Wheeler Real Estate Investment Trust, Inc. Acquires a Free-Standing Retail Property for $11.4 Million
“We are also very appreciative of Continental Development Corporation and the trust they have invested in us to execute this renovation, to further enhance the overall vibrant Rosecrans Corridor market that Continental Development has created over the decades.” “Invesco is thrilled about teaming up with SSV on this exciting opportunity to create the type of collaborative workspace sought by the most progressive tenants in the market, both creative and more traditional,” said Peter Cassiano, Director of Acquisitions , Invesco Real Estate. John Bertram of Studley represented the buyer and CBRE represented the seller in the transaction. About Second Street VenturesSecond Street Ventures, led by David Jordon and Jack Spound, was established in 2005 and the firm’s principals bring decades of experience in all aspects of real estate, including development, acquisition, operations, entitlements, and leasing, with a focus on Southern California. About Invesco Real EstateEstablished in 1983, Invesco Real Estate manages $53.2 billion of real estate investments, including $30.4 billion in direct real estate investments and $22.8 billion in real estate securities (as of June 30, 2013). With more than 350 employees in 18 offices worldwide, the group focuses on top-down market and property fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for more than 25 years, contributing to the consistent implementation of Invesco’s investment strategy and resulting performance.
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Carrie Bottomley | E+ | Getty Images It’s exactly what Washington native Ben Miller has been waiting for. He and his brother Dan founded Fundrise , a company that facilitates crowdfunding for local real estate development. The brothers actually started two years ago, wrangling through a little-known exemption in regulations.
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Real estate’s new frontier: Crowdfunding
Wheeler, Chairman and Chief Executive Officer, stated, We believe that the acquisition of Jenks Reasors is consistent with our strategy of acquiring retail focused properties with a stable tenant in a community-driven, tertiary market. This acquisition expands our presence in the growing Tulsa market, and we believe will help provide a strong return on our investment. Jenks Reasors Jenks, Oklahoma Built in 2011, Jenks Reasors is an 81,000 square foot free standing property and is located in one of fastest growing communities in the state. The property is leased by this one Reasors Food an employee owned, regional grocery chain. The initial term of the lease will be 20 years and expires in 2033, with four five-year options to renew. Location / Demographic Information Jenks, Oklahoma has a population of 16,924 and is located in the metropolitan area of Tulsa County in the northeastern part of the state approximately 30 miles from Tulsa. About Wheeler Real Estate Investment Trust Inc.
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