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Real Estate Breakfast Series 2
Pacific Club, Newport Beach
7:30 a.m. – 9 a.m.
January 22, 2009

Center for Real Estate Research Symposium
“Housing after the Fall: Reassessing the Future of the American Dream”
Hotel Laguna
Feb 19 - 20, 2009
Center for Real Estate Spring Board Meeting & Retreat
Pelican Hill Resort, Newport Coast
March 26 & 27, 2009
Real Estate Breakfast Series 3
Pacific Club, Newport Beach
7:30 a.m. – 9 a.m.
May 6, 2009
Center for Real Estate Website
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kerry Vandell

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Letter from Kerry Vandell, Director

Dear Friends of the Center for Real Estate,

Over the last year, we have seen an economic downturn unlike any this country has experienced in several decades. Despite this uncertain economic environment, the Center for Real Estate has continued to grow and develop -- with a robust curriculum, a strong research program, and meaningful outreach activities.

Real estate assets and financial instruments continue to be a major economic force in the world economy, and our work in supporting research that is relevant and has the potential to influence public policy in this area has become even more critical. In addition to training new real estate leaders through our educational program, we continue to produce a variety of meaningful activities that serve as outreach to the local community.

The Fall Breakfast Speakers Event, along with the Real Estate Gala and Awards Dinner, are just two of the many events that serve to link the Center for Real Estate with the professional community and the public at large. Furthermore, we are currently working on a variety of research initiatives that we will share with you soon.

We have high aspirations for the Center, and our strong partnership with the community serves as testament to our rapid growth and reveals a path leading to something very special. There is much more work to be done in further establishing our Center as a premier real estate resource for the academic and business communities and for this reason we are especially appreciative in these times of your continued support. We are excited about the future of the Center and look forward to collaborating with you in the many events that we will be offering throughout the year.

Vandell Signature

News Bulletin



We would like to extend our warmest thanks to all those who attended the 20th Anniversary of the Real Estate Gala & Awards Dinner at the Hyatt Hotel in Irvine on November 10th, 2008. The program was truly an extraordinary event with close to 600 esteemed real estate professionals and friends arriving from Orange County, Los Angeles and San Diego. These guests attended to honor several among their colleagues as well as to hear the perspectives of some of the most well respected professionals in the real estate industry. The attendance and sponsorship was the highest in the event’s 20 year history. The Center for Real Estate, along with presenting sponsor Allen Matkins, presented the Center’s 20th Annual Lifetime Achievement Award to Steve Layton & Phil Belling of LBA Realty in recognition of their significant track record in the real estate industry as well as their strong ethics, values and commitment to community service. Bill Halford was recognized with the Center’s first Distinguished Service Award for his leadership as chairman of the Center’s Advisory Board and his efforts in jump-starting our successful Mentorship program. The program also featured keynote guest speaker Nelson C. Rising, President & CEO of Maguire Properties, who addressed the challenges of the current economic environment. Derek Chen, Jerome Fink & David Kim, Co-Founders of the Bascom Group, were awarded the Rising Star Award for their successes not only in the real estate industry but also from their commitment to community development. John Parker, Chairman of Parker Properties, was awarded the Power-Packed Philanthropist Award for his extensive charitable work by Shelley Hoss of the Orange County Community Foundation. In addition, Dr. Kerry Vandell gave an update on the status and exciting progression of the Center for Real Estate. Thank you again for all those who attended as well as those who helped in planning this amazing event.



The Center for Real Estate hosted its first breakfast speaker’s event of the year on November 18th, 2008 at the Fairmont Hotel in Newport Beach. The panelists included: Raymond W. Lowe, Managing Director of Wells Fargo Real Estate Merchant Bank, Scott F. McMullin, Executive Managing Director of Holliday Fenoglio Fowler, John F. Simonis, Partner of Paul Hastings Janofsky & Walker, Howard Stern, Managing Partner of Hudson Capital, LLC, and moderator Kevin R. McKenzie, Partner of Parker Properties. The main topic of discussion was titled "Capitalize the Distress: Funding Opportunity and Managing Threats." Panelists gave their insights on the factors behind the current credit crisis, investment opportunities, future market challenges, and the threats that continue to exist in the market. The Center would like to thank each panelist for the informative dialogue they provided. This breakfast series is the first of 3 events held throughout the year where the real estate community can listen to the perspectives of highly- regarded real estate professionals on various topics that impact the real estate industry. For more information about our next breakfast speakers event on January 22, 2009, please contact the Center’s Event Coordinator, Cynthia Fusco, at 714/979-9131, ext. 227 or via email at cfusco@cgfassoc.com 


The Center would like to welcome Justin Smith and Rachid Chamtieh as our newest advisory board members. Justin Smith is Vice President & Partner at Lee & Associate’s Irvine office. He holds a BA from UC Irvine and is a current MBA candidate at USC’s Marshall School of Business. Rachid is a partner at Deloitte & Touche’s Costa Mesa office. He has been with the firm for 15 years and oversees their real estate practice group. We would like to extend our deepest appreciation to Justin and Rachid as well as to our existing Center donors for their ongoing support and contributions. For more information about joining the Center’s boards, 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 visit http://merage.uci.edu/ResearchAndCenters/CRE/Content/Donors/139


