UCIrvine - The Paul Merage School of Business - Center for Real Estate   Buildings
Quick Links
2009 Distinguished Executive-In-Residence
2009 Annual Spring Board Meeting & Symposium
Welcome New Board Members
Real Estate Curriculum
Spotlight on our Research
Spring Breakfast Speakers Event
ICSC University Outreach
Spotlight on our Faculty
Spotlight on our Students
Spotlight on our Alumni
UCI Real Estate Alumni Association
Merage Real Estate Students in the Community
Events

Breakfast Meeting #1
Pacific Club, Newport Beach, California
7:30 a.m. – 9:00 a.m.
October 2009

2009 Real Estate Awards Celebration
TBD
November 2009
Breakfast Meeting #2
Pacific Club, Newport Beach, California
7:30 a.m. – 9:00 a.m.
January 2010
3rd Annual Research Symposium
TBD
February 2010
2010 Annual Spring Board Meeting
TBD
March 2010
Breakfast Meeting #3
TBD
May 2010
Please visit our website at www.merage.uci.edu/GO/CRE for updates on our calendar of events.
Subscribe
Manage your E-Newsletter Subscription
 
 

kerry Vandell

Print Version
Email a friend

Message from Kerry D. Vandell
Deans Professor of Finance & Director

Dear Center for Real Estate Friends:

As the 2008-2009 school year comes to a close, I would like to reflect on some of the Center’s recent activities. Throughout this year, the Center produced and sponsored close to 30 events, which includes the Center’s organized events as well as those associated with the newly formed UCI Real Estate Alumni group, our student-led Merage Real Estate Association, and the Paul Merage School of Business-led real estate. Most recently we presented real estate icon, Alfred Taubman, with our first Distinguished Executive-in-Residence Award. Mr. Taubman’s visit to Southern California and UC Irvine was especially meaningful, as we were reminded of his early beginnings and ties to the West Coast as the first president of the Irvine Company. This program was a huge success and we are truly privileged to have a professional of Mr. Taubman’s stature and expertise participate in this program. Additionally, this year we held our annual Spring Board Meeting and Symposium at the Resort at Pelican Hill. This exclusive 2-day event provided our guests with a wonderful opportunity to participate in a number of high-level educational sessions, including a fantastic keynote address by Paul A. McCulley, Managing Director and Portfolio Manager of PIMCO. I would like to extend a special thanks to John Hagestad, board member and managing principal of SARES*REGIS, who chaired this program, and to all who participated in this phenomenal annual event.

Despite the severe slow down of our economy, the Center continues to find opportunities through its research activities which allow us to study and better understand the factors that have taken place during this cycle, as well as learn how to deal with them. In February, we took advantage of our economic surroundings by producing our 2nd Annual Research Symposium entitled “Housing after the Fall: Reassessing the Future of the American Dream.” This symposium, which was co-sponsored by the John D. and Catherine T. MacArthur and Rockefeller Foundations, was held in partnership with a sister symposium held by New York University’s Furman Center for Real Estate. This nationally recognized symposium produced a number of thoughtful essays, responses, and commentary by our academic participants. Over the summer, we will be working on publishing a synthesis of this information with the intent of providing housing and mortgage policy recommendations for our President and Congress.

Finally, we continue to develop the School’s MBA real estate track to provide our students with a strong foundation and the necessary tools and skill sets to enter the workforce. Our courses offer a balanced blend between academic and real world application to ensure that our students are prepared to face the challenges of today’s dynamic environment. Our efforts in teaching, research, and outreach have set us on path to become an important resource for the real estate community, and we thank you for your continued recognition of our leadership role in the real estate community. On behalf of associate director, Sharon Nakamura-Brown, and all of us at the Paul Merage School of Business and the Center for Real Estate, I would like to thank you for your continued support, and look forward to the steady and continued progression of our Center.

