Treehouse Real Estate Investment Trust Inc., a private real estate investment trust that owns a net-leased portfolio of cannabis-related real estate, has hired Raymond J. Lewis as its president and chief executive officer.
In his new role, Lewis will be tasked with building the team and infrastructure to internalize the company’s management, executing on its transaction pipeline, and preparing for an initial public offering.
Lewis has more than 23 years of real estate investing experience and 15 years in senior leadership positions with publicly-traded REITs. Most recently, he served as CEO and president of Care Capital Properties Inc. (NYSE: CCP), following its spin-off from Ventas Inc. (NYSE: VTR) in 2015, until its acquisition by Sabra Healthcare REIT Inc. in 2017.
Prior to Care Capital Properties, Lewis served as president of Ventas from 2010 to 2015, and chief investment officer from 2002 to 2010. Before joining Ventas, he was a managing director of business development for GE Healthcare Financial Services, and an executive vice president of Heller Financial Inc.
“I’m extremely excited about the opportunity to build another industry leading REIT at Treehouse and energized to take on my new role as the President and CEO,” said Lewis. “With our growing portfolio of high-quality assets and proprietary relationships with top operators, we are poised to capitalize on the attractive real estate investment opportunities in the rapidly growing cannabis industry.”
Mr. Lewis will also join the Treehouse board.
Headquartered in Los Angeles, Treehouse REIT is a recently organized, externally managed real estate investment company focused on the acquisition, ownership and management of specialized retail and industrial properties leased to state-licensed operators for their regulated adult-use and medical-use cannabis facilities.
The company was formed as a collaboration between MedMen, a private equity-backed medical marijuana dispensary, and Stable Road Capital, a California-based investment firm. The REIT has a management contract with MedMen to oversee day-to-day operations until Treehouse goes public, at which point management will be internalized.