PRZOOM - /newswire/ -
Scottsdale, AZ, United States, 2006/08/02 - Retail Brokers, Inc. (RBI) expands its commercial retail brokerage with two new locations, joining offices in Riverside, Calif. and Scottsdale, Arizona.
One of Arizona’s largest and most active retail commercial real estate brokerage firms has quickly become one of the major players in the Southwest.
Retail Brokers, Inc. (RBI) has recently expanded with a regional office in Las Vegas, and will soon open an office in Albuquerque in September. RBI also successfully opened a regional office in Riverside, Calif. in early 2005.
“Opening these new offices is a significant element in positioning RBI as a regional leader in shopping centers. Las Vegas and Albuquerque were the ideal next steps in our plan because of their strong retail conditions,” said David Allen, chief operating officer for RBI’s parent company, Barness Papas Investments, LLC (The BPI Group). “We have been fortunate in the fact that RBI has grown right along with the Southwest’s retail market.”
RBI focuses primarily on neighborhood shopping centers, representing landlords and tenants who want to lease, sell or buy retail space. In 2005, the company completed more than 700 transactions, which solidified RBI’s place as the third largest commercial real estate firm in Phoenix, and the largest that is focused solely on retail. By the first quarter of 2006, RBI had already experienced a 25 percent increase in transactions than during the same time last year.
The company was founded in 1994 by Principals Alex Papas and Ron Barness as part of The BPI Group, which owns and operates a variety of commercial real estate related companies. Both Papas and Barness are actively involved in the Phoenix community; Barness is a minority owner of the Arizona Diamondbacks.
RBI’s Las Vegas office opened in June of this year, and is led by industry veteran R. Brad Benz. Benz’s strong commercial real estate background includes a history of successfully coordinating and closing investment and leasing transactions in the retail, office and industrial industries, ranging from $250,000 to more than $10 million in value.
The Albuquerque office which is set to open in early September, will be led by Michelle Urish, who brings more than five years of commercial real estate experience in the Albuquerque area to the RBI team.
The new offices are expected to follow in the footsteps of RBI’s first expansion, RBI Retail Brokers in Riverside, Calif. Since opening in early 2005, RBI Retail Brokers exclusively represents more than 50 shopping centers, and recently purchased and moved into a nearly 15,000 square-foot office to accommodate its unprecedented growth. RBI Retail Brokers has quickly become a key player in the Southern California commercial real estate market.
“RBI has definitely built a solid, reputable name for itself in the Southwest,” said Neil Wachsberger, regional director and designated broker for the California office. “I have no doubt that each regional office will take the reins and steer the company into continued success and will also continue to build its positive reputation.”
RBI has even bigger expansion plans, with the goal to break into markets such as Colorado and Texas over the next few years. The company also plans on expanding its property management company, RBI Management Services, LLC, throughout the region. Currently, RBI Management Services manages more than 8.2 million square feet of retail space in Arizona, and was ranked as the number five commercial real estate management company in the state in 2005.
About Retail Brokers, Inc. (RBI)
Retail Brokers, Inc. (rbibrokers.com) opened its doors in Scottsdale, Ariz. in 1994, and has since expanded with regional offices in Riverside, Calif., Las Vegas and Albuquerque, N.M., becoming one of the largest and most active real estate brokerage companies in the Southwest that focuses almost exclusively on retail properties. RBI’s dedicated team of professionals provides retail leasing, tenant representation, land acquisition and investment sales services to local, regional and national clients, and each agent is a member of the International Council of Shopping Centers (ICSC).