Wheeler Real Estate Investment Trust Inc. of Virginia Beach, Virginia recently signed contracts to purchase 14 grocery store-anchored properties — 13 in South Carolina and one in Georgia.
"We are pleased to enter into this contract and believe the assets will be a valuable addition to our property portfolio,"Jon S. Wheeler, Wheeler Real Estate's chairman and CEO, said.
The anticipated closing of the transaction is the first quarter of 2016. The seller was a private third party. No purchase price was disclosed. The properties span more than 600,000 square feet and have a combined occupancy rate of 92 percent.
Wheeler Real Estate focuses on the acquisition of properties anchored by grocery stores. The company maintains a regional office in Charleston, South Carolina and the latest acquisition is part of a plan for the company to expand further southeast.
"The properties provide a unique opportunity to significantly enhance our presence in South Carolina," Wheeler said. "We intend to fund a portion of this acquisition utilizing our operating partnership units and anticipate that these assets will be immediately added to earnings, which will improve the company's profitability and therefore increase value for our shareholders over the long term."