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About Us
RPC Real Estate LLC, Retail Profit Centers, (“RPC”) was established in February, 2005 by Jeffrey D. Hipple and Catherine I. Hipple to purchase undervalued and under performing neighborhood convenience shopping centers located in New Jersey, Pennsylvania and Delaware. RPC acquired four projects totaling $39.3 million its first year. An additional $28.6 million in two projects (six properties) was purchased by the end of 2006. The portfolio at December 2006 was 384 sf and $53 Million.
RPC’s goal is to assemble a $150 million portfolio of individual properties by December, 2008 that have been repositioned and fully tenanted. This should equal 20 to 25 properties. Individually too small for institutional or public market investors, the portfolio will be assembled, managed and leased creating an “investment grade” portfolio. The portfolio can then be recapitalized, or sold for cash or UPREIT shares or “bundled” in groups of five or greater number of properties for sale to individual investors.
RPC seeks property level cash on returns (stabilized) on the equity invested of 10% to 12%. Leverage is limited to 75% to 80% loan to value.
Organization
Statement of Purpose
RPC identifies small retail centers that are undervalued or that present a “value added” opportunity. RPC participates in the acquisition, ownership and operation of such real estate properties located within sixty (60) minutes of the corporate office located at 484 Evesham Road, Unit 7, Cherry Hill, New Jersey 08003.
Key Personnel
Jeffrey D. Hipple is the Managing Member. He is responsible for sourcing, underwriting and closing new acquisitions. Prior to co-founding RPC, Jeffrey was Senior Vice President of Kramont Realty Trust a NYSE, REIT, which was sold and went private April 2005. He was responsible for shopping center acquisitions and financing being involved in approximately $1.5 Billion in transactions from 1998 to 2005. Jeffrey has 25+ years of real estate experience in all avenues of the business from leasing and management to acquisitions and financing.
Catherine I. Hipple is the Corporate Administrator. She was involved in all aspects of the start-up of the company. She is responsible for coordinating corporate documentation, day-to-day corporate financial matters, insurance and 401K administration. Her prior experience includes legal secretary and bookkeeper.
Anne Scarazzo is the Chief Financial Officer. She is responsible for overseeing financial and accounting operations of the company. Anne has over 20 years of accounting experience and over 15 years of industry-related experience, most recently at Kramont Realty Trust a NYSE, REIT. She obtained her MBA from La Salle University.
Felicia A. Carr is Property Manager. Felicia joined the company in January, 2007. Her responsibilities include property maintenance, construction oversight, tenant relations, budgetary oversight and planning and ensuring tenant compliance to lease requirements. Prior to joining RPC Felicia worked in property management for five years in the professional/office building arena. Additionally, Felicia was a commercial lending officer and retail banking manager for seventeen years in Southern New Jersey.
Michele Brod is the Property Accountant and has been with RPC since April, 2005. She helped establish company procedures and organize company book keeping. She is responsible for all property accounting, tenant relations including collections, banking matters.
Jay Hipple joined the company in March, 2006. He is the owner of MGV Property Maintenance LLC which is employed by individual RPC properties to oversee repair and maintenance. Jay is a Member of the U.S. Army Reserves and is trained in masonry and carpentry. He is an Iraq War Veteran. Previously he was self employed as Hipple’s Handyman Services for 3 years. Jay has his NJ Real Estate Sales License.