Premier Commercial Group: Setting a New Standard for Business Real Estate
by Paul Landers
on Tuesday, March 10th, 2020 at 1:42pm.
Spotlight on Premier Commercial Group Agent Wayne Ritenour
Commercial real-estate projects require vision and tenacity, according to Wayne Ritenour, a real estate agent within Premier Commercial Group (PCG). Long sales cycles coupled with the complexities of bringing together the right players to create a successful outcome mean this segment of the real estate market is not for the faint of heart. But, Ritenour believes the end-result is more than worth the effort.
Building on 24 years in real estate, Ritenour brings an uncommon skill set to the PCG team - financial acumen based on extensive experience as an entrepreneur and financial consultant. “I was a Wall Street guy for a number of years and did a lot of land development and land acquisition, where I provided financial consultation to help people put deals together,” he said. “One of the reasons I like commercial real estate transactions is that they are complicated, and I understand the finance side of it very well and how to close successful deals.”
Ritenour’s passion for his work comes naturally. After World War II, his grandfather started a real estate company from scratch, and the rest is history. “I grew up in the real estate development world - land acquisition and redevelopment,” Ritenour noted, adding that his family also passed down an entrepreneurial spirit to him. Notably, at the age of 19, he became the youngest Domino’s franchisee in the history of the Fortune 500 company.
As a life-long learner in the arena of finance and real estate, Ritenour pays attention to who is “breaking all the rules.” One of his mantras is, “Don’t be a critic; be a student if you want to continue to win.” He has also learned that cutting corners and taking economic shortcuts rarely leads to a quality result.
While the field of commercial real estate is wide, Ritenour has focused his time primarily in a couple of areas: multi-family apartment complexes and hospitality, covering everything from small hotels to large condominium complexes. He noted that while many see minimal potential in the land-locked Destin market, he has a different perspective. “I see a tremendous amount of opportunity in Destin from the vantage point of redevelopment,” Ritenour said, noting that the challenge for many will be the ability to marry long-term investment dollars with project vision. “It's kind of like Boston and New York in that many of the buildings are getting old. Changing that dynamic will require redevelopment, which is just another level of commercial real estate. It's going to be exciting to watch over the next 10 to 15 years.”
Ritenour also believes that the economic conditions are prime for commercial real estate at present. “We're in a low regulatory environment, which provides an attractive foundation for redevelopment,” he added. “Plus, the Emerald Coast continues to experience notable growth. We are fortunate to live in a state that people are eager to move to.”