Wheeler Real Estate Investment Trust to buy retail property in Oklahoma
- February 11, 2013
Wheeler Real Estate Investment Trust Inc., a Virginia Beach-based REIT, said Monday that it has signed an agreement to purchase Bixby Commons, a 75,000-square-foot retail property in Bixby, Okla., for about $10.6 million, or $141.33 per square foot. The company expects the contract to close in the second quarter.
Bixby Commons was built in 2011 and is leased by Associated Wholesale Grocers Inc., a national grocery wholesaler. The initial term of the lease will be 20 years and expires in 2033, with four five-year options to renew. The triple-net lease with Associated, a retailer-owned cooperative serving more than1,900 retail member stores with grocery and general merchandise items, gives the property stability, according to Wheeler.
With this purchase, Wheeler will have 12 properties in six states. “The close of this transaction will mark Wheeler’s fourth and largest purchase since our IPO in November, and we are extremely proud of this opportunity. We secured the right to purchase Bixby Commons under favorable purchase terms and preliminary indications are that attractive financing terms will be available on this property,” Jon S. Wheeler, the REIT’s chairman and CEO, said in a statement.