Lanni Assumes Leadership Reins at Strategic Realty Trust
Domenic Lanni
The board of directors of Strategic Realty Trust, Inc. – a publicly registered non-traded real estate investment trust – recently appointed Domenic Lanni to serve as chief executive officer. Lanni was also elected to serve as a director of the company and fill the vacancy created by former CEO Matthew Schreiber’s resignation. As CEO, Lanni is the REIT’s principal executive officer and has assumed the responsibilities that were previously performed by Schreiber since February 2022.
With the promotion, Lanni is no longer serving as chief operating officer of the company, a position he held since February 2022. The company’s next COO has yet to be named.
Lanni serves as co-founder and managing principal at L3 Capital. There, he is responsible for overall strategic direction, sourcing investment opportunities, and originating capital for the firm’s principal investment activities.
Prior to co-founding L3 Capital in 2009, Lanni was a vice president in the acquisitions group at RREEF, a member of the Deutsche Bank Group, which he joined in 2007. At RREEF, he worked as an officer in the value-add group and oversaw $1.2 billion of development projects in Illinois, New York, and Texas. Lanni’s responsibilities included the sourcing and execution of value-add projects throughout the United States on behalf of institutional clients.
Prior to joining RREEF in 2007, Lanni was a vice president of development for JFA where he was responsible for sourcing and executing mixed-use development projects throughout the Midwest. During his tenure at JFA, he managed development projects consisting of residential, retail, and hotel components. Previously, he worked in Jones Lang LaSalle’s development group on consulting and transactional work.
Lanni received his MBA from Kellogg School of Management at Northwestern University and master’s and bachelor’s degrees in civil engineering from the University of Massachusetts. He is a licensed real estate broker in Illinois. He is also an active member of the International Council of Shopping Centers.
In other REIT news, the company entered into a material definitive agreement in August 2024 to sell five operating properties in San Francisco – 400 Grove Street, 8 Octavia Street, Fulton Shops, 450 Hayes, and 388 Fulton – to an affiliate of Moran Capital LLC for $10.9 million. The closing date was expected to be Sept. 11. If the purchaser failed to complete the transaction, it stood to lose up to approximately $300,000 of earnest money.
Strategic Realty Trust focuses on building a portfolio of high-quality West Coast urban and street retail properties in high-demand locations with solid growth prospects, strong cash flows and visible value appreciation characteristics. The REIT reported having $27.4 million in assets as of June 30, 2024, an approximately 20% year-over-year decrease from its $34.3 million in assets reported in June 2023.
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