What WMG Development does

WMG Development, LLC is a privately held, full-service national commercial real estate investment and development company founded in 1995 by Dr. Rick Workman. The company originated as a captive development platform for Heartland Dental, the largest dental support organization in the United States, and has grown to become the largest developer of dental tenant assets in the country. Headquartered in Effingham, Illinois with a regional office in Winter Garden, Florida, WMG operates across 35 states with a portfolio of more than 500 properties spanning healthcare/dental, retail (including Publix-anchored shopping centers), food service (Chipotle), banking (Fifth Third Bank), residential, and mixed-use developments.

The company's core offering encompasses the full commercial real estate development lifecycle: site selection, land acquisition, planning and entitlements, design, construction management, leasing, and ongoing asset management. A team of regional development directors manages specific geographic territories, sourcing deals through direct relationships with brokers and national tenants. The product portfolio includes named developments such as The Shoppes at East Shore, The Shoppes at Verdana Village, Nocatee Village, and Avalon & Marsh, alongside numerous freestanding dental, restaurant, and bank branch projects.

WMG is controlled by the Workman Family through Workman Management Group, LLC, a family office that also manages a broader investment portfolio. The company has completed more than $900 million in cumulative sales transactions, including a landmark $500 million single-asset sale, and secures institutional debt financing including a $180 million CMBS loan. Revenue is generated through development fees, property sales gains, and recurring rental income from the stabilized portfolio. CEO Curt Frost leads a leadership team including CFO Jonathan Brumleve and CDO Craig Kopko, with approximately 40 total team members across development, construction, asset management, finance, and operations functions.

Name

WMG Development

Legal name

WMG Development, LLC

Website

https://wmgdevelopment.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

11–50 employees

Short description

WMG Development is a privately held, full-service national commercial real estate developer founded in 1995, operating 500+ properties across 35 states. It serves enterprise tenants — including Heartland Dental, Publix, Chipotle, and Fifth Third Bank — across healthcare, retail, mixed-use, and residential segments.

Ownership category

akta.pro rank

Headquarters

HQ city

Effingham

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Commercial Real Estate Development: WMG Development generates revenue through the development, sale, and leasing of commercial real estate properties. The company develops retail, healthcare, residential, and mixed-use properties nationwide. Revenue comes from property sales (including landmark transactions like a $500 million sale), development fees, and ongoing leasing activities for their portfolio of 500+ properties across 35 states.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

WMG Development is a full-service national commercial real estate investment and development company that develops, leases, and manages retail, healthcare, residential, and mixed-use properties across 35 states. Its services span the full development lifecycle: site selection, land acquisition, planning and entitlements, design, construction management, leasing, and ongoing asset management. The company is the largest developer of dental tenant assets in the United States and manages a 500+ property portfolio with $900+ million in completed sales transactions.

Product overview

WMG Development is a full-service national real estate investment and development company that operates a diversified portfolio across retail, healthcare, residential, and mixed-use commercial segments in 35 states. The company has developed over 500 properties with completed sales transactions exceeding $900 million. Their core offering encompasses commercial real estate development services including site selection, land acquisition, development, construction management, and asset management. The product portfolio includes Publix-anchored shopping centers (The Shoppes at East Shore, The Shoppes at Country Club, The Shoppes at Orange Blossom, The Shoppes at Verdana Village), Heartland Dental standalone dental office developments, Fifth Third Bank and Chipotle standalone developments, and mixed-use village projects like Nocatee Village and Avalon & Marsh. The company was founded in 1995 by Dr. Rick Workman and has grown to become the largest developer of dental tenant assets in the United States.