Sincerely,

Vandell Signature

Kerry D. Vandell
Deans Professor of Finance
Director

2009 DISTINGUISHED EXECUTIVE-IN-RESIDENCE

Alfred Taubman

This spring, the Center for Real Estate successfully launched its newest professional outreach program, the Distinguished Executive-In-Residence. This meaningful program will allow the Center to periodically present an award to a senior real estate professional in the US and internationally who has demonstrated a commitment to excellence in leadership, education and mentorship of students and young professionals, and dedication to the enhancement of the communities he or she has served. Alfred Taubman, one of the most successful real estate developers and entrepreneurs of our time, is the first recipient of this prestigious award. He is the founder of Taubman Centers, Inc. (NYSE: TCO), one of the nation’s leading real estate developers and operators of regional shopping centers, and is the author of the best-selling business memoir, Threshold Resistance: The Extraordinary Career of a Retailing Pioneer. Click here to view Mr. Taubman’s complete bio. Through a series of meetings organized by the Center, Mr. Taubman visited UC Irvine and the local community on May 5-6 where he interacted with students, faculty, board members, and the public. His visit was highlighted by his participation at our Breakfast Meeting at the Pacific Club in Newport Beach titled “The Future of Retailing and Other Lessons in Life: A Conversation with Al Taubman” which was moderated by Ethan Penner, Managing Director of CB Richard Ellis Investors. We would like to thank Mr. Taubman and members of the Taubman team- Mark Parish, Linden Nelson, Chris Tennyson and Melinda Marcuse for a successful visit, and we look forward to continuing our relationship.


2009 ANNUAL SPRING BOARD MEETING & SYMPOSIUM

Spring Board Meeting & Symposium

The Center hosted its Spring Board Meeting & Symposium on March 26-27 at the newly renovated Resort at Pelican Hill in Newport Coast, California. The invitation-only event was a huge success with over 120 participants in attendance. The meeting commenced with a private cocktail reception and dinner where guest speaker Paul McCulley, Managing Director of PIMCO, delivered an invigorating keynote presentation on the state of our current global financial crises. The following day, the symposium featured a Center Report & Market Commentary by Kerry Vandell, and three plenary industry panel sessions that addressed current topics on the evolving landscape of debt, raising institutional equity and asset pricing. The Center for Real Estate would like to thank our Executive and Planning Committees, and especially John Hagestad, who successfully served as the Chair of this meeting. Additionally, a special thanks to Bill Halford, Phil Belling, Brandy Birtcher and Robert Brunswick, for working diligently with John to put together a great program. To view a photo gallery of this event, please click here.


WELCOME NEW BOARD MEMBERS

NEW BOARD MEMBERS

The Center for Real Estate would like to welcome William A. Witte and Bill Williams as our newest advisory board members. William A. Witte is President of Related Companies of California and Bill Williams is the Co-Founder and CEO of CWS Capital Partners. We would like to extend our appreciation to both of these board members, as well as to our existing Center donors for their ongoing support and contributions. Membership gifts are critical to supporting the activities of the Center. For more information about joining the Center’s board, please contact the Center’s Associate Director, Sharon Nakamura-Brown at Sharon.nakamura@uci.edu or at 949/824-6246. To view a complete roster of the Center’s donors, please click here.


REAL ESTATE CURRICULUM

Real Estate Development Process

A vital element to UC Irvine’s MBA Real Estate Curriculum at the Paul Merage School of Business is the Real Estate Development Process course taught by John Kelterer. This course is intended to introduce the student to the nature and composition of the development community and to familiarize the student with the development process – from planning, obtaining an option on the site, finding equity partners and lenders at the beginning; through the approval process and construction; to lease-up, property and asset management, and ultimate disposition. The course emphasizes the role of the developer in identifying and implementing a real estate project within a framework of conflicting interests, values and goals, and a market which doesn't always behave as expected. Lectures are supplemented by a number of guest lecturers representing different roles in the development process to provide students various professional perspectives. The course emphasizes the importance of real world application, as such students work with a client in putting together a feasibility analysis and optimal deal structure for an actual development project. To view a complete description of our real estate course offerings, please CLICK HERE.


SPOTLIGHT ON OUR RESEARCH

SPOTLIGHT ON OUR RESEARCH

Dr. Kerry Vandell is currently working on a synthesis of the findings presented at the Center’s second annual academic symposium entitled, “Housing after the Fall: Reassessing the Future of the American Dream.” This piece will take a comprehensive look at the symposium’s findings and other historical data, and will distill it to discern the most likely future structure of the housing and mortgage markets, neighborhoods, and cities. The paper provides recommendations for each topical area of discussion – secondary markets, derivatives, mortgage products, and homeownership policy, among others. The intended audience of the white paper is not simply the academic and policy research communities, but it is hoped that the paper will be of direct use to professionals in the housing and mortgage sectors, legislators, officials of the executive branch, and other policy makers at the federal level. The synthesis will also be of great use to non-profit institutions to facilitate the selection process for funding of research programs.


