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Letter from the Executive Director
Can you imagine operating in real estate markets where many retail space leases last for just six months; where there appear to be few if any zoning restrictions; where six-year-old hotels are demolished and replaced with higher-value office space; and, where 200 square feet of residential living space per family member is considered nearly "luxury housing"? Since the last issue of The Pipeline, my wife and I spent 21 days touring China, including six flights within China and a three-day cruise on the Yangtze River. I was astounded at the pace and scope of development throughout the country, and at the insights provided by local tour guides in the seven major cities we visited. Major is in the eyes of the beholder, I learned, in that among the stops was a "small city" of 4.4 million!
I thought back to the Center's 10th Annual Real Estate Conference in January 2006, when we featured a two-hour discussion about real estate investment and development opportunities in China. Indeed, that conference is what prompted our decision to visit China for an extended period. And I thought about the future along two lines: First, the Burnham-Moores Center will internationalize our programs over time as part of our long-term strategic plan. Second, with the arrival of Dr. Norm Miller who will join our team in mid-August, we hope to organize international study tours for friends of the Burnham-Moores Center. While at the University of Cincinnati, Dr. Miller led such groups, including a trip to Asia last fall with senior real estate executives who met with their Chinese counterparts from Procter & Gamble, Wal-Mart and ProLogis.
Whenever I contemplate the future of USD's real estate program, I am energized by the incredible opportunities we have to provide life-long learning opportunities for our students, alumni and friends in the real estate community: international study tours; a significant expansion of our continuing education programs to include residential; a new undergraduate major in real estate slated for Fall 2008; and, the new "Breakfast at the BMC" series, scheduled to debut June 21 with Ernest Rady, an extraordinary business executive and philanthropist, as our first speaker.
We could not accomplish all of these initiatives without the tremendous support of industry executives, the USD administration and School of Business leaders, and an exceptionally creative and hard-working team at the center. The hallmark of our success — past, present and future — is the wonderful balance we maintain by blending academia and business, and I cannot over-emphasize my gratitude to all who contribute to these achievements.
Dr. Mark J. Riedy
Ernest Rady to Kick off Burnham-Moores Center's New Lecture Series
San Diego businessman and philanthropist Ernest S. Rady will speak at the inaugural presentation of the Burnham-Moores Center's new "Breakfast at the BMC" series, scheduled for June 21 at USD's Joan B. Kroc Institute for Peace and Justice.
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. While he is a well known and highly respected figure in the San Diego community, Ernest Rady makes few public appearances, so this is a rare opportunity to hear him speak. To register for the June 21 event, which will have limited seating, go to www.usdce.org/bmcre/conference.
Rady was born and raised in Winnipeg, Manitoba Canada. He attended the University of Manitoba and earned degrees in commerce and law, receiving both the Law Society Award for Academic Achievement in Law and the University Gold Medal in Commerce. He was a member of the Manitoba Bar Association. In 1966 he moved his family to San Diego.
Upon arriving in San Diego, 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.
In addition to his laudable business achievements, Rady also has a long history of volunteer endeavors, including his roles as chairman of the Dean's Advisory Council at the Rady School at the University of California-San Diego, a member of UCSD's Chancellor's Associates, a trustee of the Salk Institute for Biological Sciences and a trustee of Scripps Health. He and the Rady Family Foundation donated funds to support UCSD's School of Management, which was named the Rady School in appreciation of his support.
Rady was past chairman and treasurer of Children's Hospital and Health Center of San Diego. In 2006, he made a significant donation to Children's Hospital to help pay for its new pavilion. In recognition of the largest gift in the hospital's history, the entire hospital has been renamed Rady Children's Hospital.
Burnham-Moores Center associate professor Charles Tu, Ph.D., has been granted tenure on the faculty of the University of San Diego, effective Sept. 1, 2008. Tu joined the university as an associate professor in 2004 and took on the role of interim academic director of the Master of Science in Real Estate program in 2006.
To receive tenure, USD faculty members must demonstrate noteworthy achievements in the areas of teaching, scholarship and service. Tu, who earned his Ph.D. at The George Washington University, was named "Teacher of the Year" by last year's MSRE class for his teaching excellence. He has been published in the highest ranked academic journal in real estate, Real Estate Economics, in addition to other premier academic publications in real estate and finance. In the service arena, Tu has been actively involved with the American Real Estate Society. He has been invited to present research at several professional meetings, including the Urban Land Institute, the Mortgage Bankers Association of America and the Environmental Protection Agency. He also has served as an instructor in ULI's real estate school.
Tu's award of tenure was one of the critical breakthrough objectives set by the Burnham-Moores Center for this year.
Q&A with Gary London, Continuing Education Instructor
Gary London is president of The London Group Realty Advisors Inc., a real estate investment and development consulting and capital access firm that provides strategic consulting services and equity to real estate developers, investors, corporations, financial institutions, businesses and public agencies. He taught in the first semester of USD's Master of Science in Real Estate program and has been teaching in the Certificate in Real Estate Finance, Investments and Development program since its inception in January 2006.
Q: What prompted you to teach in USD's certificate program?
A: USD — at every level — is making a concerted effort to strengthen real estate education in the San Diego region. They seem to be in good hands in the undergraduate and graduate areas and, given that I have taught continuing education elsewhere for over 20 years, I thought this was the best way I could contribute to the program.
Q: What do you think the need is for continuing education in the San Diego real estate community?
A: At its very heart, San Diego is a real estate town, and real estate education in the area has been a deficiency for many years. USD's program has come online at a time when the real estate game has become much more complex, which mandates the need for a much higher level of expertise.
Q: What do you feel you bring to your role as a continuing education instructor?
A: Experience, expertise and enthusiasm. And, because I'm a consultant, I bring a very broad perspective into all different kinds of real estate development and investment. The class, then, becomes a one-stop shop for the whole real estate picture. I also bring in guest speakers, which is important for real estate professionals, who benefit from the networking opportunities.
Q: You have several USD graduates working for you currently.
What is it about the caliber of the university's students that attracts you?
A: I'm looking to hire "carnivorous" entrepreneurs. The people that matriculate out of USD are smart, well-rounded and very ambitious, and those are the people I want on my staff.
Q: As part of the program's curriculum review committee, where do you see the Burnham-Moores Center's continuing education offerings heading in the future?
A: We're in the fine-tuning stage in this, the second year of the program. The university is very active in soliciting feedback from the instructors, who are drawn from the real estate industry, to make sure the course offerings are as relevant as possible. They want us to tell them what the market needs are, rather than the other way around, so that the San Diego real estate community will be best-served.
MSRE students, faculty and staff enjoy a pre-game barbecue at the Upper Deck Terrace.
On May 14, 50 current Master of Science in Real Estate students and alumni watched the San Diego Padres take on the Cincinnati Reds at PETCO Park. The sold-out event marked the first MSRE reunion trip to the stadium.
On May 24, USD Real Estate Society members and USD real estate alumni followed suit as they watched the Padres fall to the Cubs in the society's year-end celebration, which also was a sell-out.
Given the success of both events, another Padres alumni outing is being planned for the fall.
Breakfast at the BMC featuring San Diego Businessman and Philanthropist Ernest S. Rady
· Thursday, June 21, 2007, 7:30 a.m., Joan B. Kroc Institute for Peace and Justice. ·
Contact Jodi Waterhouse to register, or register online
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.
University of San Diego, 5998 Alcalá Park, San Diego, CA 92110-2492