Local real estate company fires CEO after purchase of JANAF Shopping Yard

NORFOLK, Va. – Jon S. Wheeler is out as CEO and President of Wheeler Real Estate Investment, according to a press release from the company.

The Board of Directors voted to fire Wheeler on Tuesday. In addition, Wheeler resigned from his position on the company’s Board of Directors.

Last week, the company announced it had purchased JANAF Shopping Yard for $85 million.

“JANAF is an iconic property located nine miles from our corporate headquarters. This asset aligns perfectly with our business strategy of owning the dominant center in secondary and tertiary markets,” Wheeler said in an interview with News 3 last week.

After the purchase, an investor criticized the deal in a letter to the company. North Star Partners called the deal “poorly conceived” and said it was leading to the loss of shareholder value, an SEC filing containing the letter shows.

News 3 reached out to Wheeler Real Estate to see if this news has any impact on the JANAF deal, but hasn’t heard back.