California-Based CRE Firm Looking To Enter Miami Market

Lee & Associates, which has more than 850 commercial real estate brokers across the nation, wants to find partners for a Miami office.
Founded in Irvine, California in 1979, Lee & Associates is one of the largest brokerages on the West Coast and has more than 55 offices nationwide. It already has offices in Orlando, Naples and Fort Myers.
What makes Lee & Associates different from most brokerages is that its office managers are also investors, not only in their office but in other office locations. Similar to a law firm, as brokers advance they can gain equity in the company.
Lee & Associates CEO Jeff Rinkov said that office partners can dictate what their policies are and who their partners are instead of having this imposed by a parent company.
 

“We are meeting with teams of brokers that are affiliated with other brokers and those who are entrepreneurial in nature who want to be affiliated with a national brand,” Rinkov said. “In institutional offices, the investors are nameless, faceless dollars looking for a return. We want to enrich our shareholders and in our model our shareholders are also the revenue producers.”

Rinkov said it has targeted Miami because many of its clients in other locations want to invest here. The firm covers all areas of commercial real estate and provides research, supporting technology, marketing and branding.
When setting up new offices, the usual deal is Lee & Associates’ existing shareholders invests 60 percent of the capital and the local partners invest the rest. Rinkov said it’s cost from $500,000 to $2.5 million to establish a new office, depending on the size and market.
Shareholders receive a fee based on the financial performance of the offices they’re invested in.
 
Source:  SFBJ
 

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