Volume 12, Issue 2, Summer 2019

The Indiana Real Estate Professional

J. Timothy Morris receives Jeffrey D. Fisher Real Estate Legacy Award at annual dinner; students honored

The 8th annual IU Real Estate Alumni & Friends Dinner

took place on April 25th at the IndyPlace Marriott in down­ town Indianapolis. The event sold out with record attendance of over 250 students, alumni, and friends supporting the IU real estate program.

J. Timothy Morris, Founder and Partner at Proprium Capital Partners based in Stamford, CT, was presented with the Jeffrey D. Fisher Real Estate Legacy Award for his ongoing commit­ ment and service to the IU real estate program and the com­ mercial real estate industry. Tim has been a longtime supporter of the IU real estate program and has offered his time and

expertise speaking to the Commercial Real Estate Work­ shop in recent years.

Jeffrey D. Fisher, Ph.D., Found­ er of the IU Center for Real Estate Studies and Professor Emeritus of Real Estate, Kelley School of Business, presented

the award to Tim, who he had as a student.

Phil T. Powell, Associate Dean of Academic Programs -Kel­ ley Indianapolis, provided a Kelley program update outlin­ ing new school initiatives and the way the program and the greater real estate communi­ ty can be of benefit to one another.

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DIRECTOR'S UPDATE

Our faculty team is growing as a result of the strong demand we are experiencing from both students and em­ ployers. Both R440, Real Estate Appraisal & De­ velopment, and R443,

Doug McCoy, Real Estate Finance and Al & Shary Investment Analysis, Oak Director enrollments have more of Real Estate than doubled since 2015.

Placement has generally been one hundred percent as the mar­ ket remains strong and our students well qualified. This spring, Blooming­ ton undergrads declaring real estate as their major totaled 216.

As we get ready to start the 19-20 school year, it is my pleasure to intro­ duce our faculty and their roles in our program:

Professor Emeritus, and founding Director of the IU Center for Real Estate Stud­ ies, Jeffrey D. Fisher, Ph.D. – continues to represent the IU Real Estate Program with excellence by leading the Homer Hoyt Institute,

Consulting to NCREIF, being a found­ ing executive of RealNex, and publish­ ing leading edge research.

Professor John Snell, MAI, Associate Faculty – directs the IUPUI program includ­ ing teaching the real estate courses, and overseeing the IUPUI Real Estate Club and the IUPUI Commercial Real Estate Workshop. John

is owner/President of Snell Real Estate Evaluation Company and has taught in the Kelley School for over 37 years, winning the Schuyler Otteson under­ graduate teaching award 15 times.

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Jeffrey D. Fisher, left, and J. Timothy Morris, center. Phil T. Powell shown at far right.

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ADVISORY BOARD MEMBER NEWS

ADVISORY BOARD MEMBER NEWS The Center would like to acknowledge the acheivements and share the news of those on our Advisory Board

Professor Emeritus Jeffrey D. Fisher research update

Dr. Jeff Fisher, professor emeritus, had at paper titled “Risk Adjusted Performance Attribution” accepted in the Journal of Portfolio Management. He will also be presenting this research at an academic conference in Milan, Italy this summer.

CBRE’s Central Midwest Multifamily team continues to tap into IU’s top talent

Current IU students Savannah LaMotte, Sam Pittman, and Matt Avila have joined CBRE’s Indianapolis-based Multifamily team as interns for the summer to assist the region’s top team with several aspects of the business, including market research, due-diligence and financial analysis.

Team leader and Kelley School graduate Steve LaMotte, said “It is critical to our team’s growth and strength that we continue our longstanding tradition of hiring IU’s top talent”. He noted that several interns have gone on to make brokerage their fulltime occupation. This list in­ cludes Alex Possick who in January 2019 joined the team fulltime in a dual role as associate and senior analyst.

Said Possick, “The IU Real Estate program and its far- reaching network of alumni enabled me to secure an internship and eventually a full-time offer with the top apartment brokerage team in Indianapolis.”

Ambrose Property Group partners with Gene B. Glick Company on project to strengthen down­ town Indianapolis

Ambrose Property Group recently announced it’s vision for the future, which includes a partnership with Gene B. Glick Company to build and manage apartment homes at Waterside --over 100 acres in downtown Indianapolis that will expand the urban core of the city. Glick is one of the largest real estate ownership, development, and

management companies in the country, and is particu­ larly well-known for giving back to the community.

Designing for equity has been the goal of Waterside since it’s inception. Engaging with the community early on (considering location), art, and design are all vital com­ ponents of redeveloping an important part of our city.

