Wheeler Real Estate Investment Trust, Inc. Signs Non-Binding Joint Venture Agreement with Lightbridge
November 17 2014 - 8:30AM
Business Wire
Company to Potentially Participate in the
Acquisition and Development of Child Care Centers in the
Northeast
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR)
(“Wheeler” or the “Company”) announced today that the Company has
entered into a non-binding joint venture agreement with Lightbridge
Properties, LLC (“Lightbridge Properties”) and Lightbridge
Franchise Company, LLC (“Lightbridge Franchise”), an early
education and child care franchisor located throughout New Jersey,
with locations currently under development in New Jersey, New York,
Pennsylvania and Virginia.
Under the terms of the agreement, Lightbridge Properties will
provide the Company 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.
Jon S. Wheeler, Chairman and Chief Executive Officer, commented,
“We are extremely pleased to be entering into this agreement with
Lightbridge Properties and Lightbridge Franchise and view this as
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. We believe this agreement will streamline
efficiencies between the three companies and is a perfect example
of services that Wheeler can provide for other multi-locational
tenants with a programmatic development pipeline. We are excited to
work with Lightbridge on the identified potential future sites and
will continue to explore other joint venture opportunities that
will increase value for the Company over the long term.”
Guy Falzarano, Lightbridge Franchise's President and Chief
Executive Officer, stated, "Our company has been highly successful
selling child care franchises. 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.”
For additional information regarding Lightbridge Properties and
Lightbridge Franchise, please contact Brenda Febbo, VP of Sales
& Marketing at (732) 980-1900, ext. 7 or by email at
bfebbo@lightbridgeacademy.com
About Wheeler Real Estate Investment
Trust Inc.
Headquartered in Virginia Beach, VA, Wheeler Real Estate
Investment Trust, Inc. specializes in owning, acquiring, financing,
developing, renovating, leasing and managing income producing
assets, such as community centers, neighborhood centers, strip
centers and free-standing retail properties. Wheeler’s portfolio
contains strategically selected properties, primarily leased by
nationally and regionally recognized retailers of consumer goods
and located in the Northeast, Mid-Atlantic, Southeast and Southwest
regions of the United States.
Additional information about Wheeler Real Estate Investment
Trust, Inc. can be found at the Company’s corporate website:
www.whlr.us.
Forward-looking
Statement
Wheeler Real Estate Investment Trust, Inc. (the "Company")
considers portions of the information in this press release
relating to its business operations to be forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934,
both as amended. Although the Company believes that the
expectations reflected in such forward-looking statements are based
upon reasonable assumptions, it can give no assurance that its
expectations will be achieved. For this purpose, any statements
contained herein that are not historical facts may be deemed to be
forward-looking statements. Specifically, the Company's statements
regarding:
- the possibility of entering into a
joint venture relationship;
- the Company’s ability to explore other
joint venture options;
- the agreement potentially streamling
efficiencies;
- the creation of value resulting from a
joint venture agreement with an outside entity; and
- the acceleration of the site selection
and development process of potential acquisitions or development
properties.
Such statements are subject to certain risks and uncertainties.
The Company’s forward-looking statements also contain assumptions
that, if they never materialize or prove correct, could cause
results to differ materially from those expressed or implied by
such forward-looking statements. These forward-looking statements
are not historical facts but are the intent, belief or current
expectations of management based on its knowledge and understanding
of the business and industry. As a result, investors are cautioned
not to rely on these forward-looking statements. For additional
factors that could cause the operations of the Company to differ
materially from those indicated in the forward-looking statements,
please refer to the Company's filings with the U.S. Securities and
Exchange Commission which are available for review at www.sec.gov.
The Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that
arise after the date hereof.
Wheeler Real Estate Investment Trust
Inc.Robin Hanisch, 757-627-9088Corporate
Secretaryrobin@whlr.usorLaura Nguyen, 757-627-9088Director of
Marketinglnguyen@whlr.usorINVESTOR RELATIONS:The Equity Group Inc.Terry Downs,
212-836-9615Associatetdowns@equityny.comorAdam Prior,
212-836-9606Senior Vice-Presidentaprior@equityny.com
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