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All State Properties gets new CEO; First REIT of New Jersey CEO to resign


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All State Properties gets new CEO; First REIT of New Jersey CEO to resign

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 real estate operating companies, homebuilders and gaming operators.

C-suite changes

* All State Properties Holdings named Maurice Parham as its new CEO and a board member, effective Dec. 8. Parham will replace Joseph Passalaqua, who is resigning. Passalaqua will also resign as company secretary.

* Robert Hekemian Sr. of First REIT of New Jersey will resign as chairman, CEO and trustee of the company in April 2018 upon the conclusion of the company's annual shareholder meeting. Robert Hekemian Jr. will succeed the CEO, who will continue to serve the trust as a consultant, while Ronald Artinian will serve as board chairman.

* Pennsylvania Real Estate Investment Trust's Bruce Goldman will step down as the company's executive vice president, general counsel and secretary Jan. 9, 2018.

Board shuffle

* Alexander & Baldwin Inc. chose former CFO of The Resort Group Kenneth Kan to serve as corporate finance director.

* Howard Hughes Corp. appointed former president and COO of Rent the Runway, Beth Kaplan, to its board of directors.

* Thomas Sittema, chairman of CNL Healthcare Properties Inc. and CNL Healthcare Properties II Inc., will resign from the boards of both companies Dec. 31, and also as CEO of the respective advisers of the companies, CNL Healthcare Corp. and CHP II Advisors LLC. Sittema will be replaced by James Seneff as board chairman at CNL Healthcare Properties Inc. and by Stephen Mauldin as board chairman at CNL Healthcare Properties II Inc.

* D. Dixon Boardman resigned from the board of Farmland Partners Inc., following which the board intends to retain the number of directors at six.

* CoreCivic Inc. tapped Harley Lappin to serve on its board upon his retirement as executive vice president and chief corrections officer of the company on Jan. 1, 2018.

Other news

* Mizuho Americas LLC appointed Keith Wargo managing director and co-head of banking coverage. Wargo will oversee the company's coverage of the consumer, healthcare, real estate and financial sectors.