Combined Properties Incorporated

What Combined Properties Incorporated does

Combined Properties Incorporated is a privately held, founder-controlled commercial real estate development and asset management firm established in 1984 by Ronald S. Haft. The company owns and operates a portfolio approaching $2 billion in asset value, encompassing more than 6 million square feet across approximately 35 retail and mixed-use properties concentrated in two geographies: the Washington, DC metropolitan area (Maryland and Northern Virginia) and Southern California. Its product mix spans three categories — grocery-anchored and small-shop retail centers, Class-A multifamily residential properties, and ground-up mixed-use developments combining residential and retail components — with named projects such as Scout on the Circle (Fairfax, VA), South Alex (Alexandria, VA), The Crown (West Hollywood, CA), and INSPO (McLean, VA). Anchor tenants include ALDI, Safeway, Giant Food, Whole Foods Market, Lidl, Ross Dress for Less, Bob's Discount Furniture, and Burlington; in-house services cover leasing, property management, asset management, and capital markets.

The firm generates revenue through recurring rental streams from retail and residential tenants, development fees and value-creation activity on a stated $1+ billion development pipeline, and in-house asset and property management services for its owned portfolio. Commercial leases are individually negotiated based on property type, location, tenant creditworthiness, and market conditions rather than through published pricing. The company pursues an opportunistic acquisition strategy focused on stabilized Class A and B multifamily, high-performing grocer-anchored retail centers, and core/core-plus/value-add opportunities up to $100 million per deal in its two core markets, sourced via broker relationships and direct outreach to property owners. Operationally, the firm maintains a Bethesda, MD headquarters and a West Coast office in Beverly Hills, with a workforce of 101–250 employees averaging approximately 9.69 years of tenure.

Capital structure is private and non-institutional, with no disclosed outside investors or parent company; the founder Ronald S. Haft remains Chairman. Leadership transitioned in 2025–2026, with John Hendrickson promoted to President (March 2026) after joining as COO (August 2025), CFO Steven Gothelf moving to a Strategic Advisor role ahead of retirement, and former President/CEO Kathy Bonnafé leading the wholly-owned strategy and investment subsidiary Combined Creative (C2). Additional financial infrastructure includes new banking relationships added in 2025 (notably a first transaction with MetLife in December 2025) and a disclosed track record of over $600 million in financing transactions closed within a recent five-year period.

Name

Combined Properties Incorporated

Legal name

Combined Properties, Incorporated

Website

https://combined.biz

Company type

Private

Founded year

1984

Operating status

Operating

Headcount range

101–250 employees

Short description

Combined Properties Incorporated is a privately held, founder-controlled commercial real estate developer and asset manager with a portfolio approaching $2 billion across roughly 35 retail, multifamily, and mixed-use properties in the Washington DC metro area and Southern California, serving national grocery and retail tenants and Class-A residential renters.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development

NAICS

Lessors of Nonresidential Buildings (except Miniwarehouses) (531120), Lessors of Other Real Estate Property (53119)

SIC

Real Estate Dealers (For Their Own Account) (6532), Services-To Dwellings & Other Buildings (7340)

akta.pro primary industry

Mixed-Use Property Management (BPAJAGAE)

akta.pro secondary industries

Retail Property Management (BPAJAGAB), Multifamily Apartment Property Management (BPAJAFAA)

Keywords

• Commercial real estate development
• Retail shopping centers
• Multifamily residential properties
• Mixed-use developments
• Asset management services

Headquarters

HQ city

Seattle

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Commercial Retail Rent: Rental income from retail tenants across shopping center portfolio, including anchor tenants (grocers, national chains) and small shop tenants across retail properties in Washington DC metro and Southern California.
2. Multifamily Residential Rent: Rental income from apartment units across multifamily and mixed-use properties including Scout on the Circle, South Alex, Key Towers, Reston Glade, Columbia Glade, Broadstone Van Dorn, INSPO, and Waterside at Reston.
3. Development Fees and Value Creation: Revenue generated through ground-up development and redevelopment of retail, multifamily, and mixed-use properties. Development pipeline valued in excess of $1 billion.
4. Asset Management and Property Management: In-house property management, leasing, and asset management services across portfolio. Company provides full-service real estate development and asset management with wide range of in-house services.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Combined Properties acquires, develops, redevelops, and asset-manages retail shopping centers, multifamily apartment communities, and mixed-use properties anchored by national grocery and retail tenants. The company earns revenue through recurring rental income from commercial and residential tenants, development fees from ground-up and redevelopment projects, and fees for in-house asset and property management.

Product overview

Combined Properties Incorporated is a full-service real estate development and asset management company offering a diversified portfolio of retail shopping centers, multifamily residential properties, and mixed-use developments. The company's product portfolio consists of three main categories: (1) Retail shopping centers anchored by national grocery and retail brands (Giant Food, ALDI, Safeway, Lidl, Whole Foods, Ross, etc.) across the Washington DC metro area and Southern California; (2) Mixed-use developments combining residential apartments with retail components, including named projects like Scout on the Circle, South Alex, The Crown, and The Culver Steps; and (3) Multifamily residential properties including garden-style and high-rise apartment complexes. The company specializes in acquisition, development, redevelopment, and value enhancement of shopping centers and mixed-use properties, maintaining a long-term conservative approach to real estate ownership in its core Washington DC and Southern California markets.

Differentiator

Problem solved

Functional benefit

Brands

• Combined Creative (C2): Strategy and investment firm intent on creating value in businesses devoted to building community and offering lifestyle that meet the needs of a dynamically evolving society. C2 is interested in new businesses where implementation of a successful real estate plan is a key component of success. Offices in Washington, D.C. and Los Angeles, CA.

