Lincoln Property Co. has added more than 50M SF of office, retail and industrial space to its property management portfolio through the acquisition of Irvine, California-based RiverRock Real Estate Group.
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RiverRock provides third-party management services to clients in California and Arizona, per a news release. Founding partner John Combs will join Lincoln’s executive team to spearhead the firm’s property management operations and growth.
“I founded RiverRock in 2003 to provide a better solution for clients, embracing the most successful ideas in customer service, technology, training, and pricing,” Combs said in a statement. “Now, decades later, I am proud of a legacy of work that has elevated the industry while putting people first.”
The acquisition marks the first M&A deal since Lincoln’s expansion in February following a strategic investment by Connecticut-based Stone Point Capital. That growth and succession plan also included the appointment of two new co-CEOs, David Binswanger and Clay Duvall.
“When we announced the Stone Point Capital investment earlier this year, it kicked off a growth plan intended to align Lincoln with the best brands in the business,” Duvall said in a statement. “We are thrilled that John is entrusting us in this partnership, as it enables us to enhance our offerings, especially in the third-party client service arena, working alongside a set of people who share Lincoln’s commitment to a respectful and entrepreneurial culture.”
Dallas-based Lincoln was founded in 1965 as an apartment developer before expanding into commercial real estate in the late 1970s. Today, the company manages 470M SF of real estate on behalf of third-party institutional clients.
In recent years, it has acquired and developed more than $24B of commercial projects totaling 62M SF, per the release.
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