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Grand Opening of Office Facility
2008 Spring Board Meeting
Mentorship Program & Speaker
Appointment of New Associate Director
New Center Members
Center for Real Estate’s New Website
Real Estate Curriculum Innovations
Spotlight on Course Lecturer
Spotlight on Current Research
First Annual Research Symposium
Center for Real Estate Breakfast Series
Merage Real Estate Association Speaker
Formation of a Merage Real Estate Alumni Group
2008 Real Estate Gala
Fall Date TBD
2008-2009 Breakfast Series
November 12, 2008
January 22, 2009
May 6, 2009
2009 Academic Symposium
February 12-13, 2009
2009 Spring Board Meeting & Retreat
March 2009
Center for Real Estate Website
Please check our Events Calendar for updates.
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kerry Vandell

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Letter from Kerry Vandell, Director

Dear Friends of the Center for Real Estate,

I am pleased to introduce you to the Center for Real Estate at The Paul Merage School of Business. The Center is an integral and indispensable component of the program in Real Estate and Urban Development at the Merage School. It bridges the instructional, research and outreach missions of the program toward the creation and dissemination of knowledge as it relates to our built environment. The opportunity to be part of the Center is an opportunity to be part of the rich heritage of conscientious planning and development that has characterized our region, as well as an opportunity to evolve the best practices to meet the challenges of the future.

We hope you find an opportunity to become involved with the Center and its programs not only to enjoy the benefits that such involvement can bring, but also to help participate in shaping the knowledge base of the future.

Below I am pleased to present you with our first electronic news bulletin, which includes a short summary of some of the Center’s recent activities, events and news items. It is our way of keeping you informed and connected to The Paul Merage School of Business Center for Real Estate. We hope that you enjoy this issue and welcome you to share your feedback by replying to this email.

Please note that this bulletin is interactive and includes links to relevant content located on other websites. We invite you to visit the website links embedded within the texts.

Vandell Signature

News Bulletin



In March of this year, the Center completed construction of its new state-of-the-art office facility, made possible through the generosity of prominent real estate entrepreneur, philanthropist and founding board member, Ranney Draper, and additional contributions from our Board. Our new 2000 sq. ft home has been designed by the well-known firm of HMC Architects and is situated in the MPAA building adjacent to The Paul Merage School of Business. This office facility incorporates the latest in technology and design innovations such as a 26 seat high-tech conference room with a 60” LCD flat screen video monitor with computer capability, a resource center with real-time market information displayed on flat-screen TVs, computer access to a variety of real estate data bases, evaluation software, such as Digital Products, GIS and Argus, and a library/resource center that provides a core collection of professional and academic publications.



On March 4, The Center hosted its second annual spring board meeting at our new facility. Members enjoyed a ribbon-cutting ceremony and a full program that included a report on the School and Center for Real Estate by Dean Andy Policano and Director Kerry Vandell, as well as several informative sessions addressing the current real estate market. Phil Belling of LBA Realty moderated a capital markets panel which included Adam Markman of GreensStreet Advisors, Scott Simon of PIMCO, Chuck Schriber of Koll Bren Schriber and Jay Borzi of Eastdil Secured. Bill Halford of Bixby Land Company moderated a real estate panel which included John Hagestad of Sares-Regis, Frank Campbell of Blackstone/Equity Office Properties, Doug Holte of Hines and Jim Travers of Travers Realty. The program concluded with keynote remarks by Brett White, President and CEO of CB Richard Ellis. For more information about joining the Center for Real Estate’s Board, please contact Sharon Nakamura-Brown at sharon.nakamura@uci.edu or at (949)824-6246.


Bill Halford

The Center for Real Estate would like to thank Bill Halford for his ongoing dedication and contribution to our Mentorship program which has become the largest subscribed program of its kind at The Paul Merage School of Business. Real estate students are paired with industry practitioners who represent a variety of sectors including private equity, investment management, brokerage, development and REITs. 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. The program also features an ancillary CRE Mentorship Speakers Series which is open to students, mentors and Center friends. Past events featured Robert Brunswick of Buchanan Street Partners, Bob Campbell of CT Realty, Jim Buckingham of TA Advisors and Royce Sharf of Studley. For more information contact Sharon Nakamura-Brown at Sharon.nakamura@uci.edu.


