DALLAS — Lincoln Property Company (“Lincoln”), a global, full-service real estate firm, announced today the formation of a joint venture with retail investment firm Paragon Commercial Group. The partnership will propel Lincoln’s retail real estate investment management strategy focused on institutional quality retail assets on the West Coast. As part of the agreement, Paragon will serve as Lincoln’s West Coast Retail operator.
In addition, Lincoln announced that Paragon co-founder Jim Dillavou will also assume the role of Lincoln’s National Head of Retail Real Estate Investments & Retail Capital Markets. In this role, Mr. Dillavou will be responsible for unifying Lincoln’s national Retail platform including Capital Markets, acquisitions, development, occupier and investor leasing, and third-party property management. He will also partner closely with Lincoln’s Investment Management team, led by Chief Investment Officer, Maria Stamolis, to source investment capital for nationwide Retail acquisition, development and redevelopment investment opportunities. Paragon co-founders and retail industry veterans Mark Harrigian and Erwin Bucy will continue to spearhead Paragon’s West Coast expansion under the new joint venture.
“This joint venture with Paragon underscores our belief in the growth of the retail sector as it gains popularity with institutional investors at levels we haven’t seen in over a decade. With this partnership, we believe there is compelling opportunity for institutional investors to partner with an experienced retail investor and asset manager to capture the growth potential that exists today with institutional-quality retail, particularly on the West Coast,” Lincoln’s Co-CEOs Clay Duvall and David Binswanger said in a joint statement. “Under Jim’s leadership, we look forward to positioning Lincoln as a ‘first mover’ with institutional investors in this increasingly popular asset class, while at the same time creating a true national Retail platform that establishes Lincoln as a formidable player in the Retail space.”
Mr. Dillavou is a co-founder of Paragon Commercial Group focusing on corporate strategy, acquisitions and capital structuring. His background in development, law and capital markets helped establish and grow Paragon into one of the preeminent retail development firms on the West Coast. He began his career as a real estate and finance attorney with Latham & Watkins LLP where he represented developers, equity investors and lenders in capital structuring, acquisitions, dispositions, leasing and entitlements. Mr. Dillavou’s practice included the representation of institutional clients including Credit Suisse, Goldman Sachs and Deutsche Bank in the acquisition, financing and development of real estate projects throughout the United States. Upon leaving Latham to focus on grocery-anchored retail investment, Jim joined the Los Angeles office of Regency Centers quarterbacking development and repositioning of West Coast grocery-anchored neighborhood centers.
“Paragon is excited to have aligned itself with an investment partner that understands the creative nuances of value-add retail investing and provides immediate synergies with Lincoln’s existing West Coast teams. This partnership allows Paragon to quickly scale all aspects of our retail investment business into a strengthening retail investment landscape,” said Mark Harrigian, co-founder and Principal of Paragon.
About Lincoln Property Company
Lincoln Property Company (“Lincoln”) is one of the nation’s largest diversified real estate services companies with thirty-five offices across the globe. Founded in 1965, Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes more than 470 million square feet of commercial space. Offering a comprehensive suite of real estate solutions, Lincoln manages, leases, develops, and provides advisory services to owners and occupiers of office, life science, retail, industrial, data center, production studio, and mixed-used properties throughout the United States, United Kingdom, and Europe. In addition to providing third party real estate services, Lincoln has principally acquired and developed more than $24 billion and 62 million square feet of commercial projects since 2018.
About Paragon Commercial Group
Paragon Commercial Group was formed in 2009 to opportunistically invest into value‐add acquisition and tenant‐driven retail development and redevelopment opportunities. With over 60 years of collective retail experience and a retail resume in excess of 13 million square feet of neighborhood and community centers on the West Coast, Paragon’s deep market knowledge and extensive tenant relationships provide a constant grass roots pipeline of retail investment opportunities. Paragon enters into each acquisition with a commitment to quality that extends to each constituency involved in the development process including, capital partners, government agencies, lenders, property owners, tenants and clients.