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New Plan Excel Realty Trust Restructures to Focus on Shopping Centers

NEW YORK CITY-The REIT is moving to sell its non-core retail assets, commercial properties and garden apartment communities so it can concentrate on neighborhood and community shopping centers.

By John Howe | Updated on January 10, 2001

NEW YORK CITY-As part of it effort to refocus on its retail operations, New Plan Excel Realty Trust has made several management changes. Michael Carroll has been promoted from vice president–leasing to vice president–asset management, which will give him responsibility for redevelopment, expansion, and re-tenanting of the REIT’s shopping centers. Over the next three years, the firm plans to spend $60 million on redevelopment projects.

In addition, Dean Bernstein, the former senior vice president–finance, has been named senior vice president–acquisitions/dispositions. In his new post he will dispose of the company’s non-core retail assets, commercial properties and garden apartment communities. Also, Dan Dornfeld, the new vice president–lease administration, will oversee the creation of a lease administration department that will streamline the operations of the current lease administration, accounts receivable and collection departments. Steven Splain is the newly appointed director–accounting and tax, and Stacy Lipschitz is now serving as vice president–corporate communications.

James DeCicco, executive vice president–asset management, and Thomas Farrell, senior vice president–acquisitions, have left the firm.

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