Wheeler Real Estate Investment Trust has acquired Jenks Plaza, a retail strip centre in Oklahoma, for a purchase price of approximately USD1.7m, or USD223 per leasable square foot.
The property was acquired from an affiliated entity of Wheeler and was paid for using a combination of proceeds from the company's recent financing and the issuance of operating partnership units.
The property is located in Tulsa County on South Elm Street with immediate access to Creek Turnpike, a partial beltway around the south and east sides of Tulsa, Oklahoma that averages over 32,600 vehicles per day. The plaza is adjacent to another Wheeler property, a Reasor's Foods grocery store, one of the state's largest grocery merchants.
Jon S Wheeler, chairman and chief executive officer, says: "We believe that Jenks Plaza makes a great addition to our portfolio, as it is 100 per cent leased, with a large shadow anchor that drives traffic to the area. Jenks Plaza is located in a strong tertiary market that is considered to be one of the fastest growing cities in the state. We believe that this transaction fits our acquisition criteria and provides another excellent opportunity to expand our geographic footprint in the state of Oklahoma."