MORGANTOWN, WEST VIRGINIA—Wheeler REIT hasentered a contract to acquire Pierpont Centre, a122,259 square foot shopping center here. The REIT is using acombination of cash and bank debt to acquire the property and plansto secure long-term financing on the property.
The acquisition will be the REIT's first in West Virginia, saysCEO Jon S. Wheeler. "We believe it represents aperfect example of the 'necessity-based' retail focused propertieslocated in growing secondary and tertiary markets that areavailable to acquire at a discount to replacement costs."
Built in 1999, the grocery-anchored Pierpont Centre tenantsinclude GNC, Hallmark, Michaels's, Ruby Tuesday, and OutbackSteakhouse.
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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.
