Duong Investment Group

Our Team

The Duong Retail Group is a leader in the disposition of investment retail properties throughout the United States. Our team, through its strategic partnership with Marcus & Millichap, is recognized as the premier source for sellers seeking to achieve maximum pricing and optimal execution when disposing of single and multi-tenant retail assets. Our aggressive pricing strategies and creative marking approach has resulted in record-breaking prices and unparalleled results for our clients.

Ron Duong

Senior Vice President Investments
Senior Director, National Retail Group

Ron Duong is a highly-regarded top agent in the retail investment real estate industry. Over the years, Ron’s reputation for his extensive market knowledge, comprehensive pricing analysis, and strategic execution in the marketing of retail real estate investments has made him a valuable resource to some of the top names in the retail space for commercial real estate. These factors have resulted in record prices for his clients as well as closings on some of the most challenging deals in the marketplace ranging from environmental contamination to substantial deferred maintenance.

Ron ranks amongst the top retail agents nationwide, having personally listed/closed approximately $1 billion in retail investments. Ron has been a Top 10 Agent at his firm’s Orange County office since 2008. and was a multiple recipient of the firm’s highly regarded Chairman’s Club Award. In 2017, Mr. Duong ranked 33rd firm wide amongst over 1,800 agents and $42 billion in sales.

As lead broker of the Duong Retail Group, Mr. Duong leads a team whose aggressive and disruptive approach to marketing and selling retail properties has garnered the attention and respect of leaders in the marketplace. The team’s clientele ranges from high net worth family offices to active developers/syndicators to large institutions and endowments seeking to grow or preserve asset value. As one of the most active and knowledgeable retail agents in the field, Ron is frequently interviewed and quoted by the leading publications including Globest.com, CoStar.com, Bisnow, and Real Estate Weekly. Most importantly, Ron prides himself on servicing his clients and working with them to achieve their short and long-term goals.

Previously, Ron was a portfolio accountant at The Capital Group Companies working with institutional investors from large university endowment funds to major institution pension plans with assets of $1-5 billion. Mr. Duong is a graduate of California State University, Fullerton (CSUF) with Bachelor of Arts Degree in Finance as well as studies in real estate development from the University of Southern California (USC). Mr. Duong is also an active member of the International Council of Shopping Centers (ICSC).


California State University Fullerton Business Administration, Finance


Anchored Neighborhood Shopping Centers Unanchored Shopping Strips Single Tenant NNN Leased Investments

Professional Affiliations

Member, International Council of Shopping Centers (Since 2004)

Experience/Professional History

Vice President Investments (2013) Senior Director – National Retail Group (2015) Senior Vice President Investments (2017)

Sales Achievements/Awards

Sales Award 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017 #1 Retail Agent in the Orange County Office

Craig Elster

Vice President Investments
Net Leased Properties Group

Craig Elster is associated with the Irvine office. Since his introduction into the firm, he has established himself as a recognized expert focused on providing his clients with the highest level of service. He is especially accomplished at aggressively and earnestly marketing properties in order to meet the owner’s objectives of price and timing.

Craig specializes in managing the acquisitions and dispositions of retail properties nationwide. Since beginning at the firm, Craig has been recognized for getting clients through very difficult situations, and his creative thinking has resulted in many clients improving their financial positions. His relationships with qualified institutional and private investors enable him to strategically match buyers with sellers to achieve mutually beneficial results for his clients. Craig’s long-term goal is to create a mutually beneficial relationship with clients that will last a lifetime.


California State University Fullerton BA Business Administration, Finance


Single Tenant NNN Leased Investments Acquisition of Sites for Development

Professional Affiliations

Net Leased Properties Group Member, International Council of Shopping Centers (Since 2014)

Record Breaking Accomplishments

Starbucks Sold in Garden Grove, CA at a 3.58% Cap Rate Popeyes Sold in Anaheim, CA at a 3.75% Cap Rate Wendy’s Sold in Dothan, AL at a 3.79% Cap Rate Wendy’s Sold in Greer, SC at a 5% Cap Rate Walgreens Sold in Avon, CO at a 5% Cap Rate

Experience/Professional History

Promoted to Senior Associate (2019)

Johnny Le

Associate Net Leased Properties Group
Johnny specializes in transacting net lease industrial and retail investment sales across the United States. He enjoys finding creative solutions to complex problems that arise throughout the deal making process. Johnny loves his job. He is easy to work with and you can expect him to deliver on his promises.


University of California, Irvine, B.S., California State University, Fullerton, MBA


Net Leased Industrial Investments, Net Leased Retail Investments

Ben Carlile

Senior Investment Analyst

Ben is charged with all aspects of business development and day to day team coordination for the Duong Investment Group. He has also been tasked with business expansion and creating visibility in new markets for the team.

Additionally, Ben ensures all transactions run seamlessly by coordinating the due diligence and escrow process for the team. He uses his experience in closing over $500 million in transactions to proactively address details before they become issues.

Ben’s prior experience as a marketing manager has allowed the team to overcome any challenges, as well as keep us abreast of industry marketing trends. He has been pivotal to our continued success and is an invaluable member of the team.


Anchored Neighborhood Shopping Centers Unanchored Shopping Strips Single Tenant NNN Leased Investments

Mie Takenaka

Transaction Coordinator

Mie Takenaka leads the team’s transaction management & marketing efforts. Her strong attention to detail and creative problem solving ensures that transactions are effectively managed to successful closings. By directing and utilizing the team’s industry leading graphic designers and cutting edge technological platform, she maximizes exposure for the team’s listings which has resulted in multiple record-breaking closings to a global pool of investors.


Over 24 years of experience with leading multi-national and multi-billion-dollar construction and engineering corporations


Anchored Neighborhood Shopping Centers Unanchored Shopping Strips Net Leased Investments

James Andrews

Net Leased Properties Group

James Andrews specializes in transacting triple net leased retail assets across the United States. James joined the team in 2021 with over 2 years of commercial real estate experience. Prior to joining the team, James was a student at Loyola Marymount University where he studied economics. James’ range of experience translates to a deep understanding of the real estate process and a complete command of the transaction from start to finish.


Loyola Marymount University, Economics, B.S.


Single Tenant Industrial Net Leased Investments

Chelsea Hernandez

Marketing Assistant

Chelsea assists with the team’s ongoing marketing efforts.
Her responsibilities include producing proposals and offering memorandums,
creating digital content for web and social media, and managing communication
between agents and potential clients.

Chelsea studied Communications at California State
University, Fullerton. Her interest in real estate developed while interning
and working at the Orange County Business Journal from 2018-2019.

On her spare time, Chelsea loves staying active and
volunteering as a mentor for first generation college students.


California State University, Communications, B.A.