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[Cardinal is] . . . a diversified commercial real estate investment firm, consistently distinguishing itself in the sale-leaseback business.

about Cardinal Capital Partners

Founded in 1988, Cardinal Capital Partners is one of the premier middle-market private equity real estate investment firms in the United States. It has also earned the reputation as one of the country’s foremost sale-leaseback experts. Cardinal’s flexible capital capabilities–along with its proven investment and asset management expertise–help corporate clients reach their financial goals. Cardinal executes on real estate investments across various product types throughout the U.S. and Europe.


Cardinal Capital’s sale-leaseback transactions allow clients to maintain operational control of strategic assets. Clients also benefit from greater liquidity, improved financial metrics, tax benefits, and the opportunity to dedicate capital towards core growth objectives. Cardinal has demonstrated unparalleled capabilities across a wide range of industries and has closed in excess of $7 billion of investments.

recent sale-leaseback:

lease term
lease type


20 years
absolute NNN
multiple Albertsons brands
Albertsons Companies, Inc.
$1 billion

our relationships

Gil J. Besing

President & CEO

Mr. Besing founded Cardinal Capital Partners in 1988 and combines his extensive background in real estate finance, acquisition, development, and investment management experience to provide strategic direction for the firm’s activities. In his 30-years creating and executing Cardinal Capital Partners’ investment strategies, the company has acquired over $7 billion of commercial real estate and delivered substantial returns to its investors. Mr. Besing earned a BBA from the University of Texas in 1983.

Robert V. Fitzpatrick

Director of Acquisitions & Business Development

Mr. Fitzpatrick joined Cardinal Capital Partners in 2000 and manages the firm’s acquisition strategy and business development activities. Prior to joining Cardinal Capital Partners, Mr. Fitzpatrick was part of the senior management team that originated and managed a $1 billion commercial real estate loan portfolio for Daimler Chrysler Corp. Prior experience includes positions as Vice President of commercial real estate loan underwriting and origination at Bank of America Capital Corp. and Textron Financial Corp. Mr. Fitzpatrick received a BA in Economics from the University of Texas at Austin and an MBA from the University of Dallas.

Ward McLanahan

Managing Director, Investments

Mr. McLanahan joined Cardinal Capital Partners in 2016 and is responsible for implementing the firm’s investment strategy through sourcing and analyzing investment opportunities. Prior to joining Cardinal, Mr. McLanahan worked at Goldman Sachs for eight years in the firm’s real estate investing division, where responsibilities included acquisitions, asset management, lending and structured finance activities. Prior experience includes corporate finance at Bank of America. Mr. McLanahan received an MBA from the University of Virginia’s Darden School of Business and a BS in Business Management/Finance from North Carolina State University.

Ronald J. Johansson

Chief Financial Officer

Mr. Johansson joined Cardinal Capital in 2007 to assist in the acquisition deal structuring and the oversight of accounting and tax operations. He has experience providing accounting, auditing, and management advisory services to real estate and financial services companies and was previously a partner at Ernst & Young. Mr. Johansson received a BS in Accounting from the State University of New York at Albany. He is a Certified Public Accountant, member of the AICPA and the Texas Society of CPAs and is licensed in Texas, New York, and Louisiana. In addition, Mr. Johansson is a Certified Fraud Examiner and a member of the Association of Certified Fraud Examiners.

Mitzi Patin

Chief Administrative Officer & Controller

Ms. Patin joined Cardinal to manage all aspects of accounting, tax and financial reporting. She also oversees the firm's asset management along with entity structuring and compliance. Previously, she was a Senior Controller for Trammel Crow Company with prior experience at Deloitte & Touche. Mitzi received a BS in Accounting from Texas A&M University and an MS in Taxation from North Texas State University. She is a Certified Public Accountant and licensed under the Texas Real Estate Commission with over 20-years in the real estate industry.