Chambers Street Properties, a real estate investment trust headquartered in Princeton, announced that founder, CEO and President Jack Cuneo is retiring.
Cuneo, who has led Chambers Street since its founding in 2004, will serve until a successor is named, the REIT said in a news release last week. At that point, he will continue to provide consulting services as needed, but will also resign as a trustee of the REIT.
A search for a new CEO is underway.
“I am extremely proud of all we have accomplished in building this company into what it is today, and I am confident that Chambers Street is well positioned for continued success,” Cuneo said in a prepared statement. “Given the company’s excellent portfolio and strong financial position, this is the right time for me to hand over the reins to new leadership who will take this company to its next phase of growth and success.”
Chambers Street also announced that it has acquired a four-property industrial portfolio in northeast Pennsylvania for $105.7 million.
The properties total 1.6 million square feet and are 100 percent net leased.
“This was an excellent opportunity for Chambers Street to acquire a well-located, critical use, industrial portfolio with quality tenants at attractive pricing,” Philip L. Kianka, executive vice president and chief operating officer, said in a prepared statement. “This purchase brings our total 2014 acquisitions to over $200 million and remains consistent with our strategy of purchasing U.S. industrial assets in strong markets.”