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Home News Regions Eastern Virginia Wheeler Real Estate Investment Trust closes on deal to buy South Carolina center

Wheeler Real Estate Investment Trust closes on deal to buy South Carolina center

Published September 30, 2014 by Paula C. Squires

Wheeler Real Estate Investment Trust Inc. said Tuesday that the Virginia-Beach based firm has closed a contract entered into by an affiliate company to acquire Graystone Crossing, a 21,997-square-foot retail center for $5.4 million, or $245.49 per square foot.

The REIT said it used a combination of cash and bank debt to purchase the property in Tega Cay, S.C.

“We are excited to announce this acquisition, as Graystone Crossing is a well-located retail center in a strong community that has recently seen exponential growth. The property is shadow-anchored by a Walmart Supercenter and is currently 100 percent leased with several of its tenants nationally known,” Jon S. Wheeler, the company’s chairman and CEO said in a statement.

Graystone Crossing matches the REIT’s criteria of purchasing “necessity-based” properties located in secondary and tertiary markets.

Graystone Crossing was built in 2007. Besides Walmart, tenants include T-Mobile, Tropical Smoothie and Edible Arrangements.

The center is located on SC Highway 160, a primary state highway that runs from the North Carolina state line into Lancaster County, S.C.

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