4B — August 17 - 30, 2012 — New Jersey — Mid Atlantic Real Estate Journal
www.marejournal.com
N EW J ERSEY
RENTON, NJ — Af- ter twenty years lead- ing the New Jersey After twenty years Brown takes on new role Franzini ends respected tenure as EDA chief executive officer T
ing Franzini’s departure this fall to pursue private sector opportunities. In her place, the board of the EDA voted to approve a new executive structure that would include Governor Christie key advi- sor and senior staff member Michele Brown taking on the new role of CEO. “I have had the unique plea- sure to serve the people of New Jersey in a tremendously rewarding job for over two de- cades, and now, with the EDA entrusted with so many tools for economic growth and posi- tioned for continued success,
I have decided it is time to move on to a new phase in my career,” said Franzini. “EDA is a special place with a dedi- cated and talented staff that will be especially hard to leave, but I have deep comfort in the knowledge I am leaving it in good hands with staff I have worked with for many years, as well as new leadership with a demonstrated level of com- mitment and integrity.” EDA chairman Al Koeppe said, “I have had the opportu- nity to work with Caren and the EDA for over 20 years, including my two terms as the Chairman. For all of that time, and under her leadership, the EDA has been a source of pride for the State. The dis- tinguished high performance of this Authority has been achieved during volatile eco- nomic times, through changes in political leadership and the natural ebb and flow in the composition of its highly tech- nical workforce. “It is clear that, in Caren, the EDAhad a very unusual leader who was able to function very effectively at the strategic level as CEO, as well as a highly technical operating level as a COO. She had the energy and deep skills to fill both roles su- perbly. But that doesn’t mean that the EDA’s organizational structure, given her departure, would be ideal, particularly given its dramatically increas- ing responsibilities.” ■ AREA acqui res Lyndhurst mixed- use apartment/ retail complex LYNDHURST, NJ — AREA Property Partners announced the acquisition of The Heri- tage at Lyndhurst, a 160-unit mixed-use apartment and re- tail complex. AREA completed the acquisition in partnership with Priderock Capital Part- ners, LLC. “This acquisition exempli- fies our strategy of targeting well-located, transportation oriented residential opportu- nities,” said James Simmons III, partner and head of U.S. emerging markets withAREA. “Tenants can walk to New Jersey Transit for easy access to Manhattan and several of New Jersey’s major employ- ment centers, or they can commute via car and have on- site parking adjacent to their homes.” ■
E c o n o m i c Development A u t h o r i t y (EDA), Chief Executive Of- ficer Caren Franzini has tendered her resignation
Caren Franzini
effective September 30, 2012. A special EDA board of direc- tors meeting was held in order to inform the board, as well as take action regarding an executive restructure follow-
157-B Bridgeton Pike- Suite 196 Mullica Hill, NJ 08062 Call Toll Free: 1-877-FIX-ASPHALT (1-877-349-2774) Fax Toll Free: 1-888-812-4058 Serving NJ, PA, DE, MD
Made with FlippingBook flipbook maker