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Letter from the Executive Director
I am pleased to announce that Ron W. May, MSRE class of 2007, has been awarded the Daniel B. Woodruff Memorial Scholarship for the spring 2007 semester. Every semester, center faculty and staff evaluate all of our real estate students — graduate and undergraduate — to select the most outstanding student, considering both academic achievements and other qualities that make the scholarship winner exceptional. This is the only scholarship among the dozen or so awarded through the center each year in which students do not apply. Rather, we pick the winner, and Ron was the clear consensus choice among a host of excellent candidates.
Ron May is the father of one child, with twins on the horizon. With a 3.9 grade point average on the MSRE program's 4.0 scale, he was one of the top-ranked students. This was no small feat considering his normal daily schedule that frequently had him on the Coaster from Oceanside to downtown San Diego in the early morning to meet his internship responsibilities at CCDC and KPMG, followed by MSRE classes on the USD campus, before catching late evening trains back home. Throughout the 11-month program and leading up to his graduation on July 13, Ron's positive attitude and prior work experience made him a great asset to the MSRE program, which he gives credit for having had a "dramatic impact" on his life and career.
Daniel B. Woodruff Memorial Scholarship winner Ron W. May
Ron graduated from San Diego State University with an undergraduate degree in business administration in December 2002. Upon graduating, he entered the management training program at Union Bank of California and through a series of promotions became a Small Business Development officer. Because of the scheduling demands of the MSRE program, Ron left Union Bank of California, though he continued another outside activity: serving as secretary on the executive board of directors of the Boys and Girls Clubs of Vista.
This spring, while nearing the end of the MSRE program, Ron accepted a full-time position with GMS Realty, now Terramar Retail Centers. With his high energy level and thirst for ever-greater challenges (wait until the twins are born!), he is excited to build his career in commercial real estate development. Friends of the Burnham-Moores Center will have the opportunity to meet this exceptional young professional at our 12th Annual Real Estate Conference in January 2008, where we continue the tradition of brief speeches by the most recent winners of the Woodruff Memorial Scholarship.
The Daniel B. Woodruff Memorial Scholarship is fully endowed. It was created to honor Dan Woodruff, USD class of 1998 (U.S. Navy 1992-96), who was an extraordinary young man with a passion for real estate, for friendships and for the pursuit of knowledge. After graduating from USD, Dan had accepted a position in secondary marketing at Countrywide, one of America's largest mortgage banking firms. Within months, however, he was diagnosed with cancer — a battle that he fought with incredible determination and spirit for almost two years.
Approximately four weeks before he lost that battle, we told him that this scholarship would be created as a permanent tribute to his life and the inspiration that he instilled in all who knew him. The first Woodruff Memorial Scholarship was awarded in the fall of 2000. Ron May is the 13th student to have been selected for this great honor. He joins a distinguished list of former recipients, which includes:
Philip Bretsch, Killian Pacific LLC, Vancouver, Washington
Ali Bryant, Jones Lang La Salle, London
Liz DiLorenzo, San Diego Commercial, San Diego
Caleb McKinley, Grice Lund & Tarkington LLP, Carlsbad, Calif.
Rodd Miller, Miller Development Group, Phoenix
Ann Mott, Cruzan/Monroe, San Diego
Rey Ross, The Corky McMillin Companies, San Diego
Michael (Mike) Scafuri, Pacific Life, Bloomingdale, Ill.
Jacob (Jake) Schwartz, Urban Housing Partners Inc., San Diego
Elsa Vasquez, City of Chula Vista, Chula Vista
Jesse Votaw, Foundation Trust Mortgage, Morgan Hill, Calif.
Joshua (Josh) Wilton, USD Undergraduate Student, San Diego
Dr. Mark J. Riedy
Burnham-Moores Center to Conduct Research on Energy-Efficient Development
Burnham-Moores Center associate professor Charles Tu, Ph.D., and residential real estate director Louis Galuppo have signed on to provide research to support the Energy-Efficient Community Development in California: The Chula Vista Research Project. The project is funded by the U.S. Department of Energy and the California Energy Commission and conducted by the National Energy Center for Sustainable Communities, the San Diego State University Research Foundation, the Gas Technology Institute, Colorado Energy Group, San Diego Gas & Electric, and the city of Chula Vista.
The overarching goal of the project is to resolve — through research and the development of new knowledge — existing technical and market barriers to the creation of more sustainable communities in California. At its completion, the project will deliver a set of practical case studies and guidelines for California planning, design and building professionals to use in creating more sustainable communities.
Through their research, Tu and Galuppo will provide two key pieces of information to the project. First, they will obtain stakeholder input regarding market and institutional feasibility of the proposed energy technology and community design (ET&CD) options. Secondly, the pair will identify existing legislative and regulatory barriers to ET&CD implementation and generate recommended public policies, incentives and program innovations to these barriers.
To do so, they will:
conduct workshops of community stakeholders to solicit input on the ET&CD options;
survey the investor community on perceived risks and opportunities tied to energy-efficient buildings and communities; and
conduct a roundtable discussion with representatives from the real estate development transaction chain.
They will focus their efforts on two community development sites in the city of Chula Vista: Eastern Urban Center, a predominantly commercial project with some residential components; and Village Nine, a mixed residential, commercial and institutional project.
Once the research has been completed, Tu and Galuppo will prepare both the Draft Stakeholder Input and Market Feasibility sections of the final research report.
Burnham-Moores Center faculty members were tapped for the research project because of the center's unparalleled industry connections in the San Diego area.
