Wheeler Rolls Up in Lilburn, Grabs Twin Malls

By Balazs Szekely, Associate Editor

Virginia Beach, VA-based Wheeler Real Estate Investment Trust just announced the acquisition of two grocery-anchored shopping centers located at the intersection of Lawrenceville Highway and Beaver Ruin Rd. in Lilburn. Both Beaver Ruin Village and Beaver Ruin Village II were built in 1976. Georgia-based Arcado II, LLC sold the properties for $16.7 million combined. The price represents $153.49 per square foot and the transaction took place on June 30.

The larger one, Beaver Ruin, was renovated in 1996 and the 74,038-square-foot center underwent further improvements prior to Wheeler’s acquisition. These include repairs to the parking lot, HVAC unit replacements and new roof installations. The property is 91.5% leased, in large proportion to national and regional tenants including Chase Bank, State Farm Insurance, T-Mobile, Firehouse Subs and Sally Beauty Supplies. There are also three outparcels on the site which are currently leased by McDonald’s, Popeyes Louisiana Kitchen and Captain D’s.

The 34,925-square-foot Beaver Ruin II is located opposite from its bigger brother on the southeast quadrant of the intersection. It is wholly leased with AutoZone as the primary leaseholder and national, regional and local tenants like Metro PCS, Agavero Cantina and Fred Loya Insurance Agency occupying the remaining space.

Image Courtesy of Wheeler Real Estate Investment Trust, Inc.