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February, 10 2017

Building momentum, Growth - Merger Develops unique lens

Providence Business News - February 10, 2017

BY ELI SHERMAN | SHERMAN@PBN.COM

 

When Samuel Bradner joined the East Providence-based Peregrine Group LLC as a principal in 2009, the real estate consulting outfit was made up of three owners and a support staff of two.  "Coming out of '09 and '10, when the market was significantly down, we were much smaller from a staffing standpoint," Bradner said. "But we've since been able to maintain pretty good momentum with a bigger team and we've been able to grow."

 

Indeed, the company has since grown to about 12 people, recently completed a successful merger with Rustpoint Advisory LLC and opened two new offices in Newport and Boston. In addition to Bradner, the multifaceted real estate consulting firm comprises three other principals: Colin Kane and Jordan Stone, who founded the group in 2001, and Eric J. Busch, who joined the team as part of the Rustpoint merger.

"We've been working together on various projects for many years," Busch said, when asked about the merger, which was announced in November.

 

The group works with clients in the private, public and nonprofit sectors. It provides advisory services for development projects from start to finish, including such areas as site selection, acquisition, debt or equity financing, project management, design, engineering, permitting and more.

 

Peregrine says it has successfully contracted and delivered more than $500 million of construction and development services in the last 14 years regionally, nationally, in Mexico and the Caribbean.

"[From Boston to Watch Hill] is our core, but we've always been a national company," Bradner explained.

 

Within the first five years of working with the firm, Bradner says he worked with "Iron Chef" Masaharu Morimoto, who opened a handful of restaurants in Napa County, Calif., Hawaii, New York and Mexico City.

The Peregrine principals also own and develop for themselves outside of the group, which Bradner says provides each one of them with a unique perspective.

 

"There are a lot of strong project-management professionals in the market, but not a lot of them look at the whole life cycle of real estate," Bradner said. "Our other companies allow us to look at it all through a unique lens."

 

Looking forward, the owners would like to see the group continue to add jobs while realizing measured growth in the region and nation.

 

Newport, Bradner said, is its own submarket within Rhode Island with some untapped potential, and the group hasn't capitalized on some of the robust activity happening in the Greater Boston area, which could fuel future growth.

 

"Rumford will always be our home, but we'll continue to evaluate opportunities here and outside of New England," he added.