Wheeler REIT Acquires 888,917 SF Shopping Center in Norfolk for $85.7M
NORFOLK, VA. — Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR) has acquired JANAF Shopping Yard, an 888,917-square-foot shopping center in Norfolk, for $85.7 million. Ann Arbor, Mich.-based McKinley sold the property, according to Inside Business. In addition to retail space, the center includes 37,234 square feet of office space in one building. As part of the transaction, Wheeler REIT assumed a $53.7 million loan with a fixed interest rate of 4.49 percent and a $5.2 million loan with a fixed interest rate of 4.95 percent. The loans mature in July 2023 and January 2026, respectively. In addition, the company utilized a $6.5 million loan with a fixed interest rate of 4.65 percent and one year of interest-only payments to purchase a separate parcel within the center. As of Sept. 30, 2017, JANAF Shopping Yard was 94 percent leased to tenants including BJ’s Wholesale Club and Fuel Center, T.J. Maxx, Petco, Wawa, Big Lots, Panera Bread, Northern Tool + Equipment, The U.S. Postal Service and SunTrust Bank. Originally constructed in 1959, JANAF has undergone several renovations, the latest in 2006.