Boston, MA 10/15/2014 (wallstreetpr) – A BusinessWire article highlighted that Wheeler Real Estate Investment Trust Inc (NASDAQ:WHLR) has announced that it will buy a Tennessee-based retail center that spans an area of 107,122 square feet. The price for the acquisition deal is set to $92.02 per square foot of the place, making the transaction value at a total of $9.75 million. The company said that it will pay Crockett Square the due sum as a combination of liquid money and bank debt.
Wheeler Real Estate Investment Trust Inc (NASDAQ:WHLR)’s Chairman and Chief Executive Officer, Jon S. Wheeler, commented that the deal fits in the acquisition criteria of the company perfectly. This is because of several favorable factors- it is completely leased by national tenants; it is situated in a tertiary market; it is directly anchored by Walters State Community College and received shadow support from a Walmart Supercenter, both of which rope in huge traffic in the area. The state-funded community College serves as many as ten counties of East Tennessee. The tenants include Ross Stores, Inc. (NASDAQ:ROST), Pier 1 Imports Inc (NYSE:PIR), Hobby Lobby Stores, Inc. and Dollar Tree, Inc. (NASDAQ:DLTR).
Crockett Square was developed in 2005 and is situated in Morristown in Tennessee on U.S. Route No. 25E, which is an auxiliary route of U.S. No. 25. The demographical advantage of the location is that it is close to one of the most important highways between Newport, Tennessee and North Corbin, Kentucky. In addition, the huge population of Morristown, which counts to 29,137 people, makes it an important location. Morristown lies approximately forty miles towards the northeast from Knoxville in the city. Situated in the County of Hamblen, the city is the hub of many international organizations and has manufacturing facilities of more than ten Fortune 500 companies.