VIRGINIA BEACH, VA—Wheeler REIT has secured a $25 million guidance line facility with KeyBank National. The REIT plans to use this facility, which will be available to it until Dec. 31, 2015, to continue its acquisition of grocery-anchored properties in secondary and tertiary markets throughout the Northeast, Mid-Atlantic, Southeast and Southwest regions of the US.

Jon S. Wheeler, chairman and CEO, says the deal took several months of due diligence on both sides and the line will increase its "ability to acquire 'necessity based' properties at a discount to replacement costs."

Wheeler REIT has been building out its portfolio at a steady clip since it went public in 2012. At the end of December 2013, for example, it acquired 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.

The REIT's acquisition philosophy, Wheeler told GlobeSt.com in an earlier interview is to finance at 6% or less, buy at a 9 cap rate, thus allowing it to deliver 12% or more to the trust on each acquisition.

In January of this year, Wheeler REIT debuted Wheeler Development, LLC, which will allow the company to provide development services to current tenants or third parties.