VIRGINIA BEACH, VA–Days after Wheeler REIT's Board of Directors fired its former CEO Jon Wheeler and replaced him with David Kelly, the grocery-anchored real estate company gave shareholders an idea of what was happening behind the scenes.

Already, according to a statement by Kelly, the Board of Directors has begun the process of selecting an independent third-party advisor to assist in identifying options to maximize shareholder value. Meanwhile, “we have found through a comprehensive review that the company's existing portfolio and organizational structure confirms our pre-existing belief that our real estate portfolio is solid and performing well,” he said.

Among its immediate steps, Wheeler REIT has decided to close its Charleston, SC office and put on the market seven parcels of non-income producing land in Virginia and North Carolina. The REIT will continue to service the South Carolina market by shifting its associates to Virginia Beach or by allowing them to work remotely, he said. Other assets may be placed for sale as the team is currently working to identify stabilized real estate assets for disposition. It is also working to shore up its balance sheet, Kelly said.