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Wheeler Real Estate Investment Trust, Inc., a fully-integrated, self-managed commercial real estate investment company with a focus on grocery-anchored centers, announced that WHLR-JANAF, LLC, a wholly-owned subsidiary, has purchased JANAF Shopping Yard in Norfolk for $85.65 million.
The 887,917 square-foot shopping destination is the largest open-air shopping center in the region, and the transaction is the largest non-mall retail sale in the last five years. JANAF Shopping Yard was one of the first large suburban shopping centers in the United States when it opened in 1959, with an original investment group composed of retired and active-duty military personnel who named the center JANAF as an acronym for Joint Army Navy Air Force.
