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Two Top Stonehaven Executives Leave Firm

ST. PAUL - Change in strategy from REIT to Internet

By Jim McCartney | Updated on August 21, 2000

Stonehaven’s push into the Internet applications forthe commercial real estate industry has prompted twoof its top officers to leave the company and could putthe status of the REIT in question. Soon after the St. Paul-based real estate and technology company put most of its real estate up forsale, Arnold Leas left his post as chairman and BobRice, president, resigned as well. As of June 30,Stonehaven had six properties encompassing 326,000 sf.

“They indicated that given they are exiting the realestate management business, so the managementstructure became redundant,” says Dennis Nielson, asecurities analyst with R.J. Steichen & Co. inMinneapolis. “The company was going to offer all their real estateof sale, and they would prefer to sell it in one bigchunk.”

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