Vol. 5 No. 2 February 11, 2010
Latest News
Letter from the Executive Director

14th Annual Real Estate Conference Draws Record Crowd

Center Co-Hosts Building Greener Communities Forum

MSRE, Undergrad Students Spend Intersession in Hong Kong

MSRE Class of 2006 Reunites

Professor Sah Receives International Award for Dissertation

Real Estate Society Kicks Off Semester with Association Panel

Alumni Tour Boutique Hotel at Market Watch Event

Mark Riedy on CNN.com

BMC Professors Speak at International, Regional Events

In the News

Calendar

Upcoming Continuing Education Classes

Useful Links
Request information

Make a gift

Burnham-Moores Center Staff
Mark Riedy, PhD
Executive Director

John Demas, Esq.
Instructor

John Ferber
Director, Commercial Real Estate

Louis Galuppo, Esq.
Director, Residential Real Estate

Diane Gustafson
Communications Coordinator

Ilse Hunnicutt
Executive Assistant

Ines A. Kraft, PhD
Administrative Director, MSRE Program

Lauren Lukens
Student and Alumni Services Manager

Norm Miller, PhD
Distinguished Research Professor

Vivek Sah, PhD
Assistant Professor

Jeryldine Saville
Communications Director

Charles Tu, PhD
Associate Professor

Myla Wilson
Executive Assistant

Newsletter Info
Suggestions? Comments?
Contact us:
Jeryldine Saville
(619) 260-4786

Fall 2010 MSRE Program

Admission Deadline
March 15

Apply Now!


Continuing Education

Real Estate Investment and Income Analysis 101

Starts Tuesday,
March 9, 2010

discounts for early registrations and USD alums

Register Now

For more information on Real Estate Continuing Education, go here.


Continuing Education

SEMINAR - Opportunities in Mexican Real Estate

Thursday,
March 11, 2010

discounts for early registrations and USD alums

Register Now

For more information on Real Estate Continuing Education, go here.

 


 Latest News


Letter from the Executive Director


Mark J. Riedy, PhD

At an event I attended recently, a retired management consultant explained to me how full his retirement years have been because of all of the small business mentoring he is doing under the umbrella of SCORE and other organizations. His enthusiasm and the sense of fulfillment he derived from volunteer work with meaningful results got me to thinking.

Breakfast at the BMC registration My guess is that there are many successful real estate executives in this community who are retired or semi-retired. There also are more than a few start-up companies that are real estate-oriented and might benefit from the wisdom and counsel of retired/semi-retired real estate executives. I can think of several graduates of our Master of Science in Real Estate program who started new companies. Three worked together and initially offered a nationwide listing service for condominiums. One start-up invested in single-family homes, another in apartment buildings. Another alumnus of our MSRE program has a thriving sustainable real estate firm. Each endeavor undoubtedly could have benefited from access to successful real estate executives, from initial conception of the business through the development of proposals to investors and prospective customers, not to mention suggestions on how to avoid pitfalls and how to capitalize on opportunities.

I am not suggesting that such a business mentoring arrangement would be limited to USD alumni, either as mentors or those desiring the insight of a mentor. Rather, I see an opportunity for the Burnham-Moores Center for Real Estate to add more value to the entire San Diego real estate community.

RSVP to Lauren Lukens Perhaps the Center could be the clearinghouse that evaluated requests to be mentored by start-up firms and attempted to match those requests with the skill sets of retired and semi-retired real estate executives. Since setting up such a match-making service would be a challenging undertaking, we would need a cadre of potential mentors to help us establish eligibility criteria and the rules of the road.

I invite readers to contact me regarding their thoughts on this idea. We already enjoy the benefits of actively employed executives teaching our classes, mentoring our graduate students and teaching in our continuing education programs. We'd now like to consider adding this new dimension to our community service.

Dr. Mark J. Riedy
Executive Director



14th Annual Real Estate Conference Draws Record Crowd
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The Center's 14th Annual Real Estate Conference Jan. 29 drew a record crowd, thanks in large part, no doubt, to the keynote presentation delivered by real estate icon Sam Zell.

Zell captivated the crowd of 700, who gathered at the Hilton San Diego Bayfront, to hear Zell's unique perspective on the world of real estate, as well as those of the other esteemed presenters.