This partnership is part of Ambrose's broader vision to build a stronger community with a growing leadership team, including Isaac Bamgbose, who will join as Senior VP of Development to lead the transformational develop­ ment of Waterside and other developments.

Cripe CEO honored with BBBS Defender of Potential Award; Cripe named Best Places to Work

In April Cripe CEO, Al Oak, was award­ ed the Big Brothers Big Sisters of Cen­ tral Indiana 2019 Community Mentor Award - Defender of Potential Award. Presented annually to a Central Indiana leader who has demonstrated a pas­ sion for mentoring and a commitment to making mentoring an integral part of his/her life, it is the highest honor the BBBS agency bestows.

Al is a Past President of Big Brothers Big Sisters of Greater Indianapolis and is also acting as a Big Brother for the third time. Servant leadership is fundamental to the Cripe cul­ ture and we are fortunate to have leaders who walk the talk. Al Oak is one of those leaders and he takes philanthropy very seriously and ensures that the rest of Cripe does as well.

Since announcing a vision to expand downtown Indy by 25 blocks last October, Ambrose has been designing for new roads and what types of buildings should go where. This year, we will break ground on infrastructure work like new streets, and improvements to existing streets like Oliver Avenue. Also, apartment buildings are set to open in 2023.

Cripe was recognized as a Indiana Cham­ ber of Commerce’s Best Places to Work In Indiana for the 9th time. Cripe, a BPTW Hall of Fame member, was named as one of the top 25 firms in the state.

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ADVISORY BOARD MEMBER NEWS

(continued from page 2)

Equus Capital Partners sells Grand Oak Business Park in Eagan, MI

Equus Capital Partners, Ltd. (“Equus”), an­ nounced in January the sale of Grand Oak Business Park, a 10-building 539,893 square foot class A office/retail campus located in the Southeast submarket of Minneapolis, Minne­ sota. The properties, originally acquired in 2007 on behalf of BPG Investment Partnership VIII and VIII A, L.P., a fully-discretionary fund man­ aged by Equus, were sold to Group RMC, a New York based real estate investment and manage­ ment company.

Developed between 1999 and 2007, the cam­ pus is comprised of 527,562 square-feet of office space, 12,331 square-feet of retail space and is situated on 100 landscaped acres sur­ rounding a private 20-acre lake. At the time of sale, Grand Oak Business Park was over 90% occupied with nearly 70 tenants representing a diverse mix of industries.

Herman & Kittle hires new Senior VP; celebrates 4 closings

HKP is very excited to announce that Blake Blanch has joined our Senior Management team as Senior Vice President, Finance and Capital! His 20 years of industry experience, and expertise leading large teams in the strategic implementation of organizational goals will serve HKP well as we grow!

HKP has also celebrated 4 closings in the first half of 2019. River­ side Trails in Columbus, Ohio will have 248 affordable apartment homes. This Tax Exempt Bond Financed community will provide homes to those with incomes at or below 60% AMI. Centennial Park in Owasso, Oklahoma will have 56 affordable apartments for seniors, and will contribute to the growing senior-oriented com­ munity developing in that immediate area. Limestone Crossing will be the new name of our rehabbed Canterbury House Apart­ ments with 208 apartment homes in Bloomington, Indiana. And River Bend Residences in Idaho Springs, Colorado marks HKP’s first property in Colorado! This community will have 47 affordable apartments in a beautiful mountain setting.

Hunden Partners adds IU talent and completes work on billion dollar projects

Hunden Partners (HSP) was excited to participate in the Real Estate Club’s annual dinner in Indianapolis in May, along with new Kelley graduate and Analyst, Mike Christensen and others in the HSP family.

The firm has been working on dozens of new and transformative projects across the U.S., including an Olympic venue for USA Wa­ terpolo, two new arenas on the East Coast and mixed-use projects in several cities. HSP is also working in Bloomington, Columbus, and Floyd County in Indiana on convention, hotel, and sports projects.

Rob Hunden continues to be a thought leader in the P3 space, speaking, teach­ ing, and lectur­ ing at industry c o n f e r e n c e s . A p p e a r a n c e s this spring in­ cluded engage­ ments at City Nation Place in

West Hollywood; Convention, Sports & Entertainment Facilities in San Diego; and the Urban Land Institute’s Entertainment Develop­ ment Council keynote in Nashville.

