The Butler Square shopping center in Mauldin on West Butler Road, anchored by BI-LO, has been acquired by Virginia Beach-based Wheeler Real Estate Investment Trust.
The company will purchase the property for $9.4 million, or approximately $114 per square foot, using a combination of cash and bank debt.
“Butler Square is a strong example of the assets in our property portfolio,” said Jon Wheeler, chairman and CEO of Wheeler Real Estate Investment Trust. “Butler Square is located in Greenville County, one of the fastest-growing communities in South Carolina and the North American headquarters of several major corporations. We expect the property to be immediately accretive to the company’s earnings and view this acquisition as another opportunity to demonstrate how we acquire ‘necessity-based’ retail-focused properties located in growing secondary and tertiary markets.”
The 82,400-square-foot center was built in 1987 and renovated in 2011. It is currently 100 percent leased. BI-LO, Dollar Tree, Cato Fashions and Sally Beauty Supply are among the current tenants.
