Wheeler REIT to acquire Kentucky shopping center for $6.1 million
Virginia Beach-based Wheeler Real Estate Investment Trust Inc. plans to buy a 67,177-square-foot shopping center in Lexington, Ky., for $6.1 million.
The company has assumed a contract for the retail center, Bryan Station, previously held by Wheeler Interests LLC, an affiliated company.
Wheeler REIT plans to acquire the property using a combination of capital raised in a recent stock offering and bank debt. The company said the $6.1 million deal represents $90.80 per leasable square foot.
The company said the property, built in 1995, is 100 percent leased. The anchor tenants include Planet Fitness and Shoe Carnival, which occupy approximately 47 percent of the shopping center’s total gross leasable area. Other tenants include Rent a Center and Cato Fashion.
The retail center is located in a heavily traveled area near Interstates 64 and 75 and is five miles from the University of Kentucky in Lexington.