Wheeler Snags 298K-SF Retail Center
Wheeler Real Estate Investment Trust Inc. acquired Village of Martinsville, a 297,950-square-foot grocery-anchored shopping center in Martinsville, VA. The buyer paid $23.5 million to Hull Property Group for the asset at 240 W. Commonwealth Blvd. The cap rate was 8.25%.
The property is 97% occupied, and anchored by a recently renovated Kroger grocery store and free-standing fuel station that comprise 55,969 square feet and 4,080 square feet, respectively. Other tenants include Belk Marshalls, Office Max and Dunham’s Sports. The center came to market in 1989 as a regional mall, and underwent a full renovation into an open-air center in 2012.
Wheeler financed the transaction with a combination of cash and a Key Bank credit facility. The latter has an interest rate of 30-day LIBOR plus 250 basis points. The loan-to-value was 65%.
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