Sharon Nakamura-Brown

The Center for Real Estate recently appointed Sharon Nakamura-Brown to fill the new position of Associate Director. Sharon will be responsible for managing the day-to-day operations and outreach programs for our rapidly growing Center. Sharon is a former director of the UCLA Ziman Center for Real Estate where she was responsible for development and outreach since the Ziman Center’s inception in 2001. Previously, she was Director of Operations and Founder of RENTV.COM, a commercial real estate online media company, Vice President of Kennedy-Wilson International’s Commercial Investments Group, and Project Manager and Controller of R & T Development, a Japanese real estate developer in Los Angeles.


The Center for Real Estate would like to welcome Bobby Hatfield of Fidelity National Title Corp., Terry Thompson, of NAIOP Socal, Christine Scheuneman of Pillsbury Winthrop Shaw Pittman, John Murphy of Luce Forward Hamilton & Scripps, Larry Casey of Donahue Schriber, and Gary McKitterick & Bob Hamilton of Allen Matkins as our newest members. We would like to extend our deepest appreciation to them and our existing Center donors for their ongoing support and contributions. For more information about joining the Center’s boards, please contact 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.



As part of the Merage Schools’ plan to implement a fresh, new and innovative website platform for its Centers of Excellence, the Center for Real Estate has launched a newly enhanced website which features dynamic visuals and new content about the Center. The home page is a themed portal which overlays the actual architectural floor plan of our new state-of-the-art facility onto the Center’s three mission areas of Research, Education, and Outreach. The Center’s site, which is part of the comprehensive Paul Merage School of Business’ website was developed by a team of former UC Irvine students, who have since started their own web design and development firm. We invite you visit it at http://merage.uci.edu/ResearchAndCenters/CRE/Default.aspx and put this website on your list of favorites.


The Center for Real Estate plays an essential role in supporting the MBA program in Real Estate and Urban Development. This program is one of the most carefully crafted in the country, and its curriculum consists of a robust selection of electives including the following: Introduction to the Real Estate Process, Real Estate Capital Markets, Applied Real Estate Security Analysis and Portfolio Management, International Real Estate, Mortgage-Backed Securities & Structured Debt, and Seminar in Management of the Real Estate Enterprise. A hallmark of the real estate curriculum is its action learning approach. At every level of instruction, students not only learn through the traditional means of lectures and problems-solving exercises, but are also exposed to professional members of the Center who communicate the actual practice of real estate through case studies and individual team exercises.


Tim Strader

The capstone course for our graduate program, Seminar in Management of the Real Estate Enterprise, is taught by Tim Strader, Sr., who is the founder and Chairman of Starpointe Ventures, a real estate development and consultancy firm that has shepherded projects of all types through the public sector entitlement process, including office, multifamily, industrial, hotel and retail land uses. Mr. Strader was previously one of the 10 Koll Company partners, where he participated in the development of over 10 million sq. ft of industrial, office and retail properties in California, Washington, Oregon and Arizona. He later formed The Legacy Companies, a company that developed a number of projects in California and which later became Starpointe Ventures. Mr. Strader’s seminar builds upon the core foundational curriculum of the program and focuses not simply on “the deal” but on the management and leadership of the entire real estate enterprise, which ranges from the individual who acquires and manages a few small residential properties to the largest publicly-listed commercial property REIT or institutional investor such as a pension fund. In preparation for his role as a lecturer in the Merage School’s real estate program, Mr. Strader completed the School’s Bridge executive education program, which provides practicing professionals with the tools for successful roles as instructors in higher education. For more information about the Bridge Program please visit www.bridgeprogram.aacsb.edu.


