VIRGINIA BEACH, VA-One year or so after it went public, Wheeler REIT has almost tripled the number of properties in its portfolio and doubled its market cap. The latest slew of deals came at the end of December with the acquisition of five grocery anchored shopping centers in South Carolina, totaling 261,689 square feet, for a combined acquisition price of $15.8 million, or $60.38 per square foot. There will be plenty more of that next year as well, CEO Jon Wheeler tells GlobeSt.com.

"There is a tremendous amount of product out there that fits our model," he says. He expects to see similar growth in holdings and market cap for 2014 and beyond. "The next five years we see as being a significant growth period for us," he says.

Wheeler REIT's model is to invest in retail, mainly grocery-anchored retail, in secondary and tertiary markets. "We are consistently financing at 6% or less, buying at a 9 cap rate, which means we can deliver 12% or more to the trust on each acquisition," Wheeler says.

This "9-6-12" model means the REIT is buying at 50% or less of replacement cost, he adds.

All together the REIT has 23 locations in eight states. Its geographic reach ranges from the Amscot Building in Tampa, FL to Forrest Gallery in Tullahoma, OK, to Winslow Plaza in Sicklerville, NJ.