Vestar Development Company has hired Bob Cavanaugh as chief investment officer. Based in the firm's Phoenix headquarters, Cavanaugh will be responsible for overseeing the raising of third-party equity capital, identifying investment opportunities and structuring joint ventures. A 25-year veteran in the commercial real estate investment and finance business, Cavanaugh most recently served as managing director for DLJ Real Estate Capital Partners where he oversaw all aspects of the firm's real estate private equity business in the western United States.

A privately held real estate company, Vestar Development Company specializes in the development of open-air retail centers and the management of retail, office and industrial properties.