Cullinan Properties

What Cullinan Properties does

Cullinan Properties, Ltd. is a privately held, full-service commercial real estate development and investment firm founded in 1988 by Diane Cullinan Oberhelman and headquartered in East Peoria, Illinois, with regional offices in Oak Brook, Illinois, and St. Charles, Missouri. The firm operates a vertically integrated platform spanning mixed-use development, retail, government, healthcare, office, and multifamily asset classes, with a portfolio of 46 properties and more than $1 billion in cumulative project value across Illinois, Missouri, Texas, Florida, Georgia, Kansas, and Michigan. Core services include site selection, entitlement, financing, construction management, leasing, property management, asset management, and strategic acquisitions, with the company simultaneously acting as developer, owner, and operator across most of its assets.

The firm's revenue model is diversified across development fees earned on large-scale project delivery, recurring property and asset management fees on owned and third-party assets, leasing commissions on national retailer and tenant placements, and transaction-based returns from property acquisitions and repositioning. Cullinan generates revenue through enterprise field sales channels targeting federal government agencies (U.S. Department of Veterans Affairs and General Services Administration), healthcare systems (OSF Healthcare, UnityPoint Health, Illinois CancerCare), national retail chains (Target, Costco, AMC Theatres, DICK'S, Drury Hotels), and municipal public-private partnerships (City of Joliet, City of Pekin). Major anchor projects include the $100M Tampa VA Mental Health Center, the 275,000 SF Austin VA Clinic, Rock Run Collection (310+ acres anchored by Hollywood Casino), Streets of St. Charles, The Levee District (4M annual visitors), and The View at Rock Run Collection (264-unit multifamily).

Cullinan is a WBENC-certified Women's Business Enterprise and remains founder-controlled under Chairman Diane Cullinan Oberhelman, with no disclosed institutional equity backing, parent company, or public listing. Recent strategic activity signals professionalization and scaling: a CFO promotion in January 2026, a Chief Strategy Officer hire, multiple 2026 industry award wins, and active lease-up and delivery across the Rock Run Collection super-regional development position the firm in an active growth phase anchored by federal contracting relationships and large-scale mixed-use execution.

Name

Cullinan Properties

Legal name

Cullinan Properties, Ltd.

Website

https://cullinanproperties.com

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

51–100 employees

Short description

Cullinan Properties is a privately held, full-service commercial real estate developer and owner-operator founded in 1988, delivering mixed-use, retail, government, healthcare, office, and multifamily projects across the Midwest, Texas, and Southeast for federal agencies, healthcare systems, national retailers, and municipalities.

Ownership category

akta.pro rank

Headquarters

HQ city

East Peoria

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Development Fees: Fees earned from developing commercial real estate projects from concept through construction completion, including site selection, entitlement, financing, and construction management.
2. Property Management: Ongoing property management services delivering operational excellence and superior tenant service while optimizing asset performance.
3. Leasing Commissions: Revenue from curating tenant mixes and securing leases for national brands and local tenants across retail, office, healthcare, and mixed-use properties.
4. Asset Management: Proactive asset management services overseeing portfolio performance with strategic precision to balance short-term objectives with long-term growth.
5. Property Acquisitions: Strategic acquisition and financing of properties across multiple asset classes for repositioning and long-term investment returns.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Cullinan Properties is a full-service commercial real estate development and investment firm that develops, owns, leases, and manages mixed-use, retail, government, healthcare, office, and multifamily properties across the United States. The company delivers projects from site selection and entitlement through financing, construction, tenant coordination, and long-term property and asset management. It serves federal agencies (VA, GSA), healthcare systems, national retailers, municipalities, and private partners with projects exceeding $1 billion in aggregate value.

Product overview

Cullinan Properties is a full-service real estate development and investment firm delivering transformative projects nationwide. The company operates a unified platform spanning multiple property types: Mixed-Use Developments (vibrant live-work-play destinations), Retail Development (community centers to super-regional power centers), Government Solutions (turn-key federal facilities for VA and GSA), Healthcare Real Estate (medical and wellness environments), Office Development (Class A commercial spaces), and Multifamily Residential (luxury apartment communities). Supporting these core products, the company offers integrated services including Property Management, Asset Management, Leasing Services, and Investments. Key portfolio properties include Streets of St. Charles, Rock Run Collection, Tampa VA Mental Health Center, Austin VA Clinic, Quincy Town Center, The Levee District, and The View at Rock Run Collection. The company manages over 46 projects across government, healthcare, mixed-use, multifamily, office, and retail categories with offices in Peoria IL, Chicagoland IL, and St. Louis MO.

