Sentinel, Paragon Merge Into New CRE Firm
- Sep 11, 2019
Irvine, Calif.-based real estate firms Sentinel Real Estate Group and Paragon Construction Consulting Inc. have merged, creating a brand-new firm. The new entity, Commercial Real Estate Development Enterprise, will provide a continuum of services for clients and projects throughout the asset life cycle.
CREDE brings together a highly experienced team of developers, construction managers, asset managers and property managers under a single roof to operate three divisions: Development, Construction Advisory and Asset & Property Management.
“We think this provides a major advantage to our investors and clients, as we are able to bring a holistic approach and real time feedback that many of our competitors cannot,” Colby Durnin, CEO of CREDE, told Commercial Property Executive.
Durnin, who founded Sentinel in 2001, shares leadership of the new company with Thomas Reiter, former president of Sentinel and new president of CREDE, and Jeffrey Hall, who takes on the role of president of the Construction Advisory division after having acted as CEO of Paragon since 2008. Additionally, industry veteran Rob Cord joins the group as president of CREDE’s Asset & Property Management division.
Sentinel and Paragon’s decision to form CREDE has quite a bit to do with timing—market timing. “As we are later into this economic cycle and prices for buildings and construction have increased, we feel that being able to provide a deeper bench of seasoned real estate professionals to our clients and our own projects is paramount for success,” Durnin said. “The combined team has experience from small tenant improvements through multiple billion-dollar infrastructure projects; as we look forward, this allows us to stay nimble to meet demands.” he added.
Embracing veritably every sector of commercial real estate, CREDE will cater to clients in the office, retail, industrial, multifamily, hospitality, senior housing, health-care, mixed-use, self-storage and education markets. The company will also serve clients involved in infrastructure.
Two histories, one future
CREDE’s combined portfolio of projects, which spans more than 25 states, is heavily weighted in California, with a notable presence in Texas, Utah, Hawaii and Oregon. And there will be more activity to come in those locations. “We think there are still new opportunities in each of these markets,” noted Durnin.
Notable assignments under CREDE’s belt include construction advisory services for the 170-key Ritz-Carlton Lake Tahoe in Lake Tahoe, Calif., provided by Paragon. CREDE is also shepherding a former Sentinel project, acting as general partner and developer for the 188,500-square-foot Niumalu Marketplace grocery-anchored retail center in Kona, Hawaii. Looking ahead, CREDE plans to expand its footprint in Florida and other key locations in the Southeast.