Wheeler Goes Shopping in The Garden City
- Sep 15, 2015
Wheeler Real Estate Investment Trust Inc. recently acquired a 106,557-square-foot grocery anchored shopping center in Orangeburg. The property was sold for $6.6 million, or approximately $61 per square foot.
Grove Park Shopping Center, the acquired property, is located at 1345 Chestnut St and was 90 percent leased at the time of the sale. Bi-Lo, AT&T, Kool Smiles and Republic Finance are some of the tenants in the center.
“Grove Park Shopping Center is a significant shopping location in the community and is conveniently located near two universities, which helps draw additional traffic to the area,” said Jon Wheeler, chairman & CEO. ”We secured the center under favorable terms at a discount to replacement cost. Grove Park is a prime example of the robust pipeline available of ‘necessity-based’ retail focused properties that are located in strong growing secondary and tertiary markets and that we expect to deliver attractive returns to our shareholders. This acquisition fits our criteria perfectly and we are pleased to add Grove Park to our portfolio.”
The acquisition marks Wheeler’s 42nd property and the 10th location in South Carolina.
Photo credits: Google Images