Wheeler Real Estate Investment Trust acquires three properties from an affiliate

Wheeler Real Estate Investment Trust Inc. announced Tuesday that it has acquired three development properties for $4.2 million from Development Fund I LLC, an affiliate of the company.  Wheeler said it paid for the assets using a combination of cash and the assumption of debt. It plans to develop the parcels into future retail properties.

Jon S. Wheeler, chairman and CEO of the Virginia Beach-based real estate investment trust, said in a statement, “We are very pleased to close on these three retail-focused development properties. The parcels of land are prime examples of the broad pipeline of locations available for us to develop in secondary and tertiary markets and are located in growing communities in which our team already has strong relationships. We view this as an opportunity to establish and grow the development portion of the REIT while adding value to the company over the long term.”

The three properties consist of about 55.2 acres of land located in Edenton, N.C., Moyock, N.C. and Courtland, Va. Each of the assets is located in commercial zones.

Edenton Commons is a 52.9-acre parcel located at the intersection of U.S. 17 and N.C. 32 in Edenton. It can accommodate a 210,000-square-foot retail space as well as an additional 89,835 square feet in small shop retailers.

Tull's Creek is a 1.2-acre acre parcel located in Moyock on U.S.168, a major connection from the north to the Outer Banks of North Carolina. The land can accommodate a 9,000-square-foot building and neighboring retail includes a Food Lion grocery store and Dollar Tree as well as several other nationally known merchants.

Courtland Commons is a 1-acre parcel in Courtland that’s off located U.S.  Route 58 (Southampton Parkway), an east to west highway that runs slightly northwest of Harrogate, Tenn., to Virginia Beach. The land is suitable for an 8,400-square-foot freestanding building or strip center and is next to a Food Lion grocery store.