Wheeler Real Estate Investment Trust has acquired three development properties for an acquisition value of USD4.2 million.
The three assets were acquired from Development Fund I, an affiliate of the company, and were paid for using a combination of cash and the assumption of debt.
Wheeler REIT plans to develop the parcels into future retail properties.
Jon S Wheeler, chairman and chief executive officer, says: "We are very pleased to close on these three retail-focused development properties. The parcels of land are prime examples of the broad pipeline of locations available for us to develop in secondary and tertiary markets and are located in growing communities in which our team already has strong relationships. We view this as an opportunity to establish and grow the development portion of the REIT while adding value to the Company over the long term.”
The three undeveloped properties consist in total of approximately 55.2 acres of land located in Edenton, North Carolina; Moyock, North Carolina; and Courtland, Virginia. Each of the assets is located in commercial zones.
Edenton Commons is a 52.9 acre parcel located at the intersection of US Highway 17 and North Carolina Highway 32 in Edenton, North Carolina. The land can accommodate a 210,000 square foot retail space as well as an additional 89,835 square feet in small shop retailers.
Tull's Creek is a 1.28 acre parcel located in Moyock, North Carolina on US Highway 168, a major connection from the north to the Outer Banks of North Carolina. The land can accommodate a 9,000 square foot building and neighbouring retail includes a Food Lion grocery store and Dollar Tree as well as several other nationally known merchants.
Courtland Commons is a 1.01 acre parcel located in Courtland, Virginia off of US Route 58 (Southampton Parkway), an east to west US Highway that runs slightly northwest of Harrogate, Tennessee to Virginia Beach, Virginia. The land is suitable for an 8,400 square foot freestanding building or strip centre and is adjacent to a Food Lion grocery store.