SPRING BREAKFAST SPEAKERS EVENT

SPRING BREAKFAST SPEAKERS EVENT

The Center for Real Estate hosted a public breakfast event on May 6 which featured retail legend Alfred Taubman, the Center’s first recipient of the Distinguished Executive-In-Residence Award. The talk was titled “The Future of Retailing and Other Lessons in Life: A Conversation with Al Taubman” and was moderated by Ethan Penner, Managing Director of CB Richard Ellis Investors. Mr. Taubman reflected on his illustrious career and some of his diverse life experiences, which included the purchase of The Irvine Ranch, buying the art auction house Sotheby’s, and running A&W Root Beer. He also discussed his current business plans in the movie production business and gave his outlook on the future of the retail industry. At the conclusion of the event, Mr. Taubman was awarded the Distinguished Executive-In-Residence Award for his commitment to excellence in leadership, education and mentorship of students and young professionals, and dedication to enhancement of the communities he has served. We would like to thank Mr. Taubman for his involvement with the Center’s activities, and for making his time with us a special and memorable experience.


ICSC UNIVERSITY OUTREACH

ICSC UNIVERSITY OUTREACH

The Merage Real Estate Association and the Center for Real Estate hosted its first annual International Council of Shopping Centers (ICSC) Next Generation Conference on May 14. The purpose of this event was to inform current students, along with young local real estate professionals of the benefits of joining ICSC as well as to provide a meaningful discussion about the retail sector. The event was moderated by Steve Thorp of Burnham USA and featured 5 panelists: Ryan Rhoads of The Irvine Company, Paul Collins of McDonalds, Matt Christensen of United Investments, LLC, Jack Lee of Amazon Financial Corporation, and Mike Needler of Capmark Financial. The panelists discussed their rewarding experiences as ICSC members, provided career advice to the students, and discussed the future of retail. Special thanks to all the ICSC speakers, as well as to Jay Tanjuan and MREA officers for coordinating this event.


SPOTLIGHT ON OUR FACULTY

John Kelterer

John Kelterer currently teaches the Real Estate Development course as part of UC Irvine’s MBA Program at the Paul Merage School of Business. John has over 30 years of real estate experience in banking, investment banking, real estate development, and real estate consulting. Most recently, John formed the RBF Asset Management Group with RBF Consulting, a group designed to assist owners and holders of real estate with troubled assets. Additionally, John serves as Principal at the real estate advisory firm - McWalters and Kelterer - a position he has held since 2005. Prior to that, he was a Principal at Mandalay Bay Partners, LLC where he developed 136 acres of waterfront property at the Channel Islands Harbor in Ventura County, CA. Also during this time, he served as advisor and consultant on four planned communities in Northern and Southern California. Prior to that, Mr. Kelterer founded Benchmark Development Company, where Mr. Kelterer served as its President and CEO. Benchmark was the Master Developer of a 5000-acre master planned community known as Rancho Santa Margarita located in South Orange County. John also served at Merrill Lynch as an Investment and Merchant Banker in the Merrill Lynch Financial Services Group. Furthermore, John spent 16 years at Wells Fargo Bank where, as Senior Vice President, he founded the Southern California Division of the bank's Real Estate Industries Group. The Southern California Division grew to generate in excess of $2 billion in annual financing within 5 years. A native of San Francisco, Mr. Kelterer is a graduate of Santa Clara University where he received a Bachelor's Degree in Science and Commerce. He also holds a MBA from the University of San Francisco. Mr. Kelterer resides with his wife and daughter in Laguna Beach, California.


SPOTLIGHT ON OUR STUDENTS

Jason Ireland

Jason Ireland is a first year full-time MBA candidate at the UC Irvine’s Paul Merage School of Business. He also serves as the 2008-2009 Center for Real Estate Fellow, in a role that supports the Center’s marketing and communications needs (including helping to write our important quarterly E-Bulletins). Jason attended the University of Oklahoma and holds a BS in Chemical Engineering. Following graduation, Jason was hired by the Goodyear Tire and Rubber Company and worked as a Product Engineer at one of their tire manufacturing facilities. He was responsible for improving tire compound performance both in the plant and in the field. While working at Goodyear, he formed a small real estate company which focused on buying distressed homes, rehabbing them, and eventually converting them into rental property. From this experience with real estate, Jason became highly interested in it and decided that he wanted to pursue real estate as his career. He is the incoming Co-President of the Merage Real Estate Association and together with Co-President Lee Busse and the other newly instated MREA officers, Jason is currently working diligently to plan next year’s 2009-2010 MREA activities. Jason is an active member of the ULI Young Leaders Group, Toastmasters, and Challenge for Charity (C4C). He was a volunteer tutor at a public housing recreation center for several years and was a mentor in the Children of Incarcerated Parents Program.


