Va. firm’s $3.6M buy of Dorchester shopping center part of $15.8M spree

Staff Report
Published Jan. 2, 2014

A nearly 60,000-square-foot shopping center in Dorchester County recently sold for $3.6 million.

Anchored by Reid’s Groceries, a Food Lion subsidiary, the St. George Plaza shopping center, located off Interstate 95, sold for roughly $60 per square foot.

It was one of five grocery-anchored shopping centers in South Carolina that Wheeler Real Estate Investment Trust Inc. recently acquired for a combined price of $15.8 million.

Wheeler assumed and closed on the contracts previously entered into by Wheeler Interests LLC, an affiliated company. The grocery centers total roughly 261,000 square feet for a price of about $60 per square foot.

The property portfolio has an average occupancy rate of 91% and was acquired using a combination of cash and debt.

Wheeler’s 5S.C. acquisitions:

 

Clover Plaza

South Square

St. George Plaza

Waterway Plaza

Westland Square

Location

York County

Lancaster County

Dorchester County

Horry County

Lexington County

Square Footage

45,575

44,350

59,279

49,750

62,735

% Leased

100%

90%

86%

98%

83%

Anchor

Food Lion

Food Lion

Reid’s Groceries

Food Lion

N/A

Acquisition Price

$1.6 million

$3.2 million

$3.6 million

$3.6 million

$3.8 million

“We feel that these properties are the perfect complement to our existing portfolio, as they are necessity-based shopping centers located in tertiary markets with an average occupancy rate of 91%,” Wheeler Chairman and CEO Jon S. Wheeler said in a statement.

With the acquisition of the five shopping centers, Wheeler now has 23 locations in eight states.

Headquartered in Virginia Beach, Va., Wheeler Real Estate Investment Trust Inc. acquires, renovates and leases community centers, neighborhood centers, strip centers and free-standing retail properties.

Email Print

Do you give this article a thumbs up? Thumbs_upYes

Comments: