Ralston and Tampa real estate investor Vic Drew, whom Ralston has personally known for 40 years, have formed Florida Retail Development LLC. The new Orlando-based firm expects to do average annual development and redevelopment volume of $100 million, Ralston tells GlobeSt.com. Drew will handle the company's business side.

"We define retail real estate as properties that have cash registers," Ralston says. "By (initially) focusing exclusively on Florida, we are a 'local sharpshooter' and will use the local expert advantages to outmaneuver out-of-town players."

The company also has one passive capital partner, an on-site selection deal-maker, a research analysts and several support employees in the administration section. The firm plans to add two more site selection specialists shortly.