Blackstone to acquire GLP assets

On June 2, 2019, GLP and Blackstone an­ nounced that they have entered into an agree­ ment for Blackstone to acquire assets from three of GLP’s U.S. funds for a purchase price of $18.7 billion. This overall transaction totals 179 million square feet of urban, infill logistics assets, nearly doubling the size of Blackstone’s existing U.S. industrial footprint. Blackstone Real Estate’s global opportunistic BREP strat­ egy will acquire 115 million square feet for $13.4 billion and its income-oriented non-listed REIT, Blackstone Real Estate Income Trust (BREIT), will acquire 64 million square feet for $5.3 bil­ lion. The deal will be the largest-ever private real estate transaction globally. Advisory Board Member Jack Hennessey is a Managing Direc­ tor with Link Industrial Properties, Blackstone’s industrial real estate operating platform.

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ADVISORY BOARD MEMBER NEWS

(continued from page 3)

KSM Expands Cost Segregation Practice with Lead Engineer

With tax reform in full effect, strategic deal structuring, risk minimi­ zation, and maximization of tax savings opportunities are more im­ portant than ever before in the real estate development world. Katz, Sapper & Miller (KSM), one of Indiana’s largest real estate tax and advisory firms, is working to meet these growing needs by expand­ ing its cost segregation practice with the addition of a lead engineer.

James Pillischafske is a cum laude civil en­ gineering graduate of Rose Hulman and is charged with overseeing KSM’s team of cost segregation engineers. With previous industry experience in the commercial development space, James’ knowledge of construction methods, practices, and estimating techniques help developers reduce taxes by identifying components of real estate eligible for accelerated tax depreciation.

Chris Bradburn, director of the firm’s cost segregation practice and IU alum, says, “KSM has always employed a formal, engineering- based approached to tax planning via our cost segregation studies. Adding James to our team as lead engineer will allow us to more quickly and thoroughly uncover savings opportunities.”

From luxury apartments in downtown Los Angeles to high-rise mixed-use towers on Times Square in Manhattan, KSM’s cost seg­ regation team has analyzed more than $7 billion in commercial real estate across 36 states. And, despite the complexities tax reform has added to development projects, in the past year alone the firm has delivered more than $80 million in tax benefits to its clients.

James Pillischafske

Principal Global Investors rings bell at NYSE

Principal Global Investors, the firm of Advisory Board member Barb McKenzie, Senior Executive Director- Investments, had the chance to ring the close of market bell at the New York Stock Exchange in May.

Glick property wins NAA's Best Community Award

Gene B. Glick Company's Quarry at River North in Indianapolis won the Best Community Award at the National Apartment Association’s Excellence Awards conference on June 26th, making Glick even more visible on the national stage. This award signifies that Quarry is considered the best apartment property in its class in the nation.

RESOURCE Commercial Real Estate Project Management Team solves the issues and delivers the right results

Project Management issues can arise espe­ cially when many Landlords view Project Man­ agement as a profit center financially but an afterthought operationally. RESOURCE has the right focus and concentrates on all aspects of the project management process with your best interests at the forefront. RESOURCE cre­ ates the right plan by strategically developing a clear project vision centered around your goals. RESOURCE brings the right hustle with a thorough and comprehensive Scope of Ser­ vices from assessment, plan, design & pro­ curement to implementation and managing the closeout of the project. RESOURCE delivers the right results for you.

June Marut represents cli­ ents across a variety of in­ dustries for tenant and land­ lord representation project management construction projects, working closely with third party vendors to successfully achieve stake­

holder’s expectations and deliverables. june.marut@rcre.com

Kara Riggle Collesano, SIOR & Principal at RESOURCE, has expertise in managing large scale lease portfolios and manages over 300 loca­ tions for agencies. Kara pro­ vides project management services for various clients

throughout the State of Indiana. kara.riggle@rcre.com

Scannell signs Coca-Cola for 200,000­ SF BTS warehouse in Connecticut

Scannell Properties has signed a long-term leasing agreement with Coca-Cola in Northern New England and the beverage conglomerate will use the Build to Suit Class A state-of-the­ art 200,000 SF facility as a warehouse and dis­ tribution facility. Completion and occupancy is scheduled for November, 2019 in South Wind­ sor, CT.

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(Director's Update continued from page 1)

Professor Victor Bongard, Senior Lecturer – teaches L408, Real Estate Law, on both the Bloomington and IUPUI campuses.

Professor Tom Peck, Lecturer – teach­ es the Bloomington campuses’ MBA R510, Real Estate Finance and Invest­ ments, course and will continue in his role as faculty advisor of the IU MBA Real Estate Club this fall. Tom is the Ex­ ecutive VP of Investments with Hage­ man Group in Indianapolis.

