VIRGINIA BEACH, VA–Wheeler REIT's Board of Directors has announced that they have terminated Jon Wheeler as the company's chairman, CEO and president. Wheeler, who helmed the company as it went public in 2012, has also resigned from his position from the Board of Directors.
Effective immediately, David Kelly will be assuming the mantle of CEO and president. Kelly is a 28-year industry veteran. He joined the REIT in 2013 as SVP, Director of Acquisitions for the company, and most recently as the chief investment officer. Prior to that, Kelly was a principal with Kelly Development, LLC, a real estate development firm he founded in March 2011. From 1998 to 2011, Kelly was the director of Real Estate for Supervalu.
Wheeler's departure follows one of the REIT's biggest acquisitions earlier this year: the purchase of JANAF Shopping Yard, a Norkfolk, Va.-based 887,917-square foot shopping center for $85.65 million, or $96 per leasable square foot.
Last year Wheeler REIT unsuccessfully attempted to merge with Cedar Realty Trust. The Port Washington, NY-based shopping center REIT characterized the offer from its smaller competitor as “unrealistic.”
Another setback for the REIT occurred this year when its CFO Wilkes Graham left the company. The more overarching problem for Wheeler REIT, though, has been its dwindling share price of the last several months.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
