RICHMOND, Va., June 23, 2016 (GLOBE NEWSWIRE) -- Capital Square 1031, LLC, a leading sponsor of replacement property for Section 1031 exchanges, announced today that Richard Stanard has joined the firm as chief financial officer.
Stanard joins Capital Square 1031 from HITT Contracting Inc., located in the Northern Virginia/D.C. area, where he spent 13 years as chief financial officer and treasurer. During his tenure, he was responsible for finance, accounting and treasury operations during a period of quick growth, raising annual revenue to $1 billion from $200 million. Additionally, he helped create a privately-owned commercial real estate portfolio with a total capitalization in excess of $700 million.
“Rick is a consummate professional with more than three decades of real estate experience in finance, capital and treasury operations,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “Rick joins Capital Square 1031 during a period of rapid growth, when key systems are being development for the acquisition, finance, management and ultimate sale of upwards of a billion dollars of real estate. Rick has established a long and successful track record of success throughout his career. I couldn’t be happier to welcome him to the Capital Square team.”
Prior to HITT, Stanard served as vice president of financial services at The Robert Martin Company, a private real estate owner, developer and manager with more than seven million square feet of mixed New York commercial property. While with the firm, Stanard supervised accounting, finance and IT operations. Previously, Stanard was a treasurer with First Winthrop Corporation (FWC) in Boston, responsible for a six-million-square-foot acquisition and syndication valued at $757 million, and $336 million of private equity. Prior to FWC, Stanard was the project controller and regional director at Urban Investment and Development in Boston, where he was responsible for a $600 million mixed-use real estate development project, among others. Stanard also spent time as a senior management consultant with Arthur Young & Co., now Ernst & Young.
He earned dual bachelor’s degrees with honors in accounting and finance from Southern Illinois University.
About Capital Square 1031
Capital Square 1031 specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and other investors using the Delaware Statutory Trust structure. As of June 15, 2016, the company oversees a growing national portfolio of 40 real estate assets valued at approximately $388 million, based on investment cost. Louis J. Rogers, founder and chief executive officer of Capital Square, has been involved in the creation and management of more than 100 investment offerings totaling over $3 billion, including DST, tenant-in-common, numerous real estate funds, and multiple publicly registered non-traded real estate investment trusts. To learn more, visit www.CapitalSquare1031.com.