Wheeler REIT to Pay $4.9M for Lumberton, NC Shopping Center

northeast_plazaA subsidiary of Wheeler Real Estate Investment Trust, Inc. has agreed to acquire Northeast Plaza Shopping Center, a 54,511 square foot grocery-anchored shopping center in Lumberton, NC, for a purchase price of $4.9 million.

Built in 2000, the property is 93 percent occupied.

Northeast Plaza Shopping Center is anchored by a Food Lion grocery store, which leases 61 percent of the total rentable square feet of the center through a 20-year lease expiring in December 2020 with four five-year options. Dollar General Inc. occupies 11 percent of the property.

H&R Block, Thomas’ Pizza & Subs, Ming Moon Chinese, J&L Laundromat and Ivey’s Accounting round out the remaining tenants, according to LoopNet.

The weighted average remaining lease terms for tenants at the property was 6.39 years as of December 31, 2012.

Closing the Agreement is subject to obtaining the necessary financing and customary due diligence.