IRVINE, CA—GlobeSt.com has learned exclusively that ValueRock Realty Partners has added three executives to its investment and development team. Dennis Vaccaro joins as SVP, investments; Patrick Cox, managing director and chief development officer; and Chad Owens, VP of finance operations.
Vaccaro will lead the development of investment strategy and acquisitions and dispositions for the investment division of the firm. Formerly with Faris Lee Investments, he brings more than 20 years of hands-on experience in retail and mixed-use commercial property investment and has completed in excess of $3 billon in transactions over the span of his career. Regarding the move, Richard Chichester, president and CEO of Faris Lee, tells GlobeSt.com, “As a 20-plus year real estate investment veteran and one of the original partners of Faris Lee Investments, it is with mixed emotions that we say goodbye to Dennis. However, we are excited for him and offer our sincere congratulations to him on this new chapter in his life. He is an exceptional real estate professional and we are looking forward to working closely with him to help him achieve ValueRock’s investment objectives.”
According to Vaccaro, “I am excited about the opportunity to join ValueRock and its senior leadership. The firm is composed of a strong bench of highly experienced real estate professionals with a uniquely significant focus on its culture and values. I look forward to bringing my experience to the team and helping ValueRock continue to grow.”
Vaccaro tells GlobeSt.com, “I will be leading ValueRock’s growth strategy to expand the size of our portfolio significantly over the next two to three years. The process is already underway, since we have significant assets currently in escrow as well as others for which we are negotiating purchase agreements. I am very much looking forward to being a part of this very nimble, sophisticated and dynamic team.”
Cox will be responsible for value-add strategy, leasing and construction of development and redevelopment opportunities as well as redevelopment of existing shopping-center properties within the firm’s extensive portfolio. Before joining ValueRock, Cox served as SVP and partner of commercial development for a division of Steadfast Cos., where he managed all facets of the firm’s commercial real estate portfolio.
Owens will lead the firm’s due-diligence process on all transactions as well as financing activities for both property acquisitions and refinances. He will also play a key role in the development of investment strategies and oversee all property-underwriting responsibilities. He previously served as VP of operations with a retail advisory and brokerage-services firm and as a finance manager for a privately held multifamily investment and management company.
David Lee, chairman and CEO of ValueRock, says, “We are building key areas of our firm, especially our investment division. Dennis, Patrick and Chad will be important drivers in building our portfolio and ensuring that our value-add and core focus is enhanced. These individuals all exemplify the foundation of ValueRock, which is built on strength of integrity and expertise.”