Products and services

• Scout on the Circle A mixed-use development in Fairfax, VA featuring 400 Class-A apartment units, a 54,000 SF Giant Food grocery store, and 29,000 SF of small shop retail. Transit-oriented location near Vienna Metrorail station, with parking garages and active streetscape.
• South Alex A mixed-use development in South Alexandria, VA featuring 400 Class-A apartment units, a 20,000 SF ALDI grocery anchor, and 19,000 SF of small shop retail. Located near Huntington Metrorail station with art-inspired design and community spaces.
• The Crown A high-end modern mixed-use project in West Hollywood, CA featuring 48 luxury apartments and 5,850 SF of ground-level retail space. Tenant mix includes Myodetox, Ippudo, and Speir Pilates.
• Retail Shopping Center Portfolio Portfolio of anchored and small-shop retail centers anchored by national grocery and retail tenants including Safeway, Giant Food, ALDI, Lidl, Whole Foods, Ross Dress for Less, Burlington, Total Wine & More, Bob's Discount Furniture, and Chase Bank across the Washington, DC metro area and Southern California.
• Multifamily Residential Portfolio Portfolio of Class-A multifamily apartment communities including garden-style and high-rise complexes such as INSPO (McLean, VA), Broadstone Van Dorn (Alexandria, VA), Key Towers (Alexandria, VA), Reston Glade (Reston, VA), Columbia Glade (Columbia, MD), and Waterside at Reston (Reston, VA).
• Real Estate Acquisition and Development Services Full-service acquisition, ground-up development, redevelopment, and value-enhancement services for retail shopping centers, multifamily, and mixed-use properties. Preferred acquisition size up to $100 million; the ability to assume existing debt; and active pursuit through direct outreach and broker relationships.

Quantifiable outcome

• Portfolio approaching $2 billion with 6+ million square feet
• +2 more outcomes

Named customers22 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

Five partnerships are on record, tiered core and minor.

• KLNBcoreChannel Partner/ Reseller/ DistributorKLNB is a commercial real estate brokerage firm that represents tenants in lease negotiations with Combined Properties. Jake Levin of KLNB negotiated the Safeway lease extension at Rose Hill Plaza. The firm also represented tenants including Davis Paone of Resolutre (PJ's Coffee), Austin Hersh and Sebastian Restifo of H&R Retail (PJ's Coffee, LAYERED).
• H&R RetailcoreChannel Partner/ Reseller/ DistributorH&R Retail is a retail brokerage representing tenants in lease transactions with Combined Properties. Austin Hersh with H&R Retail represented tenants including LAYERED at Courthouse Plaza and PJ's Coffee at South Alex.
• ColliersminorChannel Partner/ Reseller/ DistributorMichael Stone with Colliers represented tenant Inova - GoHealth Urgent Care in the deal at Pickett Shopping Center, which brought the center to 100% occupancy.
• ResolutreminorChannel Partner/ Reseller/ DistributorDavis Paone of Resolutre represented PJ's Coffee in the lease at South Alex in Alexandria, VA.
• RappaportminorChannel Partner/ Reseller/ DistributorMelissa Webb with Rappaport brokered the KidStrong deal at Turnpike Shopping Center in Fairfax, VA on behalf of the tenant.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Regional players

• AvalonBay Communities: Public multifamily REIT with a major concentration in the Washington DC metro and Northern Virginia — the exact submarket where Combined Properties has deployed significant capital into Class-A apartments (Key Towers, INSPO, Reston Glade, Waterside at Reston, Tysons).
• Equity Residential: Public multifamily REIT with concentrated urban presence in coastal gateway cities, including a meaningful DC and Southern California footprint. Comparable to Combined's multifamily acquisitions and mixed-use residential components in those same metros.

Emerging players

• Phillips Edison & Company: Public REIT focused on grocery-anchored necessity retail shopping centers, mirroring Combined's core retail strategy of leasing to non-discretionary anchors like grocers and pharmacies.
• Pizzuti Development / The NRP Group: Private, multi-product residential and mixed-use developer with multifamily and retail integration capabilities comparable to Combined's development pipeline of mixed-use, ground-up projects.

Others

• Donahue Schriber (private, Wasatch Property Management successor): Private grocery-anchored shopping center owner/operator historically based in the Western US, with an investment philosophy and tenant mix that closely parallels Combined Properties' West Coast retail portfolio.

Direct peers

• Brixmor Property Group: Public open-air shopping center REIT focused on grocery-anchored properties; former employer of Combined's incoming President John Hendrickson. Directly comparable business model of owning, leasing, and repositioning grocery-anchored retail in supply-constrained US metros.
• Federal Realty Investment Trust: Public REIT specializing in grocery-anchored shopping centers and mixed-use properties in high-density coastal markets, including the Washington DC metro and Southern California — the same two geographies that anchor Combined Properties' portfolio. Both emphasize long-term ownership, premium anchor tenants, and mixed-use repositioning.
• Regency Centers Corporation: Public REIT focused on grocery-anchored shopping centers leased to market-leading operators — the same anchor-tenant strategy Combined Properties uses with ALDI, Safeway, Whole Foods, and Lidl.
• JBG SMITH Properties: Washington DC-focused REIT specializing in mixed-use, transit-oriented, and multifamily development — overlapping significantly with Combined Properties' DC-metro mixed-use pipeline (Scout on the Circle, South Alex) and residential acquisitions in Arlington/Alexandria.

Broad incumbents

• Kimco Realty: Largest publicly traded shopping center owner in the US with a grocery-anchored core. Broader and more diversified than Combined but operates with the same anchor-tenant-led model across Sunbelt and coastal markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/combinedproperties
• LinkedInlinkedin.com/company/combined-properties-incorporated
• Instagraminstagram.com/combinedproperties

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

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 Combined Properties Incorporated