Lincoln Property Company Makes Strategic Investment in Centennial, A National, Large-Format Retail Owner and Operator

DALLAS, August 13, 2024 – Lincoln Property Company (“Lincoln”), a global, full-service real estate firm, today announced a strategic investment in the operating business of Dallas-based Centennial, a national retail real estate owner and operator. The partnership provides Centennial with the capital and resources to accelerate its national expansion while positioning Lincoln for new mixed-use development opportunities.

Founded in 1997, Centennial operates more than 23 million square feet of retail and mixed-use properties in premier markets across 18 states. The company has approximately 300 employees nationwide, including a team of property-repositioning and redevelopment experts that creates value for its partners and clients.

“Our companies have collaborated on several joint ventures over the last decade, and throughout our engagements, we have seen that Lincoln shares our vision for the future of retail real estate,” said Steven Levin, Founder and CEO of Centennial. “By combining Centennial’s retail expertise with Lincoln’s experience in office, multi-family, hotel and other real estate product types, Centennial will be even better positioned to deliver the industry’s best playbook for acquiring, repositioning, and redeveloping thriving retail and mixed-use developments.”

The partnership will focus on developing and investing in community-centric destinations that create value. Together, Lincoln and Centennial will evaluate opportunities to acquire, reposition and redevelop underperforming real estate, leveraging Centennial’s deep expertise as a mall operator to execute bespoke value-add strategies that attract the right mix of tenants and increase foot traffic. Lincoln will lend its development expertise across all asset classes, as well as its localized expertise across the 35 markets where Lincoln operates, to advise on redevelopment and right-sizing opportunities in non-retail and retail-adjacent real estate.

“We are excited to partner with Centennial, which has built an incredibly strong track record in large-format retail,” said David Binswanger, Co-CEO of Lincoln Property Company.  “Our investment in Centennial’s future growth is synergistic with Lincoln’s own growth strategy and creates complementary development opportunities for both firms.”

“The retail real estate projects succeeding today have adapted to changing consumer behaviors and demand by creating experiential and community-centric destinations that go beyond shopping. By repurposing over-built and underperforming space with complementary non-retail uses – such as multifamily, office and hotels combined with restaurants, entertainment, lifestyle services, and fitness, as well as art, music and activated, open spaces – Centennial and Lincoln can deliver the most dynamic, valuable destinations that will withstand time,” said Whitney Livingston, President of Centennial.

This move underscores Lincoln’s strategic focus on the retail sector, which includes the company’s joint venture with retail investment firm Paragon Commercial Group. Jim Dillavou, Lincoln’s National Head of Retail Real Estate & Retail Capital Markets, will remain focused on Lincoln’s broader retail business, including the necessity-retail space across neighborhood-serving retail, mixed-use campuses, triple-net assets and ground floor amenity retail. Lincoln’s Retail team will collaborate with Centennial where accretive, particularly as tenants and capital migrate between the specific product types and strategies.

About Lincoln Property Company

Lincoln Property Company (“Lincoln”) is one of the largest private real estate firms in the United States. Offering a fully integrated platform of real estate services and innovative solutions to owners, investors, lenders and occupiers, Lincoln supports the entire real estate lifecycle across asset types, including office, life science, retail, industrial, data center, production studio, healthcare, government, universities, and mixed-used properties, throughout the United States, United Kingdom, and Europe. Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes more than 557 million square feet of commercial space. In addition to providing third-party real estate services, Lincoln has completed over 150 million square feet of development since its inception in 1965 and has another $20 billion currently under construction or in the pipeline. For more information, visit: www.lpc.com.

About Centennial

Centennial is a retail real estate investment firm with a national portfolio of shopping, dining, entertainment and mixed-use destinations as well as a full-service property management platform serving third-party owners. With over 300 employees nationwide, the company now operates 23 million square feet of mixed-use destinations in 17 states. Since 1997, Centennial has played a pivotal role in shaping the evolution of American retail by creating a superior multi-faceted shopping experience with properties that serve not only as a place of commerce, but as a place of community. For more information, visit CentennialREC.com.

Media Contacts:

Deborah Blackford
Blackford & Associates
blkfrdpr@gmail.com
714-280-8765

Karen Franse
Blackford & Associates
karenfranse@gmail.com
386-649-1887

Carmen Herlihy
Blackford & Associates
cherlihypr@gmail.com
646-770-2623