One important aspect of the Center’s mission is to contribute in a meaningful way to the research agenda at UC Irvine as it relates to housing and urban development. To that end, Professor Kerry Vandell’s current research (with Michael Lacour-Little and Major Coleman) titled “Subprime Lending and the Housing Bubble: Tail Wags Dog?” is partially funded by the Subprime Crisis Research Consortium (SCRC), an industry-academic sponsoring partnership that includes Freddie Mac, the National Association of Realtors, and the Mortgage Bankers Association, and was recently presented at the Allied Social Sciences Association meetings in New Orleans in January 2008. This paper empirically investigates the validity of attributing the housing bubble and related market outcomes to the widespread availability of subprime and other alternative mortgage products during the 1998-2008 period. To view or download this paper, please visit http://merage.uci.edu/Resources/documents/ResearchAndCenters/CRE/Subprime_Lending.pdf


Research Symposium

The Center continues to advance its research agenda by sponsoring its first annual “UC Irvine Winter Symposium on Urban Research,” which took pace at the newly dedicated Center and Hotel Laguna on February 7-9. This academic symposium was jointly organized and sponsored by the Center for Real Estate, the Department of Economics, and the Department of Planning, Policy & Design. An outstanding group of esteemed professors and researchers from universities nationwide convened to present and discuss the latest research on housing, urban development, and commercial real estate financing and investment. Bill Fischel of Dartmouth and Sheridan Titman of the University of Texas served as keynoters of the event.


Breakfast Series

Through a three-part breakfast series held at the Pacific Club in Newport Beach during the course of the year, the Center reaches-out to the business community to encourage timely discussions on relevant real estate topics. In January of this year hundreds participated in the breakfast discussion, which featured Lang Cottrell of LNR Properties, William Flaherty of Maguire Properties, Doug Holte of Hines, Terry Thompson of WCB Properties and Joe Vargas of Cushman & Wakefield, who provided their current perspectives on the southern California commercial real estate market. In April, a provocative panel of industry analysts, including Robert Bach of Grubb & Ellis, Craig Leupold of Green Street Advisors, and Gregory Leisch of Delta Associates, weighed in on the implications of the subprime crisis for the commercial capital and real estate markets


John Husing

On May 19, 2008, UC Irvine students and Center friends enjoyed an educational and informative presentation on the Inland Empire economy by Dr. John Husing, Ph.D., head of Economics & Politics, Inc., an economic research firm noted for its ability to explain and forecast economic activity in the Inland Empire region of Southern California. To view slides of Dr. Husing’s presentation please visit www.johnhusing.com. The Merage Real Estate Association (MREA) is a new student-run association that organizes a variety of events to promote real estate education, networking and career-related opportunities for The Merage School student body. For more information about MREA, please visit www.merage.uci.edu/clubpages/mrea or contact MREA Co-Presidents Laura Sheen at LSheen09@merage.uci.edu or Jay Tanjuan at JTanjuan@uci.edu.


Alumni Group

In May, a group of UC Irvine alumni including Ali Shah from Colony Realty Partners, Josh Needle from The Bascom Group, Brian Gross from Warenzof Associates, Paul Williamson from JPI, Vijay Pandurangadu from The Irvine Company, Seth Timmons from Snyder Langston, John O’Brien from Guthrie Development and Jay Tanjuan, Co-President of Merage’s student real estate association, met to plan the formation of a new alumni group comprised of professionals and friends from the real estate community. The group is planning to organize a kick-off event in the fall of 2008. Please contact Josh Needle at jneedle@bascomgroup.com for more information or if you would like to participate in the formation efforts of this new alumni group.


FALL 2008 REAL ESTATE GALA: Exact Fall date TBD. Please plan on joining us for our signature real estate event, the Annual Real Estate Gala. More information will follow. For sponsorship information, please contact Mitch Spann at mwspann@uci.edu or at (949) 824-1655.

2008-2009 BREAKFAST SERIES: The Center for Real Estate will host their Breakfast Series on November 12, 2008, January 22, 2009, and May 6, 2009 at the Pacific Club.

2009 ACADEMIC SYMPOSIUM: The Center for Real Estate will host the second annual Academic Symposium on February 12-13, 2009. More information will follow.

2009 SPRING BOARD MEETING & RETREAT: Exact Spring 2009 date TBD. Members, please plan on joining us for our annual board meeting and retreat which will take place at the newly redesigned Pelican Hills Golf Club and Resort. For more information, please contact Sharon Nakamura-Brown at Sharon.Nakamura@uci.edu or at (949) 824-6246.

Please visit our calendar of events at http://merage.uci.edu/ResearchAndCenters/CRE/Calendar.aspx for updates and new events.