Dallas — Dallas-based Lincoln Property Co. has announced a strategic investment in retail real estate owner and operator Centennial. According to the companies, Lincoln has committed a “significant” amount of capital for the future acquisition and redevelopment of retail and mixed-use developments, which will be jointly owned by Lincoln and Centennial. Lincoln has also invested in Centennial’s operating platform.
Centennial, which was founded in 1997 and is also based in Dallas, currently operates more than 23 million square feet of retail and mixed-use properties across 18 states.
Whitney Livingston, president of Centennial, shares that these redevelopment efforts will be directed by a desire to align with the current direction of retail and consumer preferences. This means focusing on “delivering a destination that is experiential,” says Livingston. “People not only want to come to shop and dine, but also want to live, work and play,” she adds.
Livingston notes that the partnership affords Centennial with capital to advance its growth strategy and also “brings Lincoln’s expertise in complementary, non-retail uses.”
Ali Daubert, chief strategy officer with Lincoln, echoes that the two companies bring complementary specialties to the partnership. Describing Centennial as a “best-in-class” operator and developer, Daubert says that it is a “huge part of [Lincoln’s] growth strategy to partner with those types of people and the companies they’ve built.”