Paxion Capital Acquires Stake in Patrinely Group
- Nov 24, 2020
Paxion Capital has acquired a significant stake in the Patrinely Group for an undisclosed amount. According to Patrinely Group, Paxion and its co-founders Jim Davidson and Fritz Wolff will be joined by Len O’Donnell, president & CEO of USAA Real Estate, in holding a significant interest in Patrinely Group.
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With the acquisition, Patrinely Group executives will continue to own a substantial stake in the investment and development company, as well as manage the firm, a Patrinely Group spokesperson told Commercial Property Executive. The company will also continue to operate under its current name and maintain its headquarters in Houston.
The acquisition will also see the firm’s Dean Patrinely become the chairman of the Patrinely Group’s board of directors, which will include Robert Fields, who is the firm’s president & CEO. Fields and Donald Thomas II, Patrinely Group’s COO, will continue to manage the firm’s day-to-day duties.
The acquisition marks the next step in Patrinely Group’s 37 years in business. The firm has tackled various projects related to investment, development and management of large-scale Class A mixed-use, office, multifamily and industrial properties in major markets. The firm has spread its reach with offices in Los Angeles, Denver, Houston, San Antonio, South Florida, Washington, D.C., and New Jersey. While its headquarters is in Houston, the firm’s project portfolio spans from San Francisco on the West Coast to Milford, Conn., on the East Coast.
Pushing forward Patrinely’s pipeline
Patrinely said in prepared remarks that Patrinely Group will be able to take a major step forward with its plans with the help of Paxion. The company has a strong foundation for the future, with a robust national pipeline, Patrinely added in his prepared remarks.
Earlier this year, Patrinely Group and its joint venture partners broke ground on a 60-acre mixed-use project in Spring, Texas, that is scheduled for completion in the spring of 2022. Patrinely Group also secured its first tenant for its 326,000-square-foot office development in downtown Salt Lake City in March.