Wheeler REIT acquires its operating companies
Virginia Beach-based Wheeler Real Estate Investment Trust Inc. has acquired its operating companies.
The deal involved Wheeler Interests LLC, Wheeler Real Estate LLC and WHLR Management LLC (Wheeler Management).
Wheeler Interests and Wheeler Management were wholly-owned by Jon S. Wheeler, the company’s chairman and CEO, while Wheeler Real Estate is wholly-owned by Wheeler Interests.
The company expected to pay for the operating companies through the issuance of $6.75 million in operating partnership units shares. The transition was scheduled to be completed on Oct. 24.
Concurrent with the transaction, all of the company’s assets and properties will be completely managed internally and fully-integrated. Wheeler will have development, redevelopment, acquisition, leasing and property management services all in–house and under the same umbrella.
“We have always stated our intention of becoming a self-managed REIT when the company reached the appropriate size and scale. I am proud to say we have accomplished the task.” Jon Wheeler said. “This is a significant step forward in the company’s development and one that will benefit Wheeler, as well as our shareholders, over the long-term.”