JOHNSTON, R.I. — The Carpionato Group is preparing for a leadership transition as two longtime executives, Kelly Coates and Angelo Marocco, step down after more than three decades with the Rhode Island-based real estate development company.
Coates and Marocco are set to retire as trustees of the Carpionato Group in October. The following month, Coates will retire as CEO and Marocco will retire as president and outside legal counsel.
The two executives have played significant roles in the growth of the privately owned company and worked closely for decades with its founder, Alfred Carpionato.
Coates served as senior vice president, overseeing financing, development and leasing, before later becoming CEO. Marocco served as the company’s outside legal advisor.
Under Alfred Carpionato’s direction, Coates and Marocco helped build the Carpionato Group into one of New England’s largest real estate development companies.
Following Carpionato’s death in 2018, Coates, Marocco and his wife, Sheryl Carpionato, continued to serve as trustees overseeing the company’s operations and growth. Sheryl Carpionato was herself a longtime company executive.
Today, the trust controlling the Carpionato Group oversees a portfolio of more than 6 million square feet of real estate assets, including Class A retail, office, residential and hospitality properties. The company also has a $1.5 billion development pipeline.
New trustees named
As Coates and Marocco prepare to retire from their leadership roles, the company is adding two new trustees.
Domenic Carpionato, Alfred Carpionato’s son, will join Sheryl Carpionato as a trustee. Domenic Carpionato has worked for the company for more than 10 years.
Charles “Chip” Rogers, a highly regarded Rhode Island real estate lawyer, will also join the board of trustees.
The leadership changes will shift the company’s trustee structure while maintaining continuity through Sheryl Carpionato and adding the founder’s son and a Rhode Island real estate attorney to the leadership team.
The Carpionato Group said it is grateful for Coates and Marocco’s service and contributions and wished both executives well as they retire.
Sheryl Carpionato welcomed the incoming leadership team and said she looks forward to continuing her late husband’s legacy.
Company continues with broad real estate portfolio
Founded more than 50 years ago, the Carpionato Group is a privately owned and operated New England real estate development company.
The company provides integrated real estate services spanning public and private partnerships, joint ventures, leasing, brokerage, acquisitions, tenant representation, marketing, construction and property management.
Its current portfolio includes more than 6 million square feet of Class A retail, office, residential and hospitality properties, while its development pipeline is valued at approximately $1.5 billion.
The company said its vision and growth continue to maintain momentum as it moves into the next phase of its leadership.
