an acquisition value of approximately $5.9 million, or $105.17 per leasable square foot. Located at 131 Nashville Commons Drive, Nashville Commons is 100 percent leased, with Food Lion as anchor tenant.