POLLACK SHORES APPOINTS NEW CEO
By Jennifer LeClaire, GlobeSt.com
Pollack Shores Real Estate Group has appointed Steven Shores as CEO. Marc Pollack will remain chairman, with a continued focus on strategic initiatives and deal generation in concert with Shores.
“This is a long-planned transition for our company,” says Pollack, who co-founded the company with Shores in 2006. “Positioning Steven at the helm as CEO, with his focused approach and steadfast leadership, will ensure continued success for our firm.”
Pollack Shores began the formal transition process last year with the promotion of Michael Blair to COO. Blair joined the firm in 2006 and led development efforts for the company. Pollack Shores also promoted Brian Metzler to Blair’s former position of managing director of development. Metzler will lead all development efforts for the company. Director of development Brian Oates, who will focus on the construction of projects, will assist him.
The announcement comes on the heels of a successful 2017, with approximately $1 billion in transactions. Over the last year, Pollack Shores sold $328 million in assets and invested $550 million in acquisitions of existing properties and new, ground-up developments.
“We see growing demand from renters and investors in strong suburban submarkets,” Shores tells GlobeSt.com. “We will develop new communities and renovate existing ones in these locations this year and next. Our focus remains on primary markets of Sunbelt cities where we see continued job growth and population expansion.”
The company also began its expansion into the Southwestern U.S. with acquisitions in Austin and Dallas. Just last month, Pollack Shores acquired Menlo Creek, a class A apartment community in Duluth, GA; sold Havana Square, an apartment community developed by Pollack Shores in Tampa, FL; and began development of a 252-unit luxury apartment community in suburban Tampa.
“I’m excited to take on the CEO role at this time,” Shores says. “We achieved our initial goals and have now set new ones. Building off our successful track record, we plan to expand into new markets in the Southwestern U.S.—a process that began last year. Further, we are building strategies and teams around several new product line ventures within multifamily housing. We see significant opportunities in the multifamily industry to enhance and expand our company’s reach.”
The remainder of Pollack Shores’ executive team includes CFO Bruce Sanders, managing director of asset management Andrew Wittgen, Southwest managing director Alex Seals, Matrix Residential managing director Tracy Bowers, and director of Human Resources Krista Messic.
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