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Kira Jenkins //March 13, 2015//
// March 13, 2015//
Virginia Beach-based Wheeler Real Estate Investment Trust Inc. has signed a contract to acquire a 74,038-square-foot Georgia shopping center for $12.35 million.
The deal for the Beaver Ruin Village in Lilburn, Ga., represents a purchase price of about $166.81 per square foot.
Built in 1976 and renovated in 1996, Beaver Ruin recently underwent capital improvements, which included repairs to the parking lots, the replacement of several HVAC units and the installation of a new roof for over 20,000 square feet of the shopping center.
The property is nearly 95 percent leased, with tenants such as Chase Bank, State Farm Insurance, T-Mobile, Firehouse Subs and Sally Beauty Supplies. The shopping center also includes three outparcels leased by McDonald’s, Popeyes, and Captain D’s.
Lilburn is about 30 miles north of Atlanta in Gwinnett County, which has a population of 805,321 people.
Wheeler REIT specializes in income-producing assets, such as community centers, neighborhood centers, strip centers and free-standing retail properties.
