Wheeler Real Estate Investment Trust enters into joint-venture agreement with child-care franchisor
Wheeler Real Estate Investment Trust Inc. said Monday that it has entered into a non-binding joint venture agreement with Lightbridge Properties LLC and Lightbridge Franchise Co., an early-education and child-care franchisor located throughout New Jersey. The company also has locations under development in Virginia and other states.
Under the terms of the agreement, Lightbridge Properties will provide Wheeler with the option to participate in the acquisition and development of any potential properties that Lightbridge Franchise has identified as future sites for its centers located in New Jersey, Pennsylvania or Virginia.
“We believe this innovative joint-venture partnership between Lightbridge Franchise, Lightbridge Properties and Wheeler will accelerate the site selection and development process for our existing and future Lightbridge Academy franchisees,” Guy Falzarano, Lightbridge Franchise's president and CEO, said in a statement.
Jon S. Wheeler, chairman and CEO for Wheeler Real Estate said the joint venture is “another opportunity for the company to create value that will complement our existing property portfolio. Lightbridge Academy centers are typically located within ‘necessity-based’ retail centers in secondary and tertiary markets and with Lightbridge Franchise Company’s focus on new sites in the Northeast, Wheeler will be able to strengthen its presence in areas where it is already established.”
Headquartered in Virginia Beach, Wheeler Real Estate Investment Trust specializes in acquiring, developing, leasing and managing income producing assets, such as community centers, neighborhood centers, strip centers and freestanding retail properties, primarily in secondary and tertiary markets. During the third quarter it completed the acquisition of nine properties and opened a new regional office in Charleston, S.C.