COSTA MESA, CA—Cornerstone Realty Group has appointed John Itzel as president. Itzel will focus on acquiring value-added real estate opportunities as well as acquiring and restructuring tenancy-in-common investments.
With more than 35 years of experience in finance, development and brokerage, Itzel has been a licensed California real estate broker since 1978 and has successfully completed numerous commercial and residential transactions both as a developer and as a broker. Before joining CRG, Itzel served as board of directors for American Spectrum Realty Inc., partner at Hyatt Development and SVP of the major loan division with American Savings, among other positions.
Itzel’s emphasis has been on multifamily and industrial properties. A senior executive in both the banking and savings-and-loan industries, he has been directly involved in the origination and closing of more than $5 billion of commercial real estate transactions in traditional debt and mezzanine finance.
“I’m very pleased to be part of the team here at CRG,” says Itzel. “The current market conditions provide an incredible amount of opportunities for investors. Now, more than ever, is the time to acquire under-valued, underperforming properties and breathe new life into them. Enabling these properties to realize their fullest potential will allow us to capitalize on this amazing time in the market.”
According to Rourke Oakland, CEO of CRG, “The entire team here at CRG is absolutely thrilled with the addition of Mr. Itzel as president. John brings with him a solid understanding of the real estate industry on many important levels. His value as a leader is tantamount to the short- and long-term success of CRG.”
GlobeSt.com recently reported on another executive move within Costa Mesa. Scott Morehouse has joined Sheppard, Mullin, Richter & Hampton LLP as a partner in the firm’s real estate, land use and environmental practice group, based in the firm’s Orange County office here. Morehouse joins from Greenberg Traurig. He counsels real estate funds, REITs, pension funds, banks and other institutional clients in transactions involving the financing, acquisition, disposition, development, construction, and leasing of real property throughout the US.