Virginia Beach, VA-based Wheeler Real Estate Investment Trust (NYSE: WHLR) bought two shadow grocery-anchored shopping centers in Lilburn, GA for $16.7 million, or approximately $153 per square foot.
The 74,038-square-foot Beaver Ruin Village is 91.5% leased to Chase Bank, State Farm Insurance, T-Mobile, Firehouse Subs and Sally Beauty Supplies, among others, while the 34,925-square-foot Beaver Ruin Village II is fully leased to AutoZone, Metro PCS, Agavero Cantina and Fred Loya Insurance Agency.
The two shopping centers were constructed in 1976 at the intersection of Lawrenceville Hwy. and Georgia State Route 378 in Atlanta’s Lilburn/Snellville Retail submarket.
“Beaver Ruin and Beaver Ruin II exemplify the Company’s acquisition criteria, as they are ‘necessity-based’ shopping centers located in a growing tertiary market with higher than average occupancy rates,” said Jon S. Wheeler, chairman and CEO of Wheeler.
Wheeler entered into contracts back in March to acquire these properties and used in-house representation to negotiate the purchase. Pierce Mayson and Kyle Stonis of SRS Real Estate Partners represented the selling venture in negotiations.