NEW YORK CITY—Square Mile Capital Management's co-founder. Craig Solomon, will become the investment management firm's CEO effective July 1. Solomon's new role is part of a series of leadership and organizational that will also see co-founder Jeff Citrin becoming senior advisor and non-executive vice chairman. Citrin and Solomon have served as managing principals since founding the New York City-based firm in 2006.

Len O'Donnell, CEO of USAA Real Estate Co., will become non-executive board chairman. O'Donnell has served on Square Mile's board since 2012, when USAA Realco acquired a minority interest in the firm. Along with board responsibilities, Citrin will continue to serve on the investment committees of the firm's investment vehicles and is expected to continue to help source and shape investment opportunities.

In a release, Square Mile says the organizational changes mark “the next phase” of its growth. Founded as a single-strategy opportunity fund sponsor, it now pursues a multi-pronged strategy, investing in the debt and equity of stabilized, value add and development real estate opportunities in select markets.