SPOTLIGHT ON OUR ALUMNI

Marco Vakili

Marco Vakili is a 20-year veteran of the real estate industry and has worked primarily on residential and mixed-use urban in-fill and redevelopment projects. He was Division Vice-President of BRE Properties, Inc., one of California’s largest multi-family REIT’s, and also served as Vice-President of Urban Development for Lennar Homes. In those roles he was responsible for the overall development process including acquisitions, due-diligence, entitlements, design, budgeting & scheduling, and management reporting. Marco developed and completed several residential projects, most with retail components, which ranged in density from 4-story low rise to 40-story high rise buildings. Prior to that, Marco worked at Pepsi Co. within the real estate arm of its subsidiary restaurant chain - Taco Bell. He was responsible for gaining corporate approvals for the acquisition of over 400 new restaurant sites across the country, totaling over a half a billion dollars. He later moved into strategic planning for the company where he evaluated its real estate holdings across the country and created strategic plans for the acquisition and disposition of assets. Marco holds a Masters Degree in Business Administration and a Bachelor of Science Degree in Mathematics, both from the University of California, Irvine. He was a scholarship recipient from the National Association of Industrial and Office Parks and founder of the Real Estate Association at UCI’s Business School. Marco is married, has two children and lives in Carlsbad. He can be contacted at marcovakili@roadrunner.com


UCI REAL ESTATE ALUMNI ASSOCIATION

UCI REAL ESTATE ALUMNI ASSOCIATION

The UC Irvine Real Estate Alumni Association (UCIREA) had its first “Shop Talk” event of the year on April 22nd, 2009 which was hosted in partnership with CB Richard Ellis and The Irvine Company. The event featured 5 panelists: Keith Eyrich, President of The Irvine Company Retail Properties, Pat Donahue, President and CEO of Donahue Schriber, Larry Meyer, Senior Vice-President and Chief Financial Officer of Forever 21, Jeff Nichols, Director of Real Estate of Home Depot Western Division, Scott Kaplan, Senior Managing Director of CBRE Retail Western Division. The event was moderated by Jeff Dodd, Senior Vice-President of The Irvine Company Retail Properties, and Jeff Moore, Senior Managing Director of CBRE. The panelists discussed their perspectives on the issues impacting the local retail industry which included the impact of consolidations, bankruptcies, and re-letting big boxes as well provided insight on managing through the current economic recession. The Center for Real Estate would like to especially thank the panelists and moderators for their insightful discussions, as well as CB Richard Ellis and The Irvine Company for making this event a success. To learn more information about UCIREA, which is open to all members of the real estate community, please visit: www.ucirea.org, or e mail: alumni@ucirea.org.


MERAGE REAL ESTATE STUDENTS IN THE COMMUNITY

MERAGE REAL ESTATE STUDENTS IN THE COMMUNITY

The Center for Real Estate would like to recognize Laura Sheen and Jay Tanjuan, both MBA students at UC Irvine, for their involvement with the Building Block Foundation Fund. Jay and Laura serve on the foundation’s advisory board and are heavily involved in their philanthropic events. Most recently, they were involved in the 4th Annual Celebration Event titled, “Against All Odds” which featured former Anaheim Angels and NY Yankees pitcher Jim Abbott. The fundraising event focused on the disenfranchised youth of Orange County, and utilized the foundation to provide these children with better resources to make a positive transition into adulthood. The Building Block Foundation Fund is a philanthropic organization designed to enable the commercial real estate community to contribute in a meaningful way to the long-term future of Orange County. The fund funnels the goodwill of the local industry into a performance-based giving program that is sustainable and accountable.


2009-2010 CALENDAR OF EVENTS

October 2009:

Breakfast Meeting #1
7:30 a.m. – 9:00 a.m.
Pacific Club, Newport Beach, California

November 2009:

2009 Real Estate Awards Celebration
TBD

January 2010:

Breakfast Meeting #2
7:30 a.m. – 9:00 a.m.
Pacific Club, Newport Beach, California

February 2010:

3rd Annual Research Symposium
TBD

May 2010:

Breakfast Meeting #3
TBD


Please note that our 2009-2010 calendar of events is currently being planned. For updates and the addition of new events, please visit our website at www.merage.uci.edu/GO/CRE