The founder of Pacific Elm Properties has named a successor to take over as CEO of the Dallas-based real estate investment and development firm as he oversees a venture with $4 billion of projects in its pipeline.
Jonas Woods, who founded Pacific Elm Properties, an affiliate of Woods Capital, has teamed up with the founders of Ignite-Rebees, including Tristan Simon, Mark Masinter and Tom Paterson, to form 3-0 Real Estate Partners. The new hospitality-driven development, management and investment firm is overseeing new projects as well as 2 million square feet of existing retail and mixed-use space in Texas' four largest cities — Austin, Dallas, Houston and San Antonio — as well as Nashville, Tennessee, and Los Angeles.
“3-O is focused on developing one-of-one, enduring real estate projects that unite place, culture, and hospitality,” said Woods, CEO of 3-O, in a statement. “By combining our team’s large-scale development and investment expertise with a creative, hospitality-driven approach, we are uniquely positioned to create destinations of lasting cultural and financial value.”
Masinter, with decades of experience as a real estate executive, is known for betting on next-generation retail projects, as he discussed with CoStar News during the International Council of Shopping Centers conference in 2019. He was also an adviser on Apple's national expansion and sold his company, Open Realty Advisors, to Newmark in 2022.
Woods plans to pass the reins of Pacific Elm to Billy Prewitt, who previously served as the company’s chief investment officer.
In this leadership change, Woods, who is Pacific Elm's second-largest investor, plans to transition into a strategic advisory role. Pacific Elm owns office buildings throughout downtown Dallas, including Saint Paul Place, where CoStar has its Dallas office. The firm has also overseen the conversion of office space within Santander Tower into luxury apartments — an ambitious project that has gained the attention of the Dallas real estate community.
In recent weeks, Pacific Elm landed millions in financing to begin its next phase of office-to-apartment conversions in the downtown Dallas skyscraper. The firm is also overseeing the development of Bank of America Tower at Parkside in Uptown Dallas.
Woods said he hired Prewitt in 2008 and has worked closely with him for over 17 years. The executive has been "intricately involved in every aspect of our business" and has led "numerous key initiatives" in the past decade.
"I have no doubt the Pacific Elm team will accomplish great things under his leadership, and I’m excited to continue supporting their ambitious plans as a shareholder" and adviser, Woods added.
Prewitt said that with Dallas being a global hub of finance and professional services, the region will continue to drive demand for "world-class office spaces."
Pacific Elm also promoted Clint Corn, former managing director, to chief investment officer. Corn joins Chief Financial Officer John Rutledge and Chief Marketing Officer Sara Terry in Pacific Elm's C-suite.