Inland Names Rival Exec Sabshon as New CEO
- Aug 06, 2013
After a lengthy search, Inland Real Estate Investment Corp. has tapped Mitchell Sabshon as its new CEO, taking over for Robert Parks, who will remain as the company’s chairman.
“It is an honor to join Inland at this exciting time in the company’s history and in the real estate industry generally,” Sabshon said in a company release. “Inland is a pioneer in commercial real estate, and one of the industry’s most respected brands. I look forward to collaborating with the leadership team to continue the expansion of Inland’s businesses through the development of new world-class investment products and the execution of the company’s strategic plan.”
Sabshon most recently served as chief operating officer for Inland’s rival, Cole Real Estate Investments, which last month reported consolidated revenue of $250.3 million and net income of $29.1 million, a 91 percent and 26 percent year-over-year increase from the second quarter of 2012, respectively.
“We are proud to welcome Mitchell to Inland, where his extensive experience and deeply rooted principles of integrity fit perfectly with our corporate culture,” Parks said in the statement. “We are excited about the future of our business with Mitchell at the helm.”
Once Sabshon begins his new role in mid-August, he will be responsible in leading Inland in its long-term business strategy and opportunities for growth, including developing new real estate investment products, expanding its reach into new markets and new distribution channels and continuing to broaden and advance the Inland brand and market share.
Additionally, Sabshon is filling the IREIC CEO position from which Brian Conlon retired on the first of this year, and which was announced in October of 2012. Parks was serving in the interim during the search for a new CEO.
Earlier in his career, Sabshon spent almost a decade at Goldman, Sachs & Co. in various leadership positions, including president & CEO of Goldman Sachs Commercial Mortgage Capital. He also served as a senior vice president in Lehman Brothers’ real estate investment banking group, and was an attorney in the corporate and real estate structured finance practice groups at Skadden, Arps, Slate, Meagher & Flom in New York.
Last year, Sabshon spoke with Commercial Property Executive about Cole’s strategy and based on its record numbers in the first quarter of this year, the company’s direction was spot-on. It’s this sort of potential that Inland sees in its new CEO.
“Mitchell’s real estate investment and finance acumen and leadership experience, as well as his operational and product knowledge, will benefit our clients and investors as we continue expanding our product offerings and capabilities,” Parks added.
Sabshon received his undergraduate degree at George Washington University and his law degree at Hofstra University School of Law.