John Hagestad

The Center for Real Estate will be hosting its 1st annual Spring Board Meeting and Retreat at the newly redesigned Pelican Hill Resort in Newport Coast on March 26th and 27th, 2009. This exclusive event will provide current board members with an opportunity to network among industry peers, receive an update on the progress of the Center, take part in several high-level educational sessions regarding current issues facing leaders in today’s market, as well a participate in leisurely activities at the Resort. We’d like to especially thank John Hagestad, Managing Director and Principal of the Sares-Regis Group for serving as chairman of this exciting event. For more information about becoming a board member or this event, please contact the Center’s Associate Director,Sharon Nakamura-Brown at sharon.nakamura@uci.edu.


The Center for Real Estate has received recent media coverage from a number of sources, listed below. We invite you to read the full stories by clicking on the titles, which are hyperlinked to the source websites. Most of the coverage relates to Professor Kerry Vandell’s recent research paper examining the extent to which subprime lending per se was responsible for the housing bubble in the mid-2000’s. Professor Vandell has also been active in a number of other academic and industry-related activities: He has been offered courtesy joint appointments in the department of planning, policy, and design and in the new UC Irvine School of Law and is working to recruit new faculty in corporate and environmental law as well to develop the new JD/MBA program. His appointment is in recognition of his past and current research on policy issues and his advisory and expert witness work in such high-profile cases as Hurricane Katrina and the World Trade Center. He was also invited to provide the Keynote Economic Outlook address to the national NAREIT conference held in November in San Diego and to moderate a panel of industry experts discussing the problems and prognosis for the real estate capital markets.

  1. UC Irvine News Video, Center for Real Estate mortgage lending research, 7/30/08
  2. Press-Enterprise, UC Irvine real estate study blames mortgage crises on home limits, Center for Real Estate News/Podcast, 7/30/08
  3. Daily Breeze, Study shifts blame for housing collapse, 7/30/08
  4. HousingWire.com, Subprime lending not to blame for credit mess, says study,7/20/08
  5. Inman.com, Workouts lets thousands keep their homes, 7/31/08
  6. PHYSORG.com, Subprime lending not main trigger of real estate bubble, 7/30/08
  7. Los Angeles Times, Federal Foreclosure-purchase program may fall flat in California, 8/20/08
  8. OC Register, Tell Us-Is OC housing approaching a bottom?,8/18/08
  9. California Real Estate Journal Special Real Estate Law Supplement, editorial provided by Kerry Vandell, Real estate professionals and the law, not so strange bedfellows, 9/29/08


The Center for Real Estate would like to express our deepest appreciation for this year’s new 15 member Executive Committee, which includes Bill Halford, Brandon Birtcher, Erik Hansen, Douglas Holte, Douglas Meece, Adam Markman, Royce Sharf, John Simonis, Terry Thompson, Bob Campbell, John Hagestad, John Herold, Kevin McKenzie, John Parker and Phil Belling. The function of the Executive Committee is to advise the Center’s leadership in the ongoing qualitative growth of the Center for Real Estate. The committee will invite current advisory board members to participate and serve on various sub-committee efforts related to industry programming, teaching, research, and membership development. The Center would like to extend a special thanks to Bob Campbell, Membership Chair; Doug Meece, Real Estate Gala Chair; John Hagestad, Spring Board Meeting Chair; Kevin McKenzie, Breakfast Speakers Series & Executive Speakers Series Chair; and Bill Halford, Mentorship Program Chair. For more information about joining the board and its various involvement opportunities, please contact the Center’s Associate Director, Sharon Nakamura-Brown at Sharon.nakamura@uci.edu.


Last year’s Real Estate Mentorship Program was the largest subscribed mentorship program of its kind at the Paul Merage School of Business. The program is designed to provide students with the opportunity to interact with practitioners in a real-world setting, as well as provide our industry friends with the opportunity to participate in a meaningful Center activity. We are pleased to inform you that this year’s Mentorship Program will be integrated into the Paul Merage School of Business’ School-wide Mentorship Speakers Series. This three-part series consists of a “Kick-Off” event featuring networking, a guest speaker and a detailed orientation; the second will feature a guest speaker addressing leadership and team development; and the final session will be a “Wrap-up” session, which will review the year and acknowledge participants for the work. For more information about the Mentorship Speakers Series please contact Melissa La Pluma at mlapluma@exchange.uci.edu. For more information about the real estate mentorship program please contact the Center’s Program Coordinator, Megan Zfaty at mzfaty@merage.uci.edu. The Center will complete the pairing process in mid December. We express our sincere gratitude to Bill Halford for his extraordinary effort to jump-start this important component of our curriculum.


