Wheeler REIT Adds Brook Run to Retail Footprint

Wheeler Real Estate Investment Trust, Inc. is expanding its portfolio of properties in Virginia. The Virginia Beach-based commercial real estate investment company has recently purchased a shopping center in the city of Richmond.

By Adrian Maties, Associate Editor

Wheeler Real Estate Investment Trust Inc. is expanding its footprint in Virginia. In an $18.5 million deal, the Virginia Beach-based REIT recently acquired Brook Run Shopping Center in Richmond, its ninth property in the state.

Wheeler acquired the 147,738-square-foot grocery-anchored center from one of its affiliates for about $125 per leasable square foot. The REIT paid for the property using a combination of proceeds obtained from recent financing, debt and the issuance of operating partnership units.

Wheeler’s new shopping center is located at 3910 Mechanicsville Turnpike, on US Route 1, close to Interstate 95 and with nearby access to Interstate 64. The 25-year-old property was 91.2 percent leased at the time of the sale, according to Wheeler. In addition to two anchors, Martin’s Food Market and CVS Pharmacy, Brook Run’s tenant roster also includes national and regional tenants such as Crunch Fitness, Hair Cuttery, and H&R Block. Wells Fargo and Merchant’s Tire and Auto shadow-anchor the property.

Brook Run is the third Richmond retail property to change hands in the past month. At the start of May, Capital Square Realty Advisors L.L.C. paid $5.8 million for a 24,000-square-foot building at 2000 Old Brick Road. A few days later InvenTrust Properties purchased the WestPark Shopping Center for $33.4 million.

Photo credit: Wheeler Real Estate Investment Trust, Inc.