Two prominent Dallas families, the Washburnes and the Hill-Hunts, have formed a new commercial real estate firm by spinning off assets from their respective family offices. The newly launched Gillon Property Group, operating as a subsidiary of Gillon Capital, will oversee a portfolio that includes Highland Park Village as its flagship property.
According to the announcement, Drew Steffen has been named president and CEO of Gillon Property Group. Ray Washburne will serve as vice chairman. Heather Hill Washburne, Ray’s wife, is a descendant of oil magnate H.L. Hunt.
The company’s holdings comprise 81 properties across 10 states and include retail, hospitality, multifamily, office, and mixed-use developments. Highland Park Village, established in 1931 at Mockingbird Lane and Preston Road in Dallas, is considered the nation’s first inward-facing open-air shopping center and now houses luxury retailers such as Rolex, Jimmy Choo, and Fendi. The Washburne family acquired this property in 2009 for $171 million.
Country Club Plaza in Kansas City is another significant asset managed by Gillon Property Group. The Washburne family purchased it last year for $175 million. The site spans nearly one million square feet over 15 blocks and is recognized as an early example of a suburban mall designed for automobile access.
“When he bought the property, Washburne shared plans to invest $100 million into the century-old shopping center.”
Assets previously under management by the A.G. Hill family office—including Shops at Clearfork in Fort Worth and Watters Creek Village in Allen—are now part of Gillon Property Group’s portfolio.
Washburne is also involved in an upcoming development project in Dallas’ Knox-Henderson neighborhood alongside Trammell Crow Company, BDT & MSD Partners, and Retail Connection. Plans call for a 12-story office building at 4544 McKinney Avenue—the current site of Chuy’s Tex-Mex restaurant—with delivery expected in 2028. The project will feature about 300,000 square feet with ground-floor retail space.
Further information on related developments can be found at https://therealdeal.com/texas/dallas/2024/06/03/city-to-pay-ray-washburne-52m-for-old-newspaper-building/, https://therealdeal.com/texas/dallas/2024/05/31/trammell-crow-co-washburne-led-supergroup-plan-knox-office-project/, and https://therealdeal.com/national/2023/11/21/ray-washburne-pouring-275m-into-kansas-city-shopping-center/.
