MORGANTOWN, WEST VIRGINIA—Wheeler REIT has entered a contract to acquire Pierpont Centre, a 122,259 square foot shopping center here. The REIT is using a combination of cash and bank debt to acquire the property and plans to secure long-term financing on the property.
The acquisition will be the REIT's first in West Virginia, says CEO Jon S. Wheeler. "We believe it represents a perfect example of the 'necessity-based' retail focused properties located in growing secondary and tertiary markets that are available to acquire at a discount to replacement costs."
Built in 1999, the grocery-anchored Pierpont Centre tenants include GNC, Hallmark, Michaels's, Ruby Tuesday, and Outback Steakhouse.
The REIT has been steadily expanding its retail portfolio. Last month it picked up Crockett Square, a 107,122 square foot retail center Morristown, TN for $9.75 million, or $91.02 per square foot. It also recently acquired Graystone Crossing, a 21,997 square foot retail center Tega Cay, SC for $5.4 million, or $245.49 per square foot and three development parcels totaling 55.2 acres in Edenton, NC Moyock, NC; and Courtland, VA.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
