In a recent interview with Commercial Observer, RIPCO Florida Managing Partner Tony Pavli shares how RIPCO is replicating its inspiring NYC metro success in Florida.
“Our executives saw similarities between New York and Florida, including the talent, in terms of brokers, and investor migration from the Northeast to Florida. They also realized that the 130 associates who work throughout RIPCO’s NYC/Metro New York trade area would be very beneficial in referring business back and forth with what is surely becoming an equally talented group in Florida.”
Since launching in Florida in August 2021, RIPCO has completed 85 transactions in the region, including 58 retail leases totaling nearly 360,000 square feet, 15 sales transactions exceeding $80 million in transactional value, and 10 financing executions totaling over $205 million in gross loan proceeds. Some of these notable transactions have included:
Jeremy Modest and Ryan Tucker represented Philippe by Philippe Chow in signing a 15-year lease for its new 10,500-square-foot flagship restaurant at One Ocean in the South Beach section of Miami, which is slated to open in the fourth quarter of 2024.
Kris Kral and Alison Horbach have completed three deals for the Ross Dress For Less chain, which RIPCO represents exclusively throughout central Florida, and two for Michaels, which the company represents exclusively throughout central and north Florida.
RIPCO Investment Sales, led by Executive Vice President Ari Ravi, represented the sellers of a Publix-anchored shopping center in Englewood, Fla., in a $8.7 million transaction, and of two Winn-Dixie-anchored shopping centers in Tarpon Springs and Largo for $19 million.
RIPCO’s Debt & Structured Finance Group, led by Steven Sperandio and also including Michael Fasano, Brice Shafer and Jake Weiss, has completed numerous major deals, including securing an $18 million loan for Fareri Associates to facilitate the acquisition of a grocery-anchored shopping center in Naples, Fla., and sourcing a $19 million loan for PSL Management to refinance a retail portfolio that included seven assets in Florida, one property in South Carolina, and one property in New Hampshire.
Pavli attributes much of the recent success to “New York mentality, grit and hustle”, as well as RIPCO’s long-standing client relationships. Pavli also mentioned that they are seeing a lot of interest from New York landlords and tenants looking for locations throughout Florida.
“We may be the new kid on the block, but we’re certainly not new to the business. We have deep relationships and a passion for the business that allows us to provide the high level of service our clients have come to expect from RIPCO.”
Read the full article: Commercial Observer: How RIPCO is Replicating Its Inspiring NYC Metro Success in Florida