Wheeler Real Estate Investment Trust buys retail property in Virginia Beach.
Wheeler Real Estate Investment Trust Inc. said Tuesday that it has acquired a freestanding retail property in Virginia Beach for $1.4 million, or $250 per square foot. It bought the property from Fairfield Investors LLC, one of Wheeler’s company affiliates.
Located at the intersection of Providence and Kempsville roads, the building, occupied by a Starbucks and Verizon, is close to Interstate 64 and next to the Fairfield Shopping Center.
“We believe that the Starbucks/Verizon property makes a great addition to our portfolio, as it is 100 percent leased by nationally known tenants and includes large shadow anchors such as TJ Maxx and Food Lion that drive traffic to the property,” Jon S. Wheeler, Wheeler’s chairman and CEO, said in a statement.
The purchase boosts Wheeler’s portfolio to 16 assets in seven states. The 5,600-square-foot property was built in 1985 and underwent renovations in 2012. Starbucks Coffee and Verizon Wireless occupy 2,165 square feet and 3,435 square feet, respectively. Under the initial terms, Starbucks’ lease will expire in 2023, with three five-year options to renew, while Verizon Wireless’ lease will expire in 2022. It, too, has three five-year options to renew.
Headquartered in Virginia Beach, Wheeler Real Estate Investment Trust Inc. specializes in owning, acquiring, financing, developing, renovating, leasing and managing income producing assets.