Wheeler Real Estate Investment Trust, Inc.
Overview
| Deal Type |
Mergers & Acquisitions |
|---|---|
| Size |
$291.3 Million |
| Client & Transactional Partners |
Wheeler Real Estate Investment Trust, Inc. Cedar Realty Trust, Inc. |
| Our Role |
Exclusive Buy-Side Advisor |
Summary
On August 22, 2022, Wheeler Real Estate Investment Trust, Inc. (WHLR) completed its previously announced acquisition of Cedar Realty Trust, Inc. (CDR) in an all-cash transaction that valued the CDR assets at $291.3 million. WHLR acquired CDR’s remaining portfolio of 19 multi-tenant retail properties across six states. As a result of the transaction, CDR is now wholly owned by WHLR, with CDR’s 7.25% Series B Preferred Stock and 6.50% Series C remaining listed on the New York Stock Exchange. KeyBank’s Institutional Real Estate Group provided a $130 million first-mortgage secured bridge loan to facilitate the acquisition. KeyBanc Capital Markets served as Exclusive Buy-Side Advisor on the transaction.
Headquartered in Virginia Beach, VA, Wheeler Real Estate Investment Trust, Inc. is a fully integrated, self-managed commercial real estate investment company focused on owning and operating income producing retail properties with a primary focus on grocery-anchored centers. WHLR’s portfolio contains well located, potentially dominant retail properties in secondary and tertiary markets that generate attractive, risk adjusted returns.
Cedar Realty Trust is a fully integrated real estate investment trust which focuses on the ownership, operation, and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. to Boston. CDR's portfolio comprised 53 properties with approximately 7.6 million square feet of gross leasable area leading up to the acquisition.
