Penney will oversee Unico’s investment team, develop strategy and source new investment opportunities, and play a central role in capital formation
January 26th, 2023 (Seattle, WA) – Real estate investment and operating firm Unico Properties LLC, a subsidiary of Unico Investment Group LLC, has promoted Robert Penney to Chief Investment Officer (CIO), effective immediately. As CIO, Penney will be responsible for leading Unico’s investment team, developing strategy and sourcing new investment opportunities, and playing a central role in capital formation initiatives for the firm. In his previous role, Penney served as Senior Vice President, Acquisitions and he was a member of Unico’s Executive Leadership Committee.
“Rob is a member of our trusted senior leadership team and like the rest of our members, he is a seasoned veteran within the industry. He has a long tenure within the company, he has played a lead role in the formation of several funds and capital programs for Unico, and as a valued member of our investment committee, we have been eyeing him for a C-Level position for some time. Rob is ideally suited to lead the firm’s investment opportunities within the communities we serve across the western United States,” said Quentin Kuhrau, Unico Properties CEO and Chairman of the Board.
As SVP, Acquisitions, Penney was responsible for identifying and evaluating investments, joint-venture, and development opportunities across various capital programs for the company. Penney joined Unico in 2010 as a Financial Analyst. He was quickly promoted to various positions and in 2017, he joined the Executive Leadership Committee. Over his 12 years at Unico, Penney completed more than $3 billion in acquisition, financing, and recapitalization transactions.
“Unico has a storied history as a leader in our markets, with success driven by a large platform of talented, entrepreneurial people. I am honored by the opportunity to lead the investment team at Unico in this increased role. Real estate markets are certainly challenged by a combination of fundamentals and rising interest rates. Despite the challenge this poses for all owners, it will create an unprecedented buying opportunity in some sectors. Unico’s platform and proven approach have positioned to the company to navigate this period and invest through the market’s recovery,” said Penney. “I want to congratulate Ned on his many contributions to Unico over the years, thank him for his support, and wish him the best in whatever the next chapter may hold for him.”
Unico’s prior CIO, Ned Carner, will leave the company on March 31st, 2023. With this long lead time, there will be plenty of overlap with Carner and Penney to ensure a seamless and successful transition. Additionally, after Carner leaves the company, he will remain involved in some key Unico projects in the Puget Sound region, in partnership with Unico. Carner plans to take some time off to spend it with his family before embarking on his next career phase, which is to work for himself.
“After 15 years at Unico, Ned has played a key role in our success, and he spearheaded several of our growth initiatives. While we are sad to see Ned go, we are excited to continue to partner with him in the future on select Unico projects, to continue to bring value to our communities, stakeholders, and investors,” added Kuhrau.
About Unico Properties LLC
Unico Properties LLC, a subsidiary of Unico Investment Group LLC, is a commercial real estate investor, developer, and full-service operator focused on office and multifamily assets in emerging markets throughout the United States. Founded in 1953, Unico has been transforming the built environment by creating innovative, people-focused building experiences through a cadre of subsidiary companies that deliver boutique expertise and institutional execution for its own accounts and select third-party clients. The private equity real estate investment firm currently owns and operates 17 million square feet of commercial properties across the United States and continues to grow.
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Unico Properties Promotes Robert Penney to Chief Investment Officer