Wheeler Real Estate Investment Trust, Inc. Completes The Acquisition Of Four Grocery-Anchored Properties Located In Georgia, South Carolina And Virginia

Consideration paid for three properties included partnership units of the Company's operating partnership, priced at a premium to their current market value.

Company adds two new grocers, Ingles Markets and Farm Fresh to its portfolio

The acquisitions are part of the previously disclosed pipeline, and acquisitions include a two shopping center portfolio in South Carolina and Georgia totaling 134,525 square feet of gross leasable area, a 91,200 square foot shopping center in Georgia, and a 47,945 square foot shopping center in Virginia. The acquisitions increase Wheeler's total gross leasable area to approximately 4.02 million square feet, comprised of 60 retail properties. The Company also owns 71 acres of development property which includes eight undeveloped land parcels and one redevelopment property.

VIRGINIA BEACH, Va., Nov. 16, 2016 (GLOBE NEWSWIRE) --   Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) ("Wheeler" or the "Company"), a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing retail properties with a primary focus on grocery-anchored centers, today reported that the Company has closed on the acquisition of four properties, three of which were previously announced as acquisition targets.

The Company acquired Riverbridge Shopping Center, a 91,200 square foot Ingles Markets ("Ingles") grocery store anchored center located in Carrollton, Georgia. Ingles expects to add a fuel center in the future and will extend their lease term by six years until 2026 with the addition. As of November 15, 2016, the center was 98.5% leased and occupied. Additionally, the Company acquired Tri-County Plaza located in Royston, GA and Sangaree Plaza located in Summerville, South Carolina as a portfolio. Tri-County Plaza was built in 1986 and is a 67,577 square foot BiLo-anchored community center with 91% occupancy as of November 10, 2016. Tenants include Maxway, Shoe Show and Snap Fitness. BiLo recently executed an early five-year lease extension as part of a planned interior renovation. Sangaree Plaza is anchored by a BiLo. The 66,948 square foot center is 100% occupied and BiLo recently executed an early ten-year lease extension as part of a planned interior remodel. The Company also acquired Berkley Shopping Center, a 47,945 square foot, Farm Fresh grocery store anchored property. The shopping center is located in the historic South Norfolk, Virginia neighborhood of Berkley. Developed as a public-private partnership in 2005, the shopping center was 100% leased as of November 10, 2016 with national, regional and local tenants including a 8,100 square foot Family Dollar.

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