On the heels of corralling the SmartStop Self Storage portfolio, Charles Allen is stepping down as chief investment officer (CIO) at Extra Space Storage.
The publicly traded self-storage REIT said July 7 that board member Joseph Margolis was taking over the CIO role immediately. Allen had been CIO since July 2013; he previously was general counsel and chief legal officer at the Salt Lake City, UT-based REIT.
CEO Spencer Kirk said Allen, who’s been with Extra Space since 1998, has been “integral” to development of the company’s national portfolio. Among the deals aimed at building the portfolio is the pending $1.4 billion acquisition of SmartStop Self Storage.
Allen is staying at Extra Space in his remaining role: executive vice president. He will focus on “strategy and execution of complex transactions,” according to a company news release.
Margolis has been a member of the Extra Space board since February 2005 and is resigning in conjunction with his new post. Since 2001, Margolis had been senior managing director and partner of Washington, DC-based real estate investment company Penzance.
Extra Space has appointed Gary Sabin to fill the vacant board seat. Sabin is chairman and CEO of Excel Trust, a retail-focused REIT.