On the commercial side, Zell said that he sees slow absorption in 2010. "It's going to be hard to get people to make commitments," he said. In a reference to his own nickname, he added: "There ain't no grave dancing opportunities because there ain't no equity."

That said, Zell said he was comforted by the fact that, unlike what happened in the residential real estate market, the commercial market has not been driven by fraud and excess. "Every single time the percent of single-family homeownership exceeded 62 percent, we got in trouble," he said. Despite the residential market trainwreck, Zell said, "I don't think the U.S. housing dream is over."

Ultimately, he said: "The debasement of our currency is perhaps the single greatest risk of our economy. A strong dollar is absolutely critical to our economy."

Zell's presentation followed a somewhat encouraging survey of attendees' expectations on the future of the market.

The first panel, "The Shape of Things to Come: Capital Markets," featured Brian Stoffers, president, CBRE Capital Markets, Debt & Equity Finance in Houston; Jim Reilly, executive director, JP Morgan Securities Inc., Syndicated Corporate and Project Real Estate Bank Lending in Chicago; Chip Fedalen, executive vice president/group head, Real Estate Banking Group, Wells Fargo in Irvine; and was moderated by Kent Griffin, president, COO and CFO, BioMed Realty Trust in San Diego.

Master of Science in Real Estate alumnus Brad Flewellen then offered his thoughts as the 2009 Daniel B. Woodruff Memorial Scholarship recipient before giving the stage to featured speaker Stephen E. Roulac, PhD, CEO, Roulac Global Places, LLC, San Rafael, who presented, "New Real Estate Strategies for a New Economy."

The final panel of the day, "The Shape of Things to Come: REITS, Retail, Development and Loan Workouts," featured Stuart Tanz, CEO and president, Retail Opportunity Investments Corp. in Purchase, N.Y.; Greg Fitchitt, vice president of Development, Westfield in San Diego; Morgan Dene Oliver, CEO, Oliver McMillan LLC in San Diego; Bill Hoffman, president and receiver, Trigild in San Diego; and was moderated by Brad Geier, co-managing partner, Merlone Geier Partners in San Diego.



Center Co-Hosts Building Greener Communities Forum
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On Feb. 9, the Burnham-Moores Center co-hosted a morning breakfast forum, "Building Greener Communities in the San Diego Region," along with CleanTECH San Diego, the city of Chula Vista and the National Energy Center for Sustainable Communities.

The forum was held to initiate collaboration between the real estate development and the renewable and energy-efficient power and equipment manufacturing industries to stimulate regional economic development and to assist developers and builders in meeting new state environmental mandates.

The forum comes on the heels of recent research funded by the U.S. Department of Energy and California Energy Commission, which concluded that the use of renewable and energy-efficient power and building equipment technologies and advanced site design features could substantially reduce the energy consumption and emissions of large-scale development projects in California.

Chula Vista Mayor Cheryl Cox attended the event along with a host of real estate developers, builders, lenders, appraisers and brokers, as well as renewable and energy-efficient power and building equipment manufacturers, energy services providers and related trade associations. The forum provided professionals in these industries the opportunity to learn more about the green community development movement and to obtain a set of valuable reference guides derived from the recently completed research.

Panelists included Darren Morgan of Cushman & Wakefield, David Schnaars of Solar Turbines, Nick Lee of The Paul Design Group, Denny Stone from the city of Chula Vista, Lou Galuppo from the Burnham-Moores Center for Real Estate and Doug Newman from the National Energy Center for Sustainable Communities. The panel was moderated by Jim Waring of CleanTECH San Diego.

Panelists agreed that there is much work to be done to increase marketplace adoption of the green technologies available.

"There definitely needs to be an education blitz among the commercial real estate sector," said Morgan.

Added Lee: "People will talk about green, but they're not always willing to pay for it. You need to have a strong political will to overcome the hurdles."



MSRE, Undergrad Students Spend Intersession in Hong Kong
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Twelve MSRE students traveled to Hong Kong over the winter intersession Jan. 3-14 to take a two-unit "Negotiations" course taught by Professor Craig Barkacs and a one-unit "Topics in International Real Estate" course taught by Professor Charles Tu. Seven undergraduate students also came to the city from Jan. 3-22 to take the "Commercial Real Estate Finance and Investment" course taught by Tu. Classes were held on the campus of Hong Kong Baptist University.

