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Joss Realty executives join Stewards as Joss shifts to a REIT
Stewards said it added Joss leadership to bolster real estate acquisition, underwriting, and asset management as the Joss Realty REIT IPO launched in February.
Joss Realty Partners founder Larry Botel and two other executives are joining diversified financial platform Stewards as part of efforts to expand Stewards’ real estate business, according to a Wednesday press release cited by Bisnow. The new hires include Vice President Jamie DeRevere and real estate analyst Jake Tolkin, who will support areas such as acquisition, underwriting, due diligence, asset management, and investment strategy.
The move comes as Joss transitions into a public company called Joss Realty REIT. Joss launched its initial public offering in February with 3 million shares of common stock, and its portfolio includes 14 office properties across cities including Philadelphia, Boston, Silicon Valley, San Francisco, and Washington, D.C.
Stewards’ real assets portfolio includes an apartment building at 1818 Park in Hollywood, Florida. In Joss Realty REIT’s SEC registration materials, the company said its initial portfolio includes three properties located in Boston, Philadelphia, and the San Francisco Bay Area, and it intends to seek additional opportunities in the metropolitan areas where it already owns properties.
Bisnow reported Stewards Chief Marketing Officer Scott McGowan said Joss will continue overseeing its existing portfolio as investments progress through their business plans. He also said Stewards has a right of first refusal for certain Joss assets as the process moves forward, creating an additional opportunity for Stewards to evaluate assets that fit its long-term real estate strategy.