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MINNEAPOLIS-Madison Marquette, an owner and operator of lifestyle shopping centers, says co-founder John Boorn is stepping down as chief executive offer to become chairman of the board and member of its investment committee. Greg Karlen, president of the company’s management services division, will take on expanded responsibilities as president of Madison Marquette, representing the consolidation of development, management and leasing activities.

Fellow founder of Madison Marquette, Amer Hammour, will assume the title of chief executive officer.

Karlen says the change will “create important efficiencies” as well as allow the company to expand its “service lines and geographic reach.” A 30-year industry veteran, Karlen was a partner and president of The Center Companies of Minneapolis, a major real estate management company in the 1980s before joining Madison Marquette.

Hammour said he would focus on building Madison Marquette’s investment and finance capabilities in the areas of acquisitions, debt placement, equity sourcing and the asset management. Hammour will continue his duties as president of Capital Guidance, an international investment firm that joined with Boorn, Jim Bennett and Karlen to found Madison Marquette nearly 10 years ago.

Bennett will continue his role as a principal director of Madison Marquette and he will focus on business development, including new service lines in retail brokerage, tenant representation and consulting.

Madison Marquette, which bases its property management headquarters in Minneapolis, oversees more than 23 million sf of regional malls, specialty centers, community centers, urban villages and other mixed-use properties across the US.

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