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Pure Industrial CEO moves to Granite REIT; Innovative Properties CEO resigns

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Pure Industrial CEO moves to Granite REIT; Innovative Properties CEO resigns

This feature presents a weekly rundown of recent significant management and board changes and personnel moves in the North American real estate industry, including U.S. real estate investment trusts and homebuilders.

C-suite changes

* Former president and CEO of Pure Industrial Real Estate Trust Kevan Gorrie will replace Michael Forsayeth as CEO of industrial real estate investment trust Granite REIT, effective Aug. 1. Forsayeth will retire in September. The move comes after Blackstone Property Partners and Ivanhoe Cambridge Inc. purchased Pure Industrial.

* Sonny Janda resigned as CEO and a board member of Innovative Properties Inc. Parm Johal also resigned from the board of the real estate company, while Ken Cotiamco was appointed to the board. Kevin Ma replaced Janda as CEO and Emmery Wang was named its CFO and a director.

* Hotel company Red Lion Hotels Corp. named Gary Sims its executive vice president and COO, effective June 25, replacing Bernard Moyle. Sims was most recently managing director of Omni La Costa Resort & Spa in Southern California, leading all operations and strategy for the resort.

* Parking REIT Inc. approved the nonrenewal of CFO Edwin Bentzen IV and named Brandon Welch its interim CFO, effective June 1. The company also added Bill Wells to its board to fill a vacancy.

Board shuffle

* Valerie Richardson, vice president of real estate for The Container Store Inc. and chairman of the International Council of Shopping Centers, joined the board of shopping center REIT Kimco Realty Corp., increasing the board size to 10 members.

* Temperature-controlled warehouse owner and operator Americold Realty Trust added Ronald Burkle to its board of trustees to replace Joel Holsinger, who resigned effective May 30. Burkle is an indirect controller of YF ART Holdings GP LLC, the general partner of YF ART Holdings, and a significant shareholder of Americold Realty.

* Retail REIT Taubman Centers Inc. elected activist shareholder Land & Buildings Investment Management LLC's Founder and Chief Investment Officer Jonathan Litt, along with the REIT's director nominees Mayree Clark and Michael Embler, to its board. Taubman COO William Taubman was not nominated to the board.

* Scott Roulston and Barry Sholem will step down from the board of shopping center REIT DDR Corp. to join the board of its spinoff Retail Value Inc. The directors intend to remain on DDR's board until the 2019 annual shareholder meeting if the spinoff does not go through.

* Canadian real estate company TitanStar Properties Inc.'s board member Greg Yue resigned due to personal reasons, effective June 4.

Other news

SNL Image

Keith Hurand, Century Communities Inc.
Source: Century Communities Inc.

* Brian Montgomery, board member of Radian Group Inc., was confirmed as the commissioner of the Federal Housing Administration, after being nominated by U.S. President Donald Trump in September 2017.

* Former senior managing director at Oxford Properties Group Andrew Trickett joined principal investment firm Safanad Inc. to head its real estate business.

* Homebuilder Century Communities Inc. appointed Keith Hurand as president of its Atlanta division. Hurand most recently worked as president and COO of Newland Real Estate Group's U.S. East Coast operation.

* CBRE Group Inc. appointed Paul Van Devender as managing director for its Detroit office. Devender most recently worked as COO of CBRE Martin. The real estate services company also hired Rick Varnell, a technology and telecommunications veteran, to lead a consulting practice focused on technology-enabled buildings.