MORRISTOWN, TN—Wheeler Real Estate Investment Trust reports it has entered into a contract to acquire the Crockett Square Center here for $9.75 million.
The Virginia Beach, VA-based REIT says it plans to fund the purchase, calculated at $91.02-per-square-foot, with cash and bank debt. The 107,122-square-foot shopping center built in 2005 is shadow anchored by a Walmart Supercenter and is currently 100% leased.
Jon S. Wheeler, chairman and CEO of Wheeler Real Estate, says, “Crockett Square fits our acquisition criteria perfectly, as it is 100% leased by national tenants such as Hobby Lobby, Dollar Tree, Pier 1 and Ross, located in a tertiary market, shadow-anchored by a Walmart Supercenter and directly across from Walters State Community College, both of which draw traffic to the area. We intend to acquire Crockett Square under favorable terms that will generate returns that are accretive to our bottom line. We believe this property is another prime example of Wheeler utilizing capital from its recent offering to generate additional revenue and add value for shareholders.”
The company plans to have its regional office in Charleston, SC manage the property once it takes ownership.
Wheeler Real Estate also owns the Forrest Gallery shopping center in Tullahoma, TN. The 214,450-square-foot center has major tenants such as Peebles and Kroger.
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