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Region’s largest retail transaction in five years Wheeler Real Estate Investment Trust purchases JANAF Shopping Yard for $85.65M

ISSUE HIGHLIGHTS Volume 30, Issue 3 February 9 - 22, 2018 LIRO DESIGNS HQ FOR THE LIRO GROUP

ORFOLK, VA — Wheeler Real Es- tate Investment Trust, Inc. , a self-managed commercial real estate in- vestment company with a primary focus on grocery- anchored centers, announced that WHLR-JANAF, LLC , a wholly-owned subsidiary, has purchased JANAF Shopping Yard, an 887,917 s/f shopping destination in Norfolk for $85.65 million. JANAF is the largest open- air shopping center in the region, and this transaction is the largest non-mall retail sale in the past five years, ac- cording to broker Ryan Sci- ullo with CBRE who along with Bill Kent handled the sale. JANAF Shopping Yard was one of the first large sub- urban shopping centers in the United States when it opened to the public in 1959. The property’s original investment group was composed of retired and active-duty military per- sonnel who aptly named the N

ton Roads. It is located at the intersection of Military Highway and Virginia Beach Blvd., which is one of the most traveled intersections with high traffic counts, and it is easily accessible to both In- terstates 64 and 264. JANAF draws customers from a 25- mile radius. “The area surrounding JANAF Shopping Yard is going through an economic boomwith the recent opening of the Norfolk PremiumOut- lets and with IKEA’s second store in Virginia, making this area the premier retail destination in the region capable of drawing shoppers from a 75-mile radius,” said Chuck Rigney , director of Economic Development. “In addition, transportation in- frastructure improvements on Military Highway as well as on I-264 are underway, accommodating our region’s resident and tourists with more modern accessibility and direct access.” n

JANAF Shopping Yard

center JANAF an acronym for Joint Army Navy Air Force. “JANAF Shopping Yard is a key shopping district serving Southside Hampton Roads and this growing area is at- tracting robust investment,” said Mayor Kenneth Cooper Alexander. “The City’s vision for this area is building on various assets and will play an important role in defining our future. We appreciate that Wheeler is increasing its corporate portfolio to include one of Norfolk’s commercial destinations. And, we are proud to have local ownership

of this valuable asset.” Jon Wheeler , chairman and chief executive officer of Wheeler, stated, “JANAF is an iconic property located nine miles from our corpo- rate headquarters. This asset aligns perfectly with our busi- ness strategy of owning the dominant center in secondary and tertiary markets. We ex- pect JANAF to be a long-term play for WHLR as we believe there is tremendous value in the underlying real estate. ” The location of JANAF Shopping Yardmakes it one of the most desirable in Hamp-

3A

CBRE arranges sale and secures financing for 14 building totaling $76.9M in King Of Prussia, PA

MAREJ Events For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea.christman@marejournal.com Section D

KING OF PRUSSIA, PA — CBRE has arranged for the sale and acquisition financing of a 14 building, 641,325 s/f office complex located within Renaissance Park in King of Prussia. The portfolio was acquired by MLP Ventures of Radnor for a total sale price

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Steven Doherty of the Debt & Structured Finance team procured the financing on be- half of the buyer. The Portfolio consists of 14, single-story office and flex properties and is currently 87 percent occupied by a diverse and extensive mix of quality tenants. Major tenants include Marsh & McLennan Com- 2525 Renaissance Park

of $76.9 million. Robert Fahey, Jerry Kranzel, Erin Hannan, and Jack Corcoran of CBRE Capital Markets’ Insti- tutional Properties team represented the seller, Mal- vern-based developer Liberty Property Trust , in the mar- keting and sales negotiations. CBRE’s Nick Harris and

panies, Ikea, BB&T, RELX Group and MedRisk, among others. “We are pleased to once again have the opportunity to work with the fine team at Liberty Property Trust and assist them in achieving their corporate objectives,” said Fa- hey, executive vice president, CBRE. n

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