Differentiator

Problem solved

Functional benefit

Products and services

• Commercial Real Estate Development Services Full-service national commercial real estate development services spanning site selection, land acquisition, planning and entitlements, design, construction management, leasing, and ongoing asset management for retail, healthcare, residential, and mixed-use projects across 35 states.
• Heartland Dental Standalone Developments Freestanding dental office developments purpose-built for Heartland Dental, the largest dental support organization in the United States. Offered as part of WMG's position as the largest developer of dental tenant assets in the U.S.
• Publix-Anchored Shopping Centers Retail shopping center developments anchored by Publix grocery stores, including The Shoppes at East Shore, The Shoppes at Country Club, The Shoppes at Orange Blossom, and The Shoppes at Verdana Village.
• Chipotle Standalone Developments Freestanding restaurant developments for Chipotle Mexican Grill, including the Davenport, FL property, as part of WMG's commercial tenant representation practice.
• Fifth Third Bank Standalone Developments Freestanding bank branch developments for Fifth Third Bank as part of WMG's commercial tenant representation, including a standalone branch at Verdana Village.
• Nocatee Village Mixed-Use Development Mixed-use village development in Ponte Vedra Beach, Florida featuring retail and commercial spaces.
• Avalon & Marsh Retail Development Retail development at the northwest corner of Avalon Rd & Marsh Rd in Winter Garden, Florida offering 3,300 SF available for lease.

Quantifiable outcome

• 500+ properties managed across 35 states
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Heartland DentalcoreStrategic or Co-development Partner · 1 January 1995Heartland Dental is the largest dental support organization in the United States. WMG Development was founded in 1995 by Dr. Rick Workman specifically to assist in Heartland Dental's impressive growth strategy rollout. This foundational partnership established WMG as the largest developer of dental tenant assets in the United States, and WMG continues to support Heartland Dental's growth through affiliations and new locations. Jason Benline manages the relationship with Heartland Dental as part of his role overseeing Real Estate Asset Management.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Realty Income: The largest U.S. net-lease REIT and a frequent acquirer of completed single-tenant commercial developments. Directly comparable to WMG because Realty Income's target property profile (dental, retail, restaurants, healthcare) overlaps with WMG's development focus and is the type of buyer WMG sells developments to at exit.
• NETSTREIT Corp: Net-lease retail REIT focused on necessity-based single-tenant retail properties. Directly comparable to WMG because NETSTREIT's tenant mix (QSR, grocery-anchored, healthcare) and acquisition strategy align closely with the type of properties WMG develops for Chipotle, Publix, and dental tenants.
• Phillips Edison & Company: Grocery-anchored shopping center REIT that both owns and actively develops new centers. Directly comparable to WMG because Phillips Edison's Publix-anchored center strategy and inline retail focus overlap with WMG's Shoppes at Verdana Village, Shoppes at Orange Blossom, and similar Publix-anchored product.
• Four Corners Property Trust: Restaurant-focused net-lease REIT. Directly comparable to WMG because Four Corners' tenant profile (QSR operators including Chipotle-adjacent brands) aligns with WMG's freestanding Chipotle and similar restaurant development business.
• STORE Capital: Single-tenant operational real estate investor (now owned by Oak Street). Comparable to WMG because STORE's tenant profile (dental, restaurants, retail) and sale-leaseback/development financing model overlap with WMG's development pipeline and customer mix.
• Global Net Lease: Diversified net-lease REIT with retail, restaurant, and healthcare properties. Comparable to WMG because Global Net Lease's tenant categories and single-tenant acquisition strategy intersect directly with WMG's diversified development verticals.
• Brixmor Property Group: Open-air shopping center REIT with active redevelopment program. Comparable to WMG because Brixmor's grocery-anchored and necessity-retail portfolio mirrors WMG's shopping center product and its redevelopment activity parallels WMG's ground-up development capability.

Broad incumbents

• W. P. Carey: Large diversified net-lease REIT with industrial, retail, and healthcare exposure. Comparable to WMG as a broad incumbent with overlap in healthcare/dental and retail tenant categories, though W. P. Carey operates at much larger scale and across more property types.
• Healthcare Realty Trust: Healthcare-focused REIT that owns medical outpatient buildings. Comparable to WMG as a healthcare real estate incumbent with overlap in outpatient/dental-adjacent medical real estate, though Healthcare Realty Trust is an owner/landlord rather than an active developer.
• Kimco Realty: Major publicly traded shopping center REIT with a sizable development/redevelopment program. Comparable to WMG as a broad incumbent in the grocery-anchored retail space where WMG's Publix-anchored centers compete, though Kimco operates at materially larger scale and as an owner/operator.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/WMGDev

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 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 WMG Development