Now, Denholtz has hired former Hovnanian Enterprises exec John J. Schimpf to manage the new holdings and anything else the company may acquire in the near future. Specifically, he will oversee leasing and property management of the properties, which are located in the Midwest and Southeast.

"He's an accomplished professional," according to managing director/CEO Steven J. Denholtz. "His experience in managing a national operation will be invaluable as we integrate the Banyan portfolio and other possible acquisitions into our existing operations."

Schimpf has been an independent real estate consultant for the past few years. He spent 16 years with homebuilder Hovnanian Enterprises, where as executive vice president and a member of the board of directors he is credited for being instrumental in taking the company public. Before Hovnanian, Schimpf had stints with Marsh & McLennan and Chase Manhattan Bank.