Mar
31

Washington, NC Mall Under Contract

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washington_ncA major retail center in Beaufort County has been put under contract for sale to a real estate investment trust out of Virginia Beach, Wheeler Real Estate Investment Trust (Nasdaq: WHLR), for a reported $20 million.

Wheeler has contracted to buy the 261,566-square-foot Washington Square Mall shopping center in Washington, North Carolina, according to a news release from the company. If finalized, Washington Square will be among the largest and most expensive properties in Wheeler’s portfolio.

The center located on U.S. 17 is anchored by Belk department store and a Piggly Wiggly grocery store that is expected to be replaced by Food Lion once the grocer’s lease expires in 2017. The center is across the highway from a Wal-Mart Supercenter.

Wheeler Chairman and CEO Jon Wheeler stated that the property was brought to their attention by a private seller.

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Categories : North Carolina News

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