UPCOMING EVENTS

IU Real Estate Fall Luncheon & Career Fair September 27th Spencer Levy, Chairman of Americas Research and Senior Economic Advisor, CBRE Meridian Hills Country Club, Indianapolis Registration Required; Details TBA

Commercial Real Estate Workshop Alumni Conference & Dinner

October 11th Invitation Only

IU Real Estate Club Case Competition October 25th Invitation Only

Stanley E. Hunt Real Estate Development Case Competition November 20th Invitation Only

Professor Chris Cockerham, Lecturer – teaches R300, Introduction to Real Estate, a course for non-majors on the Bloomington campus. Chris will oversee the IU Commercial Real Es­ tate Workshop starting this fall. Chris is the Managing Broker at F.C. Tucker Bloomington and won ICBR's Realtor of the year in 2018.

Professor Barb Cutillo, Visiting Lec­ turer – teaches the R305, Introduction to Real Estate Analysis, course on the IUPUI campus.

Professor Dave Harstad, Lecturer – this coming school year of 2019-20 will commence teaching a section of R440, Real Estate Appraisal (& De­ velopment), and R443, Real Estate Finance and Investments, and will be the faculty advisor for the Blooming­

ton campus Real Estate Club at IU. Dave serves as the Managing Broker for the Colliers International Bloomington Office.

Ellen and I are looking forward to the upcoming school year with our team working alongside our great students and distinguished alumni to further the excellence of the IU Real Estate program.

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(Alumni & Friends Dinner continued from page 1)

The dinner also featured Julie Pettypool, Hannah a presentation from the Saed, Evan Snodgrass, Cornell International Real Dylan Stambaugh, and Estate Case Competition. Anisha Yadav were giv- IU team members Kelly en awards for their out- Nelson, Evan Snodgrass, standing contributions Mauricio Suarez, and as student leaders over Jake Weiskirch presented the past academic year. their case to the audience (team members Jacey The event was spon- Stuckey and Vanessa sored by Proprium Zhao and team alternate, Capital Partners (Gold), Scott Levine, were not Buckingham Companies present at the dinner). (Silver), and the follow­

ing Bronze level spon- Students who have had sors: Barrington Invest- a significant positive and ments, CBRE, Gene B. lasting impact on the IU Glick Company, Hage­ real estate program were recognized at the event. man Group, HFF, Hunden Strategic Partners, J.C. Steven Austgen, Samuel Cressy, Jack Fuller, Jona- Hart Company, Katz Sapper & Miller, Latham & Wat- than Jaggard, Robert Porterfield, Chandler Oakes, kins, LINK Industrial, and Opus Group.

From left: Evan Snodgrass, Mauricio Suarez, Jake Weiskirch, Steven Austgen, and Kelly Nelson.

Student award recipients from left: Sam Cressy, Evan Snodgrass, Hannah Saed, Dylan Stambaugh, Chandler Oakes, Julie Pettypool, Jack Fuller, Anisha Yadav, Steven Austgen, and Jonathan Jaggard. (Robert Porterfield not pictured).

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?

epstauff@indiana.edu

Recruiting Send internships & jops to

Focus on Opportunity Zones at IU Real Estate Winter Luncheon

The IU Real Estate Winter Luncheon at Meridian Hills Country Club in Indianapo­ lis on February 15th sold out to an audi­ ence interested in learning more about the popular topic of Qualified Opportunity Zones. John W. Estridge, CPA, Director in the Real Estate Services Group at Katz Sapper & Miller, presented on the topic, which covered issues including how to identify a zone, how to set up a fund, tax advantages, and how it differs from a 1031 exchange.

Recruiting continues to be strong for IU real estate students, with twenty-three companies participating in the career fair. The companies included Birge & Held, Buckingham Companies, Cornerstone Companies, CREA, Cushman & Wakefield, Duke Realty, Finish Line, HFF, Invesque, Lee & Associates, LivCor, LLC, Magnolia Capital, Marcus & Millichap, OneAmerica, RESOURCE Commercial Real Estate, Re- vantage Corporate Services, ShopCore Properties, SIMON, Sterling Group, Trinitas, Valeo Financial Advisors, Veritas Realty, and Village Capital/Pedcor.

John W. Estridge, CPA, Director in Real Estate Services Group, Katz Sapper & Miller.

Recruiting? Send internships & jobs to epstauff@indiana.edu

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IU Real Estate Chicago Alumni Dinner provides student and alumni networking opportunity

Kristy Heuberger, shown at center, with recent grads and La- Salle hires, James Hessing, Spencer Horwitz, and Alex Collins, from left.

