WHEELER REIT BUYS THREE MID-ATLANTIC DEVELOPMENT SITES FOR $4.2M

VIRGINIA BEACH, VA. — Virginia Beach-based Wheeler Real Estate Investment Trust Inc. has purchased three development sites in Virginia and North Carolina for $4.2 million. Wheeler REIT purchased the sites from Development Fund I LLC, an affiliate of Wheeler REIT, and plans to develop the sites into future retail assets. The sites include a 52.9-acre tract in Edenton, N.C., suitable for a 300,000-square-foot development; a 1.3-acre tract in Moyock, N.C., suitable for a 9,000-square-foot property; and a 1-acre parcel in Courtland, Va., suitable for a 8,400-square-foot property.