Wheeler REIT acquires two properties
- September 4, 2013
Wheeler Real Estate Investment Trust Inc. announced Wednesday that it has purchased two grocery-anchored retails centers for $23.4 million.
Wheeler, which is based in Virginia Beach, purchased Tampa Festival, a 141,628-square-foot retail center in Tampa, and Forrest Gallery, a 214,451-square-foot shopping center in Tullahoma, Tenn.
The company used proceeds from its recent public offering to purchase the shopping centers. Wheeler generated $10.25 million in net proceeds from the public offering of 2.75 million common shares.
Tampa Festival is located in Hillsborough County, Fla. It is 100 percent leased and is anchored by a Winn-Dixie supermarket. The property was purchased for about $11.9 million. The center was built in 1965, with renovations completed in 2011 and an 11,650-square-foot expansion finished in 2012.
Forrest Gallery, located in Coffee County, is Wheeler’s first acquisition in Tennessee. The center is 93 percent leased by national tenants including Kroger. The purchase price was about $11.5 million.