Differentiator

Problem solved

Functional benefit

Products and services

• Mixed-Use Developments Vibrant live-work-play destinations integrating residential, retail, medical/office, entertainment, and public space to foster connection and long-term value. Featured projects include Streets of St. Charles and Rock Run Collection. Target customers include municipalities seeking economic development, national retailers, healthcare systems, residential developers, and entertainment operators.
• Retail Development Adaptable retail spaces ranging from grocery-anchored community centers to super-regional power and lifestyle centers designed to perform in evolving retail markets. Featured projects include The Levee District and Tradewinds Shopping Center. Target customers are national retailers and category-leading chains seeking high-visibility anchor placements.
• Government Solutions Turn-key facilities for federal agencies including the U.S. Department of Veterans Affairs and General Services Administration, delivered with secure long-term federal leases. Featured projects include Tampa VA Mental Health Center and Austin VA Clinic. Target customers are federal government agencies procuring compliant healthcare and office facilities.
• Healthcare Real Estate Modern medical and wellness environments partnering with leading healthcare providers to deliver facilities that elevate care and adapt to evolving medical needs. Featured projects include Pekin Center for Health & LINAC and Long Term Acute Care Hospital. Target customers are regional healthcare systems and medical groups.
• Office Development Flexible Class A office environments designed for productivity and built to evolve with workforce needs. Featured projects include Hamilton Square and 7707 N Knoxville Avenue. Target customers are law firms, financial institutions, and professional services firms seeking modern office space.
• Multifamily Residential Residential communities designed for comfort, connection, and long-term value with modern amenities. Featured projects include Lofts at Euclid, WeaverRidge, and Knoxville Pointe Apartments. Target customers are residential developers and investors seeking multifamily components within mixed-use and stand-alone residential communities.
• Property Management Hands-on property management delivering operational excellence, superior tenant service, and optimized asset performance across Cullinan's owned and managed portfolio. Supports tenants across retail, office, healthcare, multifamily, and mixed-use properties.
• Asset Management Proactive asset management safeguarding portfolio value and driving returns through strategic oversight balancing short-term objectives with long-term growth across multiple asset classes.
• Leasing Services Data-driven leasing strategy and market insight curating tenant mixes that maximize value for tenants and stakeholders, securing national retail, healthcare, office, and mixed-use tenants across Cullinan's portfolio.
• Investments Strategic acquisition, financing, and repositioning of properties across multiple asset classes driving sustained growth and strong returns for Cullinan and its partners and investors.

Quantifiable outcome

• Over $1 billion in projects developed, owned, and managed
• +5 more outcomes

Named customers12 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered core, flagship and minor.

