Piggly Wiggly Sister Company to Sell 14 Shopping Centers for $71 Million
VIRGINIA BEACH, VA – Piggly Wiggly’s sister company is shedding 14 shopping centers in two states to a Virginia-based real estate investment firm for a total of $71 million.
Wheeler Real Estate Investment Trust is purchasing thirteen properties in South Carolina and one property in Georgia from six affiliates of Greenbax Enterprises Inc., according to The Post and Courier. David R. Schools, the President and CEO of Greenbax, is the same executive that heads Charleston-based Piggly Wiggly Carolina Co.
“We are pleased to enter into this contract and believe the assets will be a valuable addition to our property portfolio,” said Jon S. Wheeler, Chairman and CEO of Wheeler. “The 14 grocery-anchored properties are located in what we believe to be progressive secondary and tertiary markets throughout the southeast, an area we know quite well and have a combined occupancy rate of 92%.”
Combined, the 14 properties make up 603,142 square feet of space. They are anchored by Piggly-Wiggly, Harris Teeter, and Bi-Lo.
Most of Wheeler’s owned properties are grocery-anchored centers. The company currently owns 53 properties of which 19 are located in South Carolina and Georgia, according to a press release. Upon completion of the acquisition, the firm will have a significantly expanded presence in the southeast region of the United States.
Wheeler expects to close the deal sometime within the first quarter of 2016.
