VIRGINIA BEACH, VA—Call it the little REIT that can. Can, that is, compete with its larger brethren for acquisitions despite the capital-rich environment in general for REITs, which allows for speedy financing for deals. For that is what the locally-based Wheeler REIT has been doing, purchasing approximately $58 million of assets in 2014. It shows little sign of scaling back this year.
The REIT just announced plans to purchase Butler Square, a 82,400 square foot shopping center located in Mauldin, SC, for $9.4 million, or $114 per square foot, in a cash-and-bank debt transaction.
The center is fully leased and is anchored by Bi-Lo and Dollar Tree. The property will be immediately accretive to the company's earnings, CEO Jon Wheeler says in a prepared statement.
We "view this acquisition as another opportunity to demonstrate how we acquire 'necessity-based' retail focused properties located in growing secondary and tertiary markets," he said.
Last year Wheeler REIT acquired eight necessity-based focused shopping centers during the second half of 2014, adding 622,792 square feet of gross leasable area to its property portfolio and expanding its geographic footprint.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
