American Realty Capital – Retail Centers of America II, a publicly registered non-traded real estate investment trust sponsored by AR Capital, announced that its board of directors appointed Lisa D. Kabnick as an independent director and a member of the audit committee.
Kabnick will replace Herbert Vederman, who served as an independent director and a member of the company’s audit committee since March 2015. Vederman did not resign pursuant to any disagreement with the company, according to a filing with the Securities and Exchange Commission.
As the DI Wire reported earlier this week, Kabnick also replaced Vederman on the board of American Finance Trust, formerly known as American Realty Capital Trust V, another AR Capital affiliated real estate investment trust.
American Realty Capital-Retail Centers of America II Inc. launched an initial public offering on September 25, 2014 seeking to raise up to $3.125 billion. As of March 31, 2015, the company had not commenced active operations as they have not acquired any properties or other assets, according to a quarterly filing with the Securities and Exchange Commission.
The company primarily seeks to acquire existing anchored, stabilized core retail properties, including power centers, lifestyle centers, grocery-anchored shopping centers and other need-based shopping centers which are located in the United States and at least 80 percent leased at the time of acquisition.