Two Dallas commercial real estate companies are teaming up.
Lincoln Property Company on Tuesday announced a strategic investment in Dallas-based Centennial, a national owner and operator of retail real estate.
The parties did not disclose terms of the deal or the amount of the investment.
Lincoln provided an unspecified amount of capital to help Centennial expand its portfolio, and Centennial founder and CEO Steven Levin said Lincoln also made a significant investment in Centennial’s operating company.
D-FW Real Estate News
The partnership provides benefits to both companies: Centennial gains capital and resources for national expansion and Lincoln gains new opportunities for mixed-use development projects.
“We’re looking to invest more in great leadership and great organizations that will expand our capability set from an investment and service standpoint, and Centennial is a great fit for that,” said Lincoln co-CEO David Binswanger. “(Lincoln) has never been in a large multi-unit retail business before.”
Centennial operates more than 23 million square feet of retail and mixed-use properties across 18 states and also has experience as a shopping mall operator.Lincoln is one of the largest diversified real estate services companies with offices in the U.S., the U.K. and Europe, providing expertise in offices, apartments, hotels and other real estate products.
The partnership will focus on developing and investing in community-centered projects and evaluating opportunities to acquire underperforming real estate. The two companies have worked together on several joint ventures over the past decade, the company said.
“Enclosed malls and big open-air malls are overbuilt right now,” Levin said. “In our opinion, the best projects in America are mixed-use projects — projects that are retail-centric but combine residential, work and complementary use environments. Lincoln, being a leading developer of complementary uses, is another piece of the equation that’s really producing these great projects.”
Lincoln’s investment marks the latest step in the company’s focus on retail, in which it has a joint venture with California-based retail investment firm Paragon Commercial Group.
The new move comes after Lincoln received a large investment last year from Connecticut-based Stone Point Capital LLC.
The Dallas companies declined to provide details about possible projects they are considering together in North Texas.
Lincoln closed on a deal earlier this year to purchase four acres along Cedar Springs Road between Fairmount and Routh streets, south of Turtle Creek, for a Class A mixed-use development.
Lincoln plans to build 400,000 to 500,000 square feet of office space, about 250 luxury apartments, a 200-room five-star hotel and residences, and 25,000 square feet of food and beverage retail at the site. A development timeline has not yet been finalized.
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