MADISON, NJ-Prudential Real Estate Investors reports it has named Frank Garcia a managing director and portfolio manager for its core open-ended equity commingled real estate strategy.
Garcia is the fourth portfolio manager on the team. He reports to senior portfolio manager Cathy Marcus, as does managing director and portfolio manager Joanna Mulford. Garcia is based in PREI's San Francisco office along with assistant portfolio manager and VP Nicole Stagnaro. He joins in a newly created role to meet the increasingly complex management needs of the firm's US core strategy as it expands to reach clients around the world, company officials state.
“Adding someone with Frank's extensive real estate experience further strengthens our core portfolio management team,” Marcus says. “The breadth of his background will be particularly helpful as we seek opportunities to invest on behalf of a growing client base.”
Before joining PREI, Garcia was a managing director at RREEF, Deutsche Bank A.G.'s core real estate strategy, where he was a senior portfolio manager for various core and value-added funds. Earlier, he worked at Spieker Properties in Walnut Creek, CA., and CB Commercial (now CBRE).
As of March 31, PREI managed approximately $53 billion in gross real estate assets ($37.3 billion net) on behalf of more than 490 clients worldwide. PREI is the real estate investment management and advisory business of Prudential Financial Inc.
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