Robert Miller

Executive Profile

Paragon Retail Partners, Managing Director

PRP serves as an acquisition, management and disposition vehicle for investors who are interested in owning retail real estate. PRP strengthens investors’ returns by streamlining their investment processes, intensively managing their properties, and by developing and executing optimum exit strategies. Paragon provides investors with accurate and timely information, skilled analysis and sound advice with which to make investment decisions. Affiliated with Paragon Advisory Group.

The Real Transactions Group; Managing Member

RTG was a consulting group which focused on business startups, refinancing, acquisitions, dispositions and reorganizations. Engagements from 3 to 15 months.

  • Butler Enterprises- developed Strategic Plan to transform developer from local to regional, generated complete development plan for 1M sq ft mixed use town center and instituted unique contracting strategy
  • LandMar Group, LLC- funding for buyout of majority shareholder
  • Jacksonville Shipyards- negotiated sale of City of Jacksonville waterfront property to developer for major mixed use development. Total value to City $108M
  • Jacksonville Children's Commission-reorganization, employed as temporary COO for fifteen months
  • ProPlayers REIT-market research and business plan through offering documents
  • Ian Henderson Racing (STAR Mazda)-set up professional race team from scratch. Business plan, budget, logistics for testing and racing in ALMS

Regency Centers, SVP

Regency is an NYSE listed, S&P 500 REIT investing in grocery anchored shopping centers

  • Major role in Security Capital's $1.0B+ investment in Regency
  • Led negotiations on 6 major acquisitions:
    • Branch Properties, $ 440M
    • Midland Development Group, $ 384M
    • Federal Realty (terminated for misrepresentation), $1.6B
    • Pacific Retail Trust. $ 1.1B
    • Macquarie Capital JV, $ 231M
    • Oregon Public Employees' Retirement Fund JV, $ 311M
  • Managed Regency's capital allocation process while Regency acquired 262 centers worth $4.2B (Regency returns were within one percent of projections)
  • Built a team of 45 professionals to underwrite and conduct due diligence on Regency's acquisitions; moved to a process based investment methodology
  • Supervised development accounting group and controlled cash disbursements for a $600M shopping center development pipeline

Transactions Experience

Regency Centers Corporation

Major projects by relevance

Security Capital investment in Regency($500M)

Worked with CEO to negotiate and close Security Capital’s investment in Regency. Negotiated a standstill agreement (which, among other things, limited Security Capital’s right to vote its shares to less than 50% regardless of their level of stock ownership). This helped protect Regency’s existing shareholders. This transaction was a staged investment to accommodate Regency’s needs and SC’s desire to invest $500M over time.

Pacific Retail Trust acquisition( $1.1B)

Headed the team to evaluate and acquire, through merger, Pacific Retail Trust, a private REIT in Dallas, TX. Completed due diligence and valuation of existing property portfolio. Reviewed PRT’s shopping center development program, which was in the start up phase in Southwest and Pacific regions. Served as the transaction expert on the Transaction Committee, headed by new COO and transitioned both companies’ investment systems to a combined “best practices” system. Took control of all property closing and documentation packages. Assumed responsibility for 60 property acquisition contracts and established relationships with attorneys and consultants in both Pacific and Central regions. Assumed responsibility for hiring and training Vice Presidents to run both Pacific and Central regions. Included significant amounts of travel to get each new VP up to speed with Regency’s processes and systems.

Federal Realty Trust ( terminated acquisition,$1.5B)

Headed team which performed due diligence and evaluated the acquisition of Federal Realty Trust, a public REIT based in Washington, DC. Completed property level evaluation of 66 shopping centers valued at $1.5B in 36 days. Negotiated for acceptable terms. Recommended to Regency and Security Capital’s senior management that Regency not go forward based on unsatisfactory contingencies.

Regency - MacQuarie Joint Venture($231M)

Negotiated a strategic alliance with MacQuarie CountryWide Trust, an Australian REIT. Through a joint venture arrangement, Regency would sell a majority interest in certain operating assets while retaining the property management, leasing, and asset management function. Negotiated a preferential return for Regency if the joint venture achieved a specified internal rate of return. This was one of the first investments for MacQuarie in the United States. The initial closing was for the sale of five properties. More than 15 additional properties were sold under this same arrangement.

Regency - Oregon Joint Venture($311M)

Negotiated joint venture with Oregon Public Employees Retirement Fund (“OPERF”) under which OPERF’s three retail properties and four of Regency’s properties were contributed to the venture. This agreement was structured to align the investment return parameters of a tax-exempt entity with those of a publicly traded REIT. Regency manages all of OPERF’s retail investments and will find opportunities for OPERF to invest additional funds. OPERF selected Regency for its expertise and reputation in retail real estate investment.