Breakfast at the BMC Series Off to a Successful Start
Featured speaker Ernest Rady shared his insights on real estate, business and life during the inaugural Breakfast at the BMC event, held June 21 at USD's Joan B. Kroc Institute for Peace and Justice. Nearly 160 people attended the event, which was the first of its kind hosted by the Burnham-Moores Center. Breakfast at the BMC is a distinguished lecture series featuring thought-provoking speakers and insightful panels of industry experts whose exposure to San Diego audiences has been previously limited or non-existent.
Ernest Rady poses with MSRE students after his Burnham-Moores Center classroom visit.
Rady founded American Assets Inc., a privately held conglomerate. Through American Assets, Rady controls and manages a group of companies primarily involved in financial services, investment management and real estate. Rady also founded Westcorp, a NYSE traded financial services holding company headquartered in Irvine, Calif. As the Westcorp chairman and CEO, he grew the combined assets to over $17 billion. Westcorp merged with Wachovia in 2006. He is chairman of the Dean's Advisory Council of the Rady School at UCSD, is a member of UCSD's chancellor's associates, serves as a trustee of the Salk Institute for biological sciences and is a trustee of Scripps Health.
Rady told those in attendance that: "The best way to succeed in real estate is to own good properties." Despite the ups and downs he has witnessed in the San Diego market over the 40 years he's been in the business, Rady said that: "Real estate is still a great way to accumulate wealth. In the end, Americans, San Diegans, want to own their own homes."
Apart from his real estate achievements, Rady has also enjoyed great success in three other major industries: insurance, banking and finance and oil and gas. While diverse on the surface, Rady said that: "What runs through each and every one is that they're all asset-based. I don't want to be in a business that doesn't have assets."
Rady also said that he has always followed his father's advice that: "There are three things in business: people, people and people. You have to associate with the very best people."
As for his own advice to others, Rady urged people to ask themselves: "Who am I and what can I do? If you find yourself doing something just to make a living, you won't be successful."
Ultimately, he added: "I'd get all the education you can. Education is the foundation."
Rady returned to the Burnham-Moores Center the following week to meet with a group of Master of Science in Real Estate students who drew inspiration from his career philosophy and strategy.
The next Breakfast at the BMC is scheduled for 7:30 a.m. on Sept. 13, 2007 at the Joan B. Kroc Institute for Peace and Justice. Brett White, CEO of CB Richard Ellis, will be the featured speaker.
Center Faculty, Executive Committee Member Teach at ULI Real Estate School
Associate professor Charles Tu, Ph.D., and Policy Advisory Board Executive Committee member Louis Masotti, Ph.D., both taught recently in the Urban Land Institute's Real Estate School 2007, held June 8-11 in Los Angeles.
ULI has been offering continuing education through its Real Estate School for more than 20 years. The prestigious professional development program taps the most experienced academics and professionals in the country to serve as its faculty.
This was Tu's second time teaching at the ULI national level. In the 2007 school, he taught a section of the Real Estate Finance and Project Analysis course, which was led by Mark Eppli, Ph.D., professor and holder of the Robert B. Bell Sr. Chair in Real Estate at Marquette University in Wisconsin. Tu's section focused on "The Role of Real Estate in a Portfolio of Risky Assets."
Masotti, who is president of Louis H. Masotti Ltd., was one of two lead instructors in the "Advanced Development Process: Commercial" course, along with Mark Hassinger from WestDulles properties in Virginia. Masotti created the course in 1995 and taught it each year through 2004. He was asked to rejoin as an instructor this year because of his expertise in the Los Angeles market as well as with the real estate projects and players discussed.
Lisa Chambers Attends European Real Estate Meeting
Lisa Chambers, director of Academic Affairs and Administration, attended the European Real Estate Society meeting in London, held June 27-30. The annual meeting included more than 100 attendees from universities in Europe and the United States. During the meeting, Chambers moderated a session on real estate education, which included academics from Germany, Greece and England.
Each year's music box carries a unique theme and execution, conceived by Zell.
Policy Advisory Board Executive Committee member Louis Masotti has donated to the Burnham-Moores Center his private collection of music boxes produced by billionaire real estate entrepreneur Sam Zell. Each year, Zell, who was the keynote speaker at the center's 11th Annual Real Estate Conference in January, designs and distributes to a limited number of his business associates a music box that reflects his views on an aspect of the financial/real estate markets.
The boxes, which Zell has been sending out in December since 1995, feature elaborate, sculptured designs with moving parts and a soundtrack which offers a humorous financial parody of a popular song. The 2006 music box, for example, features a take-off of the classic "Love and Marriage" song, with lyrics relating to Sarbanes-Oxley. Zell dubs the boxes his "year-end gift" and posts the visuals and graphics on a Web site where those who are not on his mailing list can enjoy them.
Masotti received the music boxes while he was on the board of Lifestyle Properties, one of Zell's companies. While preparing to move back to San Diego recently, Masotti and his wife, Randi, who worked for Zell at Equity Office Properties, decided they would make a perfect addition to the Burnham-Moores Center, where students, faculty, staff and visitors can appreciate them.
Each year, professionals at Burnham Real Estate generously help fund the endowment of the Burnham-Moores Center for Real Estate. Over a period of seven to 10 years — based upon business volumes — these donations will total $2 million. The amount is part of the $5 million pledge that endowed the center in 2004. Of the remaining $5 million, $2.5 million was pledged by John Moores, and $500,000 was pledged by the Burnham Foundation.
The 2006 Burnham professionals who contributed to the endowment were:
Mary Kay Bier
The Burnham-Moores Center for Real Estate is committed to delivering outstanding education, industry outreach, career placement, and research services to advance socially responsible leadership in real estate.
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