When the Great Recession gripped Rhode Island, many companies were shrinking, laying off staff and cutting back.
Peregrine Property Management – then a fledgling startup – went the opposite route: it aimed for growth, and the strategy paid off.
Company revenue for 2011 was $826,000. By 2013, it had jumped to $1,955,000. That’s a three-year revenue-growth rate of 137 percent.
“We saw a hole in the market relative to offering a sophisticated product for midlevel properties,” says Brendan Kane, a principal in the company, which launched in 2010. “The market has been increasingly responsive to what we offer.”
What the company offers is a variety of services for residential, commercial and industrial clients throughout Rhode Island, Massachusetts and Connecticut. A facilities-management contract means Peregrine vendors provide janitorial services, landscaping, snow removal and other routine chores. A full-service contract means Peregrine will also collect rents from tenants and handle other business tasks.
The company’s client list is impressive. Among the highlights is its management of Rumford Center, a mixed-use property in East Providence. The company also handles all facility and preventative maintenance for the Newport Harbor Group, a company that owns restaurants.
Another factor in the company’s success: nearly everyone at Peregrine has a long history in real estate development or management. “We started with zero clients, but I had a strong network from my previous employment in construction, and we leveraged that,” Kane said.
“It’s been an incredible ride in terms of growth. If we can hold on to the great people we’ve got and bring on more like them, I think growth will continue.”
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