Prashad
In a move that it says will continue to drive its national expansion, Denholtz Properties announced the hiring of Michael Prashad as general counsel May 3.
Prashad will oversee all legal matters for the Red Bank-based commercial real estate investment and development company as a member of the Denholtz executive team. Those responsibilities includes advising on issues of corporate governance, securities, joint ventures and real estate transactions.
He comes to the role from Monmouth Real Estate Investment Corp., which was acquired in February by Industrial Logistics Properties Trust of Massachusetts in an all-cash transaction valued at $4 billion.
During his tenure on the executive team at that company – Prashad served as general counsel for two years leading up to the sale, and prior to that was house counsel and secretary – Denholtz said the publicly traded equity REIT’s real estate asset portfolio value grew from approximately $900 million to $4 billion, with its gross leasable area growing from approximately 13 million square feet to 26 million square feet.
“It was clear from my first meeting with the Denholtz Properties team that their entrepreneurial spirit and laser-focused vision, combined with decades of experience and execution, have strongly positioned the business for continued growth in the years to come,” Prashad said in a statement. “I look forward to working closely with the executive team to further streamline operations and help drive the company’s impressive growth trajectory.”
His appointment follows Denholtz’s addition of a chief investment office and chief financial officer, both announced at the end of March.
“Our highly experienced executive team continues to be at the heart of our ability to quickly identify and execute upon real estate investment opportunities,” Denholtz President Stephen Cassidy said. “We are confident that Michael’s strategic counsel and demonstrated success will further bolster our ability to capitalize on strategic real estate investments and drive results on behalf of our investors.”
Editor’s note: This story was updated at 9:28 a.m. EST on May 5, 2022, to update the sale information for Monmouth Real Estate Investment Corp. and Michael Prashad’s roles at that company.
