773 Cranbury South River Road in South Brunswick is part of Duke Realty Corp.’s growing portfolio of logistics properties in New Jersey — Courtesy: Duke Realty Corp.
By Joshua Burd
A longtime executive with Duke Realty Corp. is now its Northeast regional president as part of a series of newly announced leadership changes for the real estate investment trust.
Art Makris, who is based in Jersey City, is among three newly minted market leaders for the Indianapolis-based company. The industrial developer and owner announced the move Wednesday while also detailing the promotion of Chris Burns to executive vice president for real estate operations, Nancy Shultz to western regional president and Chris Brown to south and central regional president.
Shultz, Brown and Makris will manage operations in their respective regions and report directly to Burns in his new role.
“Chris Burns has proven experience as an industry leader and invaluable depth of company knowledge gained over his 18 years with Duke Realty,” said Steve Schnur, Duke Realty’s chief operating officer. “Additionally, through Nancy, Chris and Art’s leadership, the company’s portfolio has experienced unprecedented growth and success. Their promotions are well-deserved, and this realignment of markets will strengthen our strategic growth initiatives across our 19 markets.”
Prior to his promotion, Burns oversaw the west and central regions for Duke Realty, leading operations for 10 logistics markets including personnel, leasing and development and investment activities, according to a news release. He is also a member of the company’s executive, investment and operating committees.
Previously, Burns was a senior vice president of Duke Realty’s California and Seattle operations and was instrumental in establishing the REIT’s presence in the western U.S., growing its portfolio to more than 25 million square feet primarily through development. Prior to joining Duke Realty in 2004, Burns worked in commercial banking for Fifth Third Bank in Cincinnati, having earned his bachelor’s in finance from the University of Louisville and his master’s from the University of Cincinnati.
Makris joined Duke Realty in 1997 as a property manager and leasing representative for the company’s Cleveland industrial group, the REIT said. He continued to advance his career in the company’s Ohio markets and, in 2006, was promoted to vice president of industrial leasing, leading the development of Park 70 at West Jefferson and Rickenbacker Global Logistics Park.
After overseeing the company’s Columbus, Cincinnati and Nashville offices as a market leader, Makris was promoted the role of regional senior vice president of Duke Realty’s Northeast region. He earned his bachelor’s in business administration from Miami University.
Shultz is a former regional senior vice president responsible for the profitability of Duke Realty’s Southern California operations, including the oversight of its existing portfolio and its growth through new development and investment opportunities, the news release said. She is a 17-year commercial real estate veteran, joining Duke Realty after serving as senior vice president of capital deployment for Dermody Properties’ Southwest region and vice president of capital deployment at Prologis and AMB Property Corp.
During her tenure with her previous companies, Shultz completed more than $1.5 billion of building and land transactions. She earned her bachelor’s in accounting from Mississippi State University and her MBA from UCLA.
Brown, meantime, joined Duke Realty in 1996 as a financial analyst and has held several positions with the REIT. In 2009, he took the leading role in its Savannah portfolio and its Atlanta suburban office portfolio, eventually leading the company’s operations in Georgia, Florida and three Mid-Atlantic markets as a regional senior vice president.
Before joining Duke Realty, Brown was a senior real estate consultant and tax accountant with Arthur Andersen LLP. He earned his bachelor’s in business administration from the College of William and Mary.
Duke Realty eyes continued expansion with projects in New Jersey’s top industrial markets