Midland Development Group acquisition($384M)

Headed the team which negotiated, valued, conducted due diligence on and closed Regency’s acquisition of Midland Development Group of St Louis, MO. Midland was the largest developer of Kroger anchored shopping centers in the US. The acquisition was structured in a tax deferred transaction. As part of the acquisition, Midland transferred their numerous partnership interests to Regency, the value of which was negotiated and paid in the form of “earn out units.” Headed the transition team to combine the acquired businesses and personnel with Regency’s. Opened a second Investment Services region and increased personnel to handle the additional investment load. Established relationships and standards with new attorneys and consultants for the Midwest region.

Branch Properties due diligence($440M)

Participated in the acquisition of 26 retail operating properties and 6 developments for sale. In connection with this acquisition, Regency formed the partnership that would ultimately become its Umbrella Partnership REIT (UPREIT). Branch partners received units in Regency’s newly formed partnership which were convertible into shares of Regency stock in the future. This was a tax deferred transaction.

Initial Public Offering($158M)

Responsible for structuring the transfer of assets from a private real estate company to a newly formed public REIT. Assets valued at $158 million at time of IPO. Evaluated structuring alternatives to minimize income tax costs associated with transfer from private company to public. Included rollup of numerous limited partnerships and negotiation with limited partners regarding transfers.

Regency Disposition program

Started Regency Dispositions function as part of the capital recycling program. Developed underwriting and risk criteria. Executed initial marketing of $300M in properties. Established parameters about assets to be sold and timing in order to maximize value. Performed valuation analysis to ensure offers received were at market value.

Establish & maintain Regency investment criteria

Headed special project to transition Regency from a “deal” investment mentality to a process mentality; developed regional, then national, research based underwriting criteria and designed investment presentation package; hired and trained three financial analysts to prepare regional Investment Officers’ presentations to ensure comparability; designed due diligence and transaction closing procedures and checklists; negotiated master services agreements and developed investigation standards for outside consultants.

Development Accounting Department clean-up

Given responsibility for revamping a troubled Development (construction) Accounting department. Evaluated and counseled personnel, reorganized the department and promoted new department head. Presided over selection of and conversion to new cost accounting system. Set up quarterly development review and evaluation process. This process included detailed review of cost/budget revisions for direct costs, allocation of indirect costs and interest capitalization in accordance with generally accepted accounting principles, review of rental income assumptions and overall investment analysis to track Regency return on invested capital on a quarterly basis. Credited with taking the DA department from non-functional to very competent and responsive.

Real Transactions Group

Major projects

LandMar Group, LLC. ($440M)

Attracted $440M in permanent capital for a buyout offer of LandMar’s majority shareholder. Evaluated master planned community portfolio and employee talent.

ProPlayers REIT

Called in (just prior to Offering Documents release) by ProPlayers attorneys to evaluate the business plan and market research underlying the offering. Uncovered employee fraud and helped owners re-launch their offering.

Jacksonville Shipyards Negotiations

Hired by Mayor’s Chief of Staff to negotiate with Developer for a site with potential of $875M of development. Trust and communications with City Council had deteriorated. Restructured transaction to reflect Council and Administration concerns. Transaction was approved and closed.

Jacksonville Children’s Commission

Was employed as temporary COO for fourteen months. Saved $46M contract, got through audit and budget processes. Annual budget $74M, 140 employees. Previous Executive Director had been relieved for cause, tremendous leadership turnover during a two year period, including three finance directors. Morale and quality service were very low.

Ian Henderson Racing (STAR Mazda)

Set up professional race team from scratch. Business plan, budget, logistics for testing and racing in ALMS races across the US, Canada and Mexico. Evaluated equipment and personnel options.

The Regency Group, Inc

Non-real estate acquisitions and dispositions 1988 through 1993

Southern Industrial Corporation (Burger King franchises and food distribution), Paramount Press (printing), Atlantic Mortgage & Investment (mortgage servicing), Hamilton Mint, 24-34 Broadway (real property located in New York City), Chartwell Capital (investment capital) and Palmer-Cay of Florida, (insurance agency).


U. S Navy (1972-1980)

  • Naval Flight Officer, Distinguished Naval Graduate
  • Consistent evaluations in Top 1% of all Naval Officers


  • Masters of Accountancy, University of Oklahoma, Beta Gamma Sigma, 1982, CPA
  • Bachelor of Arts in Economics, Mount Union College, 1971