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Wheeler REIT buys Ga. shopping center for $37M

Wheeler Real Estate Investment Trust Inc. bought Rivergate Shopping Center in Macon, Ga., for approximately $37.3 million, or $181 per leasable square foot, representing a 7.4% cap rate.

The grocery-anchored property encompasses 205,811 square feet and is 95.52% leased and occupied, with Publix being the anchor tenant.

The company used cash and a three-year bank loan to fund the acquisition, which is its largest single asset purchase so far.

Wheeler REIT said in a release that the company will evaluate the potential sale of all or a portion of the outparcels at the shopping center as part of its capital recycling strategy in the near future.