Wheeler Real Estate Investment Trust board names economic development official to its board
Virginia Beach’s economic development director has agreed to serve on the Board of Directors of Wheeler Real Estate Investment Trust Inc., a REIT that trades publicly on the NASDAQ exchange.
Wheeler, which has its headquarters in Virginia Beach, announced Warren D. Harris’ appointment on Monday. Harris also will serve on the board’s audit committee. He will replace Sanjay “Jay” Madhu, who resigned from the board because of time restrictions related to his work with two other public companies.
Harris said the appointment was cleared by Virginia Beach’s Office of the City Attorney. If a conflict of interest were to arise, Harris said he would refrain from voting.
“We are completely able to serve on a public board,” and made the proper provisions to not fall within any conflicts, he says.
Wheeler Investment Trust said in a press release that its board will continue to have eight members, five who will be independent.
Harris has been Virginia Beach’s economic development director since 2007. Prior to that, he served as Chesapeake’s economic development director.
Wheeler specializes in owning, acquiring, financing, developing, renovating, leasing and managing real estate assets, such as community centers, strip centers and free-standing retail properties. The company went public in November of 2012.
The REIT's portfolio includes properties in the Northeast, mid-Atlantic, Southeast and Southwest regions. Its acquisitions typically focus on properties ranging in size from 2,500 to 300,000 square feet that have regional and national tenant anchors such as Food Lion, Farm Fresh and Stein Mart.