Shea Properties Names New CEO

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ALISO VIEJO, CA-Colm Macken will join Shea Properties as its new president and CEO as W. William Gaboury retires after more than 21 years at the helm of the West Coast Real Estate Firm. Macken, most recently the president and COO of Forest City Enterprises’ West Coast Commercial Group, will take over at Shea in January.

Shea Properties is the commercial development and investment arm of the J.F. Shea companies. Macken, whose career includes more than 20 years of senior leadership positions, spent more than 11 years with Forest City and directed the development of projects costing in excess of $1 billion. He was promoted to his president title with the company in October.

Major Southern California development in which Macken was involved include the 1.5-million-sf Victoria Gardens open-air lifestyle center located in Rancho Cucamonga, the 700,000-sf Simi Valley Town Center and the 1.2-million-sf Promenade regional center in Temecula. Other projects included the one-million-sf 835 Market Street/Westfield San Francisco Centre, the one-million-sf Orchard Town Center near Denver and the 1.2-million-sf Northfield at Stapleton regional center in Denver.

Before joining Forest City, Macken worked at Torrance-based Transpacific Development Co. He began his career as an engineer with a Los Angeles based consulting engineering firm, where he developed an interest in real estate that led to his joining Transpacific.

Gaboury presided over a period of growth in which Shea Properties built its portfolio of office, multifamily, industrial and retail properties from $150 million in 1984 to nearly $2 billion today, notes Peter Shea Jr. During that same time, Shea Properties’ operating revenues grew from less than $17 million in 1984 to more than $174 million for 2005.

Shea Properties owns and operates more than 7,000 apartments units and 4.4 million sf of commercial real estate in California and Colorado. It has an additional 10 million sf of office, industrial and retail space and 1,200 apartment units in the development pipeline in California, Colorado and Arizona.