The IU Real Estate Chicago Alumni Dinner took place on Friday, March 22nd at River Roast following DePaul University's Colle­ giate Real Estate Conference. IU students who attended the conference met up with Chicago real estate alumni for a private re­ ception and dinner featuring guest speaker, Kristy Heuberger, Head of the U.S. Asset Management group for LaSalle Investment Management. Her talk, titled Trending..., focused on the trends her group is seeing in Asset Management nationally.

As coordinator for the IU Real Estate Chica­ go Alumni Network, Nick Kanich, Senior VP at JLL Capital Markets provided an update on the group's activities. Doug McCoy, Al & Shary Oak Director of Real Estate, IU Center for Real Estate Studies, provided an update on the IU real estate program.

IU alum Jack Bernhard, Executive Director, JPMorgan Chase, received recognition from DePaul at the Collegiate Real Estate Conference luncheon for his participation as a panelist each year since the conference's inception 15 years ago. Thank you to Mr. Bernhard for his dedication to real estate education and service.

Of those students graduating from IU Bloomington seeking a real estate related job, about one-third typically end up at a firm in the Chicago area, so this event helps to facilitate those con­ nections and provides a much needed opportunity for networking between students and alumni.

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Kelley-Indianapolis Real Estate IUPUI Real Estate Club

COMMERCIAL REAL ESTATE WORKSHOP UPDATE by Robert Porterfield

The spring semester of the Commercial Real Estate Workshop facilitated the development of our financial and investment analysis skills. We began by analyzing build-to-suit investment opportunities for Duke Realty CFO, Mark Denien. The case provided us exposure to the REIT model and how investments impact FFO, NAV and shareholder dividends.

After learning how REITs structure investments, we moved on to the Private Equity model. Students were tasked with analyzing the acquisition of a historic Class A office building in the downtown Los Angeles financial district. Matthew Gorman and GreenOak Real Estate had recently acquired the asset so it was a valuable, real-world investment case to study. Mr. Gorman flew in from Los Angeles for our case presentations and shared with us how his firm managed the acquisition.

We were also afforded the incredible opportunity to visit the BottleWorks development. Jake Rupp with Hen­ dricks Commercial Properties gave us a complete tour of the site. He shared with us the interesting history of the project and the complexities associated with a de­ velopment of that scale.

The highlight of our semester was the collaboration with Kite Realty Group. Analysts Mitch Snyder and Jake Heldt coordinated a three-part case study competition where we analyzed the retail industry, KRG’s portfolio, and the acquisition of a retail power center. We finished as one of the top two teams and were invited to Kite’s office to present to several of their key executives. It was a tremendous learning experience to present our work in that setting and discuss the retail industry with their group.

We are truly grateful to have had the opportunity to par­ ticipate in the inaugural Commercial Real Estate Work­ shop at IUPUI and wish to thank the faculty and profes­ sionals who made it such a valuable experience.

REAL ESTATE CLUB UPDATE by Julie Pettypool

This past spring semester, students in the Kelley In­ dianapolis Real Estate Club participated in a range of different events. We hosted Matt Speer, CEO of LIV Indy, who helped students better understand residential real estate investing. The Club paired with the Women in Business Club to have the IndyUCREW come and teach students about the different aspects of the real estate industry. In March, Megan Baumgartner, the Director of Economic Development for the City of Fishers, came

Kelley Indy Club on rooftop of Bottleworks during IUREAN tour.

and engaged club members in a discussion about her work in economic development. In April, J.C. Hart Com­ pany, Inc. hosted the club at their new development, The Penrose on Mass in downtown Indy. J.C. Hart’s CEO and CFO teamed up with the architect to provide students with an in-depth presentation detailing the project.

This semester provided members with great opportuni­ ties to learn about multiple aspects of real estate and network with industry professionals. This fall, the club plans on hosting speaker events focused on real estate lending and financing as well as property & asset man­ agement. We also plan on participating in a handful of case competitions and touring a development site downtown.

As the club continues its growth, the executive team hopes to generate even more opportunities for mem­ bers to learn about and experience real estate. Our goals are to increase membership by marketing our events to the whole of IUPUI. This will engage students in the fields of engineering, law, economics, and more. We are adding new members to the club Executive Board. We would like to welcome Olivia Becht, a senior at Kelley. as our VP of Membership. Vardhan Chulani is taking on the role of VP of Finance along with his Kelley-Indianapolis Student Government Representative position. Chandler Oakes will be assisting with the club meeting process as the Reservationist and Risk Manager