John Herold

This quarter John Herold teaches Applied Real Estate Security Analysis and Portfolio Management at the UC Irvine Paul Merage School of Business. The course provides the students an understanding of the public REIT market and its place in modern investment strategies, contemporary methods for analyzing and valuing real estate companies, and basic concepts for constructing and managing a diversified real estate investment portfolio. At the conclusion of this class, interested (and qualified) students will ultimately have the opportunity to actively manage a portfolio of REIT stocks that will be funded through private investors. The course is through the generous involvement of a team of REIT analysts and managers from Green Street Advisors of Newport Beach. John Herold is currently the COO and Co-Portfolio Manager of Oak Hill REIT Management, an investment management company that invests in publicly traded real estate companies. Oak Hill REIT is one of several, independently-managed partnerships under the Oak Hill umbrella, whose lead investor is Robert Bass.


Jay Tanjuan

Jay Tanjuan, a graduate of the U.S. Navel Academy in Annapolis, is a second-year full-time MBA student at the Paul Merage School of Business. He currently serves as Co-President of the Merage Real Estate Association, which is a student run organization designed to provide its student members with educational, career, and networking opportunities in the real estate industry. Together with Co-President Laura Sheen , he has planned numerous company tours, helped organize major real estate events sponsored by the Center for Real Estate, planned community philanthropic events, and was instrumental in starting UCI’s first Real Estate Training Series featuring Excel and ARGUS. Through his efforts, he has strengthened the presence of UCI’s Real Estate Program as well as the Center for Real Estate in the local community. Currently, Jay is an Acquisitions Analyst Intern with The Bascom Group. He has also completed internships with CB Richard Ellis and Land Co. Development Resources, Inc.



The Merage Real Estate Association (MREA) organized a team of real estate students to participate (for the first time) in the 8th Annual Buchanan Street Partners’ Challenge for Children event on September 12, 2008. The friendly, multi-sport competition drew in 48 teams from various schools and real estate companies and raised hundreds of thousands of dollars to raise awareness and financial support for children in need. Overall, the MREA team posted impressive results and looks forward to participating again next year! MREA would like to thank its team's sponsor, Patriot Equities of Wayne, PA, as well as contributors Snyder Langston and the Center for Real Estate at The Paul Merage School of Business. MREA is an active, student run organization that complements the real estate MBA program and the Center for Real Estate by offering various educational, networking and career-related events and opportunities. For more information about MREA, please visit: www.merage.uci.edu/clubpages/mrea.


The Center for Real Estate this past spring honored three Class of 2008 MBA students with scholarship awards. Robert Pereira received the Director’s Award Scholarship, and Jeff Jackson and Alex Rapoport were each awarded an Elm Weingarden Scholarship. These annual awards provide financial assistance to outstanding MBA students whose post MBA career will lead them into the real estate field. These students were chosen based on GPA, leadership, extra-curricular activities, and involvement with the Center for Real Estate and its programs.

Jeff Jackson
Robert Pereira
Alex Rapoport


Larry Lukanish

Larry Lukanish is Vice-President of the Commercial Investment Division at the Sares-Regis Group, headquartered in Irvine, CA. Larry received a bachelor’s degree in economics from UCI in 1992 and returned to UCI to earn his MBA in 2000. After receiving his undergraduate degree, Larry worked for a residential mortgage banker in Irvine as a secondary marketing executive. In 1994, he joined the Sares-Regis Group as a Senior Financial Analyst and Acquisition’s Officer for the company’s Commercial Investment Division. Most recently, Larry spoke at UCI’s Real Estate Alumni Association (UCIREA) “Boss Talk” series and discussed his perspective on the challenges of the current real estate market. Larry’s deep involvement with UCI and the Center for Real Estate has been instrumental in building a strong partnership between the university and the local real estate industry and has been invaluable to the development of our program. His genuine efforts for these causes are greatly appreciated, and we look forward to working with him in the future.



The UC Irvine Real Estate Alumni Association (UCIREA) presented its first “Boss Talk” event of the year on October 22, 2008 at the UC Irvine campus. The Boss Talk series provides the opportunity for alumni, students, and local real estate professionals to network as well as receive perspectives from real estate executives on issues impacting the local real estate industry. There were close to 100 guests in attendance, many of whom were professionals from some of the top real estate firms in Southern California. Panelists included: Scott Lanni, Vice President of Investment Management with The Irvine Company, Larry Lukanish, Vice President of the Commercial Investment Division at Sares-Regis Group, and Michael Pedone, Director of the Strategic Capital Group at GE Real Estate. UCIREA would like to thank each of the panelists for their participation and candid comments throughout the evening. The series is one of several events planned by UCIREA to provide the real estate community with an opportunity to connect with the university. 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


January 22, 2009:

Real Estate Breakfast Series 2
Pacific Club, Newport Beach
7:30 a.m. – 9 a.m.

Feb 19 - 20, 2009:

Center for Real Estate Research Symposium
"Housing after the Fall: Reassessing the Future of the American Dream"
Hotel Laguna

March 26 & 27, 2009:

Center for Real Estate Spring Board Meeting & Retreat
Pelican Hill Resort, Newport Coast

May 6, 2009:

Real Estate Breakfast Series 3
Pacific Club, Newport Beach
7:30 a.m. – 9 a.m.

Please visit our website at www.merage.uci.edu/GO/CRE for updates on our calendar of events.