• U.S. Department of Veterans Affairs (VA)coreStrategic or Co-development PartnerLong-term partnership developing VA outpatient clinics and mental health centers nationwide. Projects include Tampa VA Mental Health Center ($100M, 150,000 SF), Austin VA Clinic (275,000 SF), and Copperas Cove VA Multi-Specialty Clinic. Cullinan delivers turn-key solutions from RFQ through construction with secure, long-term federal leases.
• General Services Administration (GSA)coreStrategic or Co-development PartnerFederal government partner for turn-key facilities including government offices and VA healthcare facilities. Cullinan manages every detail to comply with federal requirements including design, construction, and long-term lease structures.
• Leo A. DalycoreImplementation/ SI/ Consulting PartnerArchitecture and design firm serving as project architect for Tampa VA Mental Health Center and Copperas Cove VA Multi-Specialty Clinic. Leo A. Daly is a nationally recognized architecture firm specializing in healthcare and government facilities.
• Hoar ConstructioncoreImplementation/ SI/ Consulting PartnerGeneral contractor for Tampa VA Mental Health Center and Copperas Cove VA Multi-Specialty Clinic. Nationally recognized construction firm with expertise in complex healthcare and government projects.
• City of JolietflagshipStrategic or Co-development PartnerPublic-private partnership for Rock Run Collection, a 310+ acre super-regional mixed-use destination at I-55 and I-80. City of Joliet was named REjournals 2026 City/County of the Year in partnership with Cullinan. The city has experienced over $1 billion in construction valuation with Rock Run Collection as a major contributor.
• City of PekincoreStrategic or Co-development PartnerPublic-private partnership for East Court Village redevelopment. The project was named 2026 CoStar Impact Award Winner for Redevelopment of the Year. Partnership focused on revitalizing a former enclosed mall into a modern open-air retail center with national tenants.
• PREMIER Design + Build GroupcoreImplementation/ SI/ Consulting PartnerDevelopment partner for The View at Rock Run Collection, the multifamily component of the Rock Run Collection mixed-use development. Named finalist for REjournals 2026 Multifamily Development of the Year.
• Humphreys & Partners ArchitectscoreImplementation/ SI/ Consulting PartnerArchitectural partner for The View at Rock Run Collection multifamily development. Contributed to the project named finalist for REjournals 2026 Multifamily Development of the Year.
• OSF Healthcare / UnityPoint HealthcoreStrategic or Co-development PartnerLong-standing healthcare partnerships including OSF Medical Office Buildings in Michigan and Illinois, OSF Healthcare Cardiovascular Institute, Long Term Acute Care Hospital (developed with Kindred Healthcare and Iowa Health Systems/UnityPoint Health), and Prairie Sky student housing with Methodist College.
• DICK'S House of SportcoreChannel Partner/ Reseller/ DistributorNational retail anchor expanding at Rock Run Collection with an experiential store concept featuring turf field, climbing wall, golf bays with simulators, and multi-sport cages. DICK'S House of Sport is accelerating leasing activity across the development.
• Hollywood CasinoflagshipChannel Partner/ Reseller/ Distributor166,000 SF casino anchor at Rock Run Collection featuring nationally recognized chefs (Giaconda De Laurentiis, Stephanie Izard), multiple restaurants, bars, and 10,000 SF of convention space. Projected to attract 1M+ annual visitors and employ 500+ team members.
• MetCenter (Austin)minorOthersLocation partner for Austin VA Clinic within Austin's premier 550-acre mixed-use business park. The VA clinic is one of the largest of its type in the country at 275,000 SF on a 35-acre site.

Scale indicators13 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Brixmor Property Group: Public open-air shopping center REIT with a national portfolio anchored by grocery and necessity-based tenants. Highly comparable in retail leasing strategy and tenant mix (Target, Ross, Ulta) to Cullinan's retail portfolio.
• Regency Centers: Public REIT focused on grocery-anchored shopping centers with a similar tenant ecosystem to Cullinan's retail developments. Comparable in scale of capital deployed, anchor-tenant relationships, and mixed-use development capability.
• Kite Realty Group: Public retail-focused REIT operating open-air shopping centers with national tenants. Comparable business model to Cullinan's retail development and leasing operations.
• Phillips Edison & Company: Public REIT focused on neighborhood and community shopping centers with grocery anchors. Comparable to Cullinan's retail center strategy across the Midwest and Southeast.
• Federal Realty Investment Trust: Public REIT specializing in high-quality retail and mixed-use properties in major U.S. markets. Comparable mixed-use and Class A retail operating model to Cullinan's mixed-use developments.
• Continental Properties: Privately held national multifamily and mixed-use developer with a portfolio spanning retail, multifamily, and mixed-use assets across the Sun Belt and Midwest. Highly comparable in scale, geographic footprint, and product mix to Cullinan.
• Trademark Properties: Privately held commercial real estate developer focused on mixed-use and retail properties in the Southeast. Comparable scale, private ownership structure, and mixed-use development approach to Cullinan.

Broad incumbents

• Brookfield Properties: Global real estate platform operating large-scale mixed-use, retail, office, and multifamily assets. Cullinan's SVP of Real Estate Mike Tchang joined from Brookfield, and the firms' mixed-use and asset management capabilities directly overlap.
• The Howard Hughes Corporation: Public master-planned community and mixed-use developer operating large-scale live-work-play destinations. Highly comparable strategic positioning in mixed-use development although at meaningfully larger scale than Cullinan.

Emerging players

• Pine Tree Commercial Realty: Mid-sized retail and mixed-use developer focused on grocery-anchored and power centers in the Midwest. Comparable product type and regional focus to Cullinan's retail portfolio.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/CullinanPropertiesLTD
• LinkedInlinkedin.com/company/cullinan-properties
• Xx.com/CullProp

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cullinan Properties