NEW YORK CITY-Richard Arnitz, the former president & CEO of Grubb & Ellis Capital Corp., has joined American Realty Capital as executive director of its broker-dealer subsidiary, Realty Capital Securities, the company unveiled Monday. In his new role, Arnitz will direct the company’s strategic sales initiatives, which intend to raise $3 billion of equity capital for two of its sponsored offerings, American Realty Capital Healthcare Trust and American Realty Capital Retail Centers of America.
“My considerable experience in the non-traded channel gives me a unique perspective,” he says, in a statement. “I know the strength of these two investment teams and their track records and understand the resonance of the investment strategies. At the same time, RCS has built the most respected distribution platform in the industry. It is my intention to ensure the continued dominance of American Realty Capital in the direct investment channel. I am extremely motivated to join a company that shares my commitment to putting the needs of shareholders first.”
A 24-year veteran of the financial services industry, Arnitz has served in several senior management positions throughout his career. As president and CEO of Grubb & Ellis Capital Corp. and Grubb & Ellis Securities for the last four years, Arnitz was also employed as president of Cole Capital Markets. Over a 15-year period beginning in 1988, he held several positions on both the broker dealer and product manufacturing sides of American International Group.
The appointment comes on the heels of a sponsorship change for the former Grubb & Ellis Healthcare REIT, which is now known as Griffin-American Healthcare REIT II. Now with the addition of Arnitz, Michael Weil, CEO of Realty Capital Securities, says the company has brought the leadership of Grubb & Ellis Capital Corp. and Realty Capital Securities together under one roof. Combined, he says these two organizations have raised over $2.2 billion for public non-traded healthcare offerings over the last decade including Healthcare Trust of America, the former Grubb & Ellis REIT; Grubb & Ellis Healthcare REIT II; and American Realty Capital Healthcare Trust.
Overall, Realty Capital Securities expanded its employee base to 110 registered individuals, who have raised over $3.4 billion since March 2008. “Here again, is another concrete example of our ability to augment the intellectual capital of our organization by adding Rich’s acumen and experience to the mix,” he says, in a statement.
Upon joining ARC, Arnitz will reunite with several former Grubb colleagues, such as Lavea Thomas and Diana Keary, who became director of national accounts and chief marketing officer, respectively, for Realty Capital Securities. Also previously employed by Grubb & Ellis, John Wilkins and Heather Gentry, are product managers for American Realty Capital Healthcare Trust and American Realty Capital Retail Centers of America, respectively. Steve Leathers, vice president of acquisitions for American Realty Capital Healthcare Trust, also worked for Grubb.
A Grubb spokeswoman confirmed Arnitz’s name and title, but did not comment for this story.
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