Our History
Joseph and Martha Bagby founded PRC in 1970 in South Florida. Since then, PRC has become one of the largest owners and financiers of credit-leases in the nation, owning real estate in 40 U.S. states have having arranged for more than $1 billon of private corporate debt. PRC has raised funds for such companies as Pizza Hut, Taco Bell, Dunkin’ Donuts, Hardees and The Pillsbury Company. Click here to view our clients
Our investors have included Berkshire Hathaway, Citicorp, GE Capital among others. Click here to view our clients
The Bagbys attribute their success to their long careers in real estate. The Bagbys founded the International Association of Corporate Real Estate Executives, NACORE now CoreNet Global.
Both Martha and Joe are lifetime honorary members of the CoreNet Global board of directors and ran the association for two decades. The group consists of corporate real estate executives and corporate owners in the U.S., Asia, South America, Europe, and Australia.
The Bagbys were the first to identify corporate real estate as a force in American industry. Joseph Bagby, who is attributed with making the term “corporate real estate” popular, says, “Corporate real estate assets make up a multi-trillion-dollar industry of owned and leased real estate which is carried on the balance sheets or in the notes of almost every corporation’s financials.”
Among scores of companies that became active in NACORE under Bagby’s presidency (1969-1988) are: McDonald’s, Kraft, Inc., Caterpillar, Inc., Marathon Petroleum, Xerox Corp., Household Finance (International), Marriott Corp., Mobil Oil, and Bell & Howell, General Motors, and Microsoft. The organization currently has more than 7,000 corporate members worldwide.
Joseph Bagby started his career as a member of Burger King’s first management team. While there he was the director of real estate, and located and bought 200 properties a year for the company when it was first expanding in the mid and late 1960s. He learned the art of site locating at Burger King and also saw the potential for providing corporate growth funds.
The Bagbys have authored three editions of the Real Estate Financing Desk Book and The Real Estate Dictionary for Prentice Hall and continually are involved in research and studies of sale leaseback financing.
Joe Bagby said, “The sale leaseback provides an effective means for a corporation to maintain liquidity and raise operating capital through often under-valued assets. The sale leaseback has a number of tax and other financial benefits for the corporation.”
PRC works with many corporations to maximize real estate assets for expansion. Joe, Martha and now their daughter, Meredith all work at PRC, which is a privately-held company dedicated to helping smaller businesses find their capital needs to grow.
The Bagbys’ daughter, Meredith Bagby, has written five books and is best known for the creation of The Annual Report of the United States in which she explains the federal government’s finances for citizens who are addressed as shareholders. She was a correspondent for CNN’s financial, and an analyst at Morgan Stanley. She is a graduate of Harvard University and Columbia Law School.