MSRE students RJ Scott, Evan Falivene, Nick Walsh, John Kiper, Sunny Patel and Sean Jones in front of the Tian Tan Buddha or "Giant Buddha" on Lantau Island, the largest island in Hong Kong

The program was designed so that students could learn about the business and economic environment of the region through coursework, expert guest lecturers and the opportunity to participate in socio-cultural group activities.

In addition to lectures and activities in the classroom, Tu's classes toured the Hong Kong offices of Cushman & Wakefield, where an analyst provided an overview of the Hong Kong real estate market, and five of their directors met with students and answered their questions. Students also visited Prosperity REIT, the first private sector REIT in Hong Kong and met with the company's CEO, Stephen Chu. Chu discussed the REIT industry in Hong Kong, the company's portfolio and its efforts to convert one of their buildings green.

In addition to the academic and business aspects of the course, the students also were able to experience the cultural aspects of Hong Kong. The group visited popular tourist destinations in the city including: Wong Tai Sin Temple, Victoria Peak, Stanley Market, the Buddhist Monastery, Lohans Temple, Happy Valley Racecourse and the Giant Buddha on Lantau Island.



MSRE Class of 2006 Reunites
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The Master of Science in Real Estate Class of 2006 celebrated a class reunion at Fidel's in Solana Beach Jan. 28, marking the first-ever cohort reunion of MSRE alums. In attendance were (from left to right): Jimmy Morrison, Fernando Landa, Brian Rivelli, Justin Brennan, Justin Goldblatt, Richard Maudsley, Casey Meeter, Jamas Gwilliam and Aaron Ling. The former classmates spent the evening catching up and discussing their favorite subject: real estate.


Professor Sah Receives International Award for Dissertation
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Vivek Sah, PhD
Vivek Sah, assistant professor, recently received the Emerald/European Foundation for Management Development Outstanding Doctoral Research Award for 2009 for his doctoral dissertation, which he completed at Georgia State University. Sah's dissertation, "Asset acquisition criteria: a process tracing investigation into real estate investment decision making," fell under the Property Investment and Finance category.

There were 12 subject categories, sponsored by a selection of Emerald's journals. The awards were open to those around the world who had completed examination requirements for a doctoral award between Oct. 1, 2006 and Oct. 1, 2009.

A maximum of one overall winner was selected from each subject category.

The overall winners in each category receive a cash prize of €1,500 (or currency equivalent), a certificate and an offer of publication in the sponsoring journal, either as a full paper or an executive summary, at the editor's discretion.

The 2009 Emerald/EFMD Outstanding Doctoral Research Awards are sponsored by Emerald Group Publishing Limited, publisher of the largest collection of international business and management journals, and the European Foundation for Management Development (EFMD), a global membership organization with more than 700 institutional members from academia, business and public services.

For more information on the award, go here.



Real Estate Society Kicks Off Semester with Association Panel
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Over 45 students attended the first monthly Real Estate Society meeting of the spring semester Jan. 28. The meeting was moderated by Real Estate Society graduate chair Jennie Celeste (background) and featured a panel of representatives from top local real estate professional organizations, including: (from left to right) Tim Barr, Urban Land Institute (ULI); Debra Aitken, Commercial Real Estate Women (CREW); Mike Clark, International Council of Shopping Centers (ICSC); and Abigail Rex, Institute of Real Estate Management (IREM).

The Real Estate Society is a 200-plus member student organization that provides resources and information to graduate and undergraduate students who are interested in studying and pursuing careers in real estate. Meetings are held on the last Thursday of each month and feature real estate professionals who share their industry experience and insight with students.



Alumni Tour Boutique Hotel at Market Watch Event
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On Jan. 14, over 50 members of USD's Real Estate Chapter of the Alumni Association gathered at the USD Real Estate Market Watch event held at The Glass Door Restaurant and Lounge in the Porto Vista Hotel, where they networked and toured the property. From left to right: Jessica Fries, Micheal Paa '08 (JD), Aaron Flores '05 (MBA), Matthew Semmer '07 (JD) and Kevin McPhee '99 (JD/MBA)


Mark Riedy on CNN.com
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Mark J. Riedy, PhD, executive director, was featured in a CNN.com article Feb. 4. The article detailed the issues facing the commercial real estate industry and its outlook for the future. To read the article, go here.



