Silver Star Properties REIT, Inc. has announced thatSteven B. Treadwellprovided notice of his resignation as CEO. In response, the Executive Committee of the Board of Directors has namedDavid Wheeler, the company's current president, as the Interim CEO. Wheeler, who has played a pivotal role in leading the Silver Star's acquisition and disposition efforts, enjoys the full confidence of the Executive Committee to execute the company's strategy, Silver Star wrote in a press release.
The Executive Committee states that it has has initiated discussions with its search firm to re-engage with experienced and successful self storage executive candidates who were contenders before. Additionally, the company plans to initiate further executive searches to add on experienced self storage operating support to augment its management team with support from Southern Star Self Storage Investment Company.
In the same press release, Silver Star reports that it will seek to acquire other attractive assets. Investment targets include self storage properties, which management expects to see a significant increase in demand for due to population and employment growth driven by:
Local factors, such as political environments favorable to business, favorable tax structures, affordable housing and an attractive quality of life
Demographic shifts inthe United States, such as the relocation of businesses and the migration of people from the Northeast and the West Coast toTexas
Specific regional, national and global economic developments, such as an increase in demand for self storage inTexasand other markets driven in part from oil, gas and other natural resources inTexas.