RICHMOND, VA—Wheeler Real Estate Investment Trust, Inc. has purchased the Brook Run Shopping Center here in a deal valued at $18.5 million, or $125.22-per-leasable-square-foot.

The Virginia Beach, VA-based REIT acquired the 147,738-square-foot shopping center from an affiliate of the company. The purchase of Brook Run was paid for using a combination of the proceeds from the company's recent financing, debt and the issuance of operating partnership units. Brook Run is anchored by Martin's Food Market and CVS and is more than 91% leased.

Jon S. Wheeler, chairman and CEO of Wheeler, says of the firm's latest purchase, “Brook Run Shopping Center is a perfect example of our acquisition criteria as it is a 'necessity-based' retail focused property that is located in a growing secondary market with a majority of its tenants either nationally or regionally known.”

He adds, “We view Brook Run as a testament to the company strategically utilizing the capital from its recent financing, as Brook Run offers additional opportunities to increase the value of our property portfolio even further through outparcel development. We were also pleased to acquire this property under what we believe to be attractive terms and are confident Brook Run will generate strong Net Operating Incomes and solid returns for our shareholders.”

In addition to the Martin's Food Market and CVS leases, the majority of the remaining leased square footage is occupied by national and regional tenants that include Crunch Fitness, Hair Cuttery, and H&R Block. Wells Fargo and Merchant's Tire and Auto shadow anchor the property.

Earlier this week, Wheeler announced it had secured a $45-million revolving credit facility with KeyBank National Association. The company expects to use the facility primarily to acquire select grocery-anchored properties located in its targeted secondary and tertiary markets throughout the Northeast, Mid-Atlantic, Southeast, and Southwest regions of the United States. The new facility will replace the company's previous $25-million secured guidance credit facility with KeyBank, which was set to expire Dec. 31, 2015.

The revolver, led by KeyBanc Capital Markets as arranger, will initially provide the ability to borrow up to $45 million, with KeyBank National Association providing the full commitment. The facility includes a provision that under certain conditions allows for expansion of the facility to a maximum of $100 million through syndication with other lenders, the company states.