Former Grubb CEO Arnitz Joins American Realty Capital
American Realty Capital continues to incorporate the magic produced by top executives at the former Grubb & Ellis Capital Corp. into its broker dealer subsidiary, Realty Capital Securities, with the hiring of Richard Arnitz. The former CEO of Grubb & Ellis Capital and Grubb & Ellis Securities and a visible player in the financial services business for nearly a quarter-century, Arnitz is now RCA’s executive director.
“Rich is a great industry leader,” Nicholas Schorsch, chairman and CEO of ARC, told Commercial Property Executive. “He was president of Cole Capital Markets, he worked at AIG in their distribution business and he worked at Grubb & Ellis as the CEO of its distribution business, so he understands distribution in a very unique way.”
In his new role, Arnitz is tasked with managing the strategic sales initiatives for RCA-sponsored offerings American Realty Capital Healthcare Trust and American Realty Capital Retail Centers of America. He brings to the table a history that blends both the healthcare and retail sectors of commercial real estate. “He has great experience in the healthcare space,” Schorsch said. “Between our company and Grubb & Ellis Corp., his former company that is now closed, we raised almost all the capital in the healthcare non-traded REIT space. Combining those teams brings that intellectual capital together in our organization, and it just makes our company better. ”
Ditto for the retail sector. At Cole Capital, Arnitz was heavily involved in distributing Cole Credit Property Trust, Cole Capital’s ‘s non-traded REIT focused on high-quality retail properties net leased to creditworthy tenants across the U.S.
But it’s not just Arnitz’s experience in healthcare and retail that registered high on ARC’s radar, it’s his mindset. “Richard has a keen interest in the shareholder,” Schorsch explains. “He focuses on how a product works for the shareholder and that is our fundamental mantra for our business, the shareholder-first philosophy. Rich shares that and that is a key, core cultural fit for him and our organization. With a high-level hire like Rich, it makes a lot of difference that we share the culture.”
For Arnitz, it will be like old home week at ARC, but for the long term. He is now colleagues once again with a hoard of former senior Grubb & Ellis Capital players, including Lavea Thomas and Diana Keary, who have taken on the respective positions of director of national accounts and chief marketing officer for RCS. And the list goes on and on. “Basically, now all the senior people are with us.”