OAK BROOK, IL—One of the most important subsidiaries of the Oak Brook-based Inland Real Estate Group of Companies, Inc. has just picked a new chief executive officer. The Inland Real Estate Investment Corporation, which sponsors a set of real estate investment trusts, says that Mitchell A. Sabshon will take over as CEO in mid-August, just after he moves to Chicago from the Phoenix area, where most recently he was chief operating officer of Cole Real Estate Investments. Sabshon will succeed Robert Parks, the company chairman who was serving as interim CEO after Brian Conlon retired from the position in January.
IREIC has sponsored REITs such as the Inland Real Estate Income Trust Inc., the Inland American Real Estate Trust, Inc., which has around $11 billion in assets, and the Inland Real Estate Corp., which concentrates on retail properties in the Midwest. Company officials say Sabshon will help Inland continue long-term strategies to develop new investment products, expand into new markets and broaden their brand and market share.
“Mitchell's real estate investment and finance acumen and leadership experience, as well as his operational and product knowledge, will benefit our clients and investors as we continue expanding our product offerings and capabilities,” says Parks.
Mark Zalatoris, the president and CEO of Inland Real Estate Corp., now an independent and publicly-traded company, told participants at REITWeek 2013: NAREIT's Investor Forum, held this June in Chicago, that he expects to expand their retail holdings into new markets in states like Wisconsin and Ohio. “There's a risk to being too concentrated in any one market.” And IRC does not plan to rely on acquisitions alone. “The grocery space is far more competitive today,” said Scott Carr, the REIT's chief investment officer, and they plan to continue their long-term strategy of upgrading the stores which occupy their current space. “We want the best-in-class retailers.”
Prior to joining Cole, Sabshon spent almost 10 years at Goldman, Sachs & Co., eventually becoming the president and CEO of Goldman Sachs Commercial Mortgage Capital. He was also a senior vice president at Lehman Brothers and an attorney at Skadden, Arps, Slate, Meagher & Flom in New York.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
