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Paula C. Squires// September 30, 2014//
Wheeler Real Estate Investment Trust Inc. said Tuesday that the Virginia-Beach based firm has closed a contract entered into by an affiliate company to acquire Graystone Crossing, a 21,997-square-foot retail center for $5.4 million, or $245.49 per square foot.
The REIT said it used a combination of cash and bank debt to purchase the property in Tega Cay, S.C.
“We are excited to announce this acquisition, as Graystone Crossing is a well-located retail center in a strong community that has recently seen exponential growth. The property is shadow-anchored by a Walmart Supercenter and is currently 100 percent leased with several of its tenants nationally known,” Jon S. Wheeler, the company’s chairman and CEO said in a statement.
Graystone Crossing matches the REIT’s criteria of purchasing “necessity-based” properties located in secondary and tertiary markets.
Graystone Crossing was built in 2007. Besides Walmart, tenants include T-Mobile, Tropical Smoothie and Edible Arrangements.
The center is located on SC Highway 160, a primary state highway that runs from the North Carolina state line into Lancaster County, S.C.
