Wheeler Real Estate Investment Trust buys shopping center on Eastern Shore

Published July 13, 2015 by Paula C. Squires

Wheeler Real Estate Investment Trust Inc. in Virginia Beach has acquired Chesapeake Square Shopping Center, a 99,848-square-foot, grocery-anchored center in Onley.

The REIT said it acquired the property from an affiliated entity of the company for about $6.3 million, or $63.49 per leasable square foot. The company used a combination of cash and operating partnership units to purchase Chesapeake Square, its 10th property in Virginia.

“The Commonwealth of Virginia is home to us, our headquarters is here, and we have nine other properties located throughout the state. Chesapeake Square is located in a growing community and with the expected opening of the nearby Riverside Shore Memorial Hospital in the fall of 2016 we anticipate traffic will increase at Chesapeake Square,” Jon S. Wheeler, Wheeler’s chairman and CEO said in a statement.

Chesapeake Square was built in 1987 on Virginia’s Eastern Shore in Accomack County. According to Wheeler, the property is 83.4 percent leased. Major tenants include Food Lion, Rite Aid, Sears, Cato and Subway.

Chesapeake Square is located on Route 13, a major throughway that runs along the coast between Norfolk and Dover, Del.