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Robert Powell, III// October 14, 2014//
Virginia Beach-based Wheeler Real Estate Investment Trust Inc. has signed a contract to acquire a shopping center in Tennessee for $9.75 million.
The acquisition involves Crockett Square, a 107,122-square-foot retail center in Morristown, Tenn., a city of nearly 30,000 people. The property is totally leased by national retail chains such as Hobby Lobby, Dollar Tree, Pier 1 and Ross.
The shopping center, built in 2005, is near a Walmart store and is directly across the street from Walters State Community College, both of which generate traffic in the area.
The company plans to make the acquisition using a combination of cash and bank debt.
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