Retail Properties of America, Inc. (RPAI) announced a strategic realignment of its operating platform designed to reflect the company's portfolio transformation progress.
As part of this realignment, the Company announced that Timothy Steffan, former senior vice president, asset management and commercial leasing for Macerich's eastern region, has joined RPAI as divisional president – eastern region. Mr. Steffan will be a member of the senior leadership team reporting directly to Shane Garrison, executive vice president, chief operating officer and chief investment officer. Mr. Steffan will be responsible for executing the strategic plan for the Company's eastern region portfolio, which includes the oversight of asset management, leasing, property management and re-development. Prior to joining RPAI, Mr. Steffan spent over 20 years with Urban Retail Properties and Macerich, where he was responsible for commercial leasing ventures and development within the eastern region of the U.S. Mr. Steffan resides in Washington, D.C. and will oversee the opening of RPAI's new regional office there in 2015. The company also announced that Gerry Wright, RPAI's senior vice president, director of asset management, has been promoted to divisional president – western region and will be Mr. Steffan's counterpart for the western region of RPAI's portfolio. Mr. Wright joined the Company in 2009 and was responsible for the strategic direction, value enhancement and financial performance of assets throughout the Company's portfolio. He has over 25 years of experience in the real estate industry and held the following positions prior to joining RPAI: vice president – senior asset manager at BPG, vice president – asset manager at ING Realty Partners, vice president – regional asset manager at Citigroup and portfolio manager at JMB Realty Advisors.