BMC Professors Speak at International, Regional Events
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On Feb. 1, Charles Tu, PhD, associate professor, participated in the "Developing Sustainable Asian Cities: Institutions and Markets" symposium organized by the Asia Research Institute and School of Design & Environment at the National University of Singapore. Tu presented to over 40 researchers, government officials and students on the topic, "The Operations and Management of Green Buildings in the United States," where he compared the operating performance of green buildings vs. non-green buildings.

Louis Galuppo, Esq., director of residential real estate, was the featured guest speaker at De Novo Financial Services' monthly attorney roundtable in Foothill Ranch, Calif., Jan. 20. Galuppo spoke to over 30 lawyers on the topic: "Troubled Debt Restructuring of Commercial Properties."



In the News
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Burnham-Moores Center for Real Estate Policy Advisory Board Executive Committee member Ian Gill, principal of Highland Partnership Inc., and Courtland Weisleder '09 (MSRE), president of Greener Dawn, made the San Diego Metropolitan Magazine's list of "Metro Movers 2010."

Louis Galuppo was quoted in a Jan. 4 San Diego Business Journal article on the recent increase of home sales in downtown San Diego. The article also was picked up by Thefreelibrary.com and was mentioned in Jan. 11 and Jan. 13 blog entries.

Alan Gin was quoted in numerous articles following his first 2010 release of the USD Index of Leading Economic Indicators for San Diego County, which he compiles for the Burnham-Moores Center. Articles appeared in the San Diego Reader on Jan. 6 and Jan. 7, The North County Times on Jan. 6 and Jan. 26, the North Parks News, The Daily Transcript, San Diego News Network, the Del Mar Times, the San Diego Business Journal, the San Diego Union-Tribune, the Voice of San Diego, and in a blog entry.

Vivek Sah's article on the future of REITs was featured on the front page of The Daily Transcript's Jan. 20 Commercial Real Estate Report.

The Burnham-Moores Center for Real Estate's 10th Annual Residential Real Estate Conference: Outlook 2010 was reported on in a California Real Estate Journal article Jan. 25.

Norm Miller was quoted in a Jan. 28 story on housing sales trends in Ranchosantafenewhomes.com.

The Burnham-Moores Center for Real Estate's 14th Annual Real Estate Conference on Jan. 29 was reported on in The Daily Transcript, the San Diego Union-Tribune, the North County Times, Indivdual.com, Gazarian Real Estate Center, and San Diego News Network.

Norm Miller was quoted in an Inman.com story Feb. 2 on national home sale trends.

A green building productivity study co-authored by Norm Miller was recently referenced in several national and international publications including: the International Business Times, Energysolutions.necanet.org and Thefifthestate.com.au.

Mark Riedy was quoted in a Feb. 4 article on CNN.com on issues in the commercial real estate industry. The story also was picked up by The Pembroke Falls Post and Silobreaker.com.



 Calendar

SAVE THE DATES . . .^back to top

Breakfast at the BMC featuring Janet Yellen, President of the Federal Reserve Bank of San Francisco Feb. 22, 2010
7:30 - 9 a.m.
Joan B. Kroc Institute for Peace & Justice, University of San Diego campus
To register, go here.
For questions or sponsorship opportunities, contact Diane Gustafson at (619) 260-2379 or dgustafson@sandiego.edu.
Annual Real Estate Career Expo with Speed Networking Format
Feb. 25, 2010
11 a.m. - 2 p.m.
Hahn University Center, Forums A & B, University of San Diego campus
For questions or to register, contact Lauren Lukens at (619) 260-7619 or llukens@sandiego.edu.
Deadlines for Fall 2010 MSRE Program
Standard admission deadline on March 15, with decision notification by April 15.
Late admission deadline on June 1, with decision notification by July 1.
For more information, go here.


 Continuing Education

Upcoming Courses and Seminars
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Real Estate Investment and Income Analysis 101
Starts Tuesday, March 9, 2010
To register, contact Jodi Waterhouse, or register online
For more information about this class or the certificate program, go here.

SEMINAR - Opportunities in Mexican Real Estate
Thursday, March 11, 2010
To register, contact Jodi Waterhouse, or register online
For more information about this class or the certificate program, go here.



Visit us online at www.USDRealEstate.com

The Burnham-Moores Center for Real Estate is committed to delivering outstanding education, industry outreach, career and research services to advance socially responsible leadership in real estate.


 
University of San Diego, 5998 Alcalá Park, San Diego, CA 92110-2492