Dallas, Texas  ·  Retail Real Estate

Built for the
long horizon.

A privately held real estate firm focused exclusively on Texas retail. We acquire, develop, and operate retail properties — from multi-tenant strip centers to single-tenant ground leases — with an owner's conviction and a patient, multigenerational perspective.

Investment Criteria Our Story
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Texas
Exclusive Focus
$3M–$15M
Target Acquisition Range
100%
In-House Management
4
Asset Classes
Commercial real estate Retail center
Who We Are

A family firm built
on conviction
and craft.

Doncap LLC is a privately held real estate investment and operating company founded and led by three brothers — Chris, DJ, and Martin — who have built their portfolio the way they intend to hold it: deliberately, over the long term.

With roots in Dallas and a focus exclusively on Texas retail, we approach every acquisition as owners, not asset managers. We believe that deep local knowledge, disciplined underwriting, and hands-on operations are the enduring edge in commercial real estate.

We are not a fund. We are not chasing volume. We are building something that lasts.

Principal
Chris Donohoe
Principal
DJ Donohoe
Principal
Martin Donohoe

How we
invest.

We operate across the full ownership lifecycle — sourcing, underwriting, capitalizing, building, leasing, and managing — entirely in-house. This vertical integration isn't a marketing point. It is the mechanism by which we protect and create value.

01
Disciplined Underwriting

Every acquisition is evaluated by our investment committee with full underwriting conducted internally. We underwrite for a range of outcomes, not a single optimistic case, and we only move when the risk-adjusted return justifies the capital.

02
In-House Construction Management

We manage all construction and renovation scopes directly, maintaining control over budget, timeline, and quality. This keeps costs honest and eliminates the information asymmetry that erodes returns on value-add plays.

03
Owner-Operated Leasing

Our principals are actively involved in leasing strategy and tenant relationships. We know what drives foot traffic, what makes a good tenant mix, and what lease structures protect long-term NOI — because we live with the consequences.

04
Vertical Property Management

We manage every property in our portfolio in-house. Direct relationships with tenants allow us to anticipate problems, act quickly, and maintain the quality of our assets without the friction of a third-party intermediary.

05
Texas Market Expertise

Our exclusive focus on Texas retail gives us pattern recognition that generalist investors cannot replicate. We understand submarkets, tenant demand drivers, and the local relationships that create proprietary deal flow before assets reach market.

06
Long-Term Capital Orientation

The majority of our portfolio is capitalized with our own equity, which means we make decisions for the asset — not for a fund's reporting cycle. When we do bring in partners, we select for shared values and a genuine long-term horizon.

Portfolio

Four ways we deploy
capital in Texas retail.

Multi-tenant strip center
Asset Type 01
Multi-Tenant Strip Centers

Neighborhood and community-serving retail centers anchored by daily-needs tenants. We acquire, reposition, and operate centers where improved leasing and management unlock durable income.

Single tenant NNN
Asset Type 02
Single-Tenant NNN Leases

Net-leased retail properties occupied by credit and regional tenants. Acquired for income stability, predictable cost structures, and the long-term hold characteristics that align with our capital base.

Developable land
Asset Type 03
Land & Entitled Sites

Infill and growth-corridor land in Texas markets with identifiable retail demand. We acquire sites with a clear development or disposition thesis, managing entitlements and infrastructure directly.

Ground up development
Asset Type 04
Ground-Up Development

Purpose-built retail projects developed from the ground up in high-demand Texas submarkets. We manage the full development process — from site control and design through construction and lease-up.

Our Tenants

Brands we've worked with
across Texas.

⬡
BJ's Wholesale
Warehouse Retail
⬡
Frost Bank
Financial Services
⬡
Truist Bank
Financial Services
⬡
Session Pilates
Health & Fitness
⬡
Beverleys
Specialty Retail
⬡
Yum Brands
Food & Beverage
⬡
Comerica
Financial Services
⬡
House of Preservation
Specialty Retail
⬡
Oishii
Food & Beverage
& many more

A representative selection of past and current tenants across our Texas retail portfolio.

Capital
Investment Criteria

Where and how
we put capital
to work.

Our portfolio is primarily capitalized with our own equity, which gives us the freedom to hold assets through cycles and make decisions aligned with long-term ownership rather than short-term return metrics.

On a selective basis, we partner with like-minded investors who share our values and time horizon. We are not a fund, and we are not looking to grow our investor base for its own sake. When we bring partners in, it is because the opportunity and the alignment are both right.

For shorter-duration value-add plays — typically 1 to 3 years — we may bring equity partners in at the deal level where the business plan is clear and the risk-adjusted return profile is compelling.

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  • Asset Geography
    Texas — Primary & Secondary Markets
  • Asset Type
    Retail — Strip, NNN, Land, Development
  • Acquisition Price
    $3,000,000 – $15,000,000
  • Hold Strategy
    Long-Term Core & 1–3 Year Value-Add
  • Co-Investment Partners
    Selective — Long-Term Horizon Required
Construction management
In-house across the entire ownership lifecycle
Our Approach
Deal Sourcing

Proprietary deal flow, built over time.

We source the majority of our acquisitions off-market through broker relationships, local networks, and direct outreach. The best retail real estate rarely reaches a broad marketing process, and we have spent years cultivating the access to find it first.

Investment Committee

Every dollar goes through the same process.

Our internal investment committee reviews every acquisition before a dollar of earnest money is deployed. We stress-test assumptions, underwrite the downside, and debate the thesis until we have conviction — or we pass.

Asset Management

Owners manage differently than operators.

Because we own the assets, we manage them with a long-term lens — investing in deferred maintenance, maintaining strong tenant relationships, and making capital improvement decisions that protect value over a decade, not a reporting quarter.

Leasing

Curating the right tenant mix.

We handle leasing directly, which lets us make decisions about tenant quality, trade area fit, and lease structure that a third-party broker cannot. The goal is not occupancy for its own sake — it is the right tenants on the right terms.

Get in Touch

Let's have a
real conversation.

Whether you have a property to discuss, a potential co-investment opportunity, or simply want to learn more about how we operate — we are easy to reach and we respond.

We are not looking to collect relationships. We are looking for the right ones.

Dallas, Texas
dj@doncap.com