EDENTON, NC—Virginia Beach, VA-based Wheeler Real Estate Investment Trust Inc. acquired a total of three retail development properties in Edenton, NC, Moyock, NC, and Courtland, VA from affiliate Development Fund I, LLC for $4.2 million.

The company acquired the parcels that total 55.2 acres using a combination of cash and assumption of debt. Wheeler officials state the company plans to develop the commercially zoned parcels into future retail properties.

The largest of the properties purchased is Edenton Commons, a 52.9-acre parcel located at the intersection of US Highway 17 and North Carolina Highway 32 in Edenton. The land can accommodate a 210,000-square foot retail space, as well as an additional 89,835 square feet in small shop retailers.

The company also acquired Tull's Creek, a 1.28-acre parcel located in Moyock on US Highway 168, a major connection from the north to the Outer Banks of North Carolina. The land can accommodate a 9,000-square foot-building. Neighboring retail to the site includes a Food Lion grocery store, Dollar Tree, as well as several other national merchants.

In Courtland, VA, the firm now owns Courtland Commons, a 1.01-acre parcel off of US Route 58 (Southampton Parkway). The land is suitable for an 8,400-square-foot freestanding building or strip center and is located adjacent to a Food Lion grocery store.

Jon S. Wheeler, chairman and CEO of Wheeler Real Estate Investment Trust, says of its latest purchases, "We are very pleased to close on these three retail-focused development properties. The parcels of land are prime examples of the broad pipeline of locations available for us to develop in secondary and tertiary markets and are located in growing communities in which our team already has strong relationships. We view this as an opportunity to establish and grow the development portion of the REIT while adding value to the company over the long term.”