Fort Howard Square acquired for approximately $11.5 million

Rincon, Ga. -- Wheeler Real Estate Investment Trust, Inc. announced the acquisition of Fort Howard Square in Rincon, Georgia, for a purchase price of approximately $11.5 million, using a combination of cash and debt to pay for the property.



The center is 95% leased and anchored by Lowe’s and Walmart Supercenter.



"Fort Howard Square is our seventh property in Georgia and fits our 'necessity-based' acquisition criteria. Located in a steadily growing community just minutes north of Savannah and in what we believe to be the county's largest and most profitable retail corridor,” said Jon S. Wheeler, chairman and CEO for Wheeler Real Estate Investment Trust. “We acquired the center at a discount to replacement cost and under favorable financing terms. We are confident that Fort Howard is an excellent addition to our property portfolio and will be accretive to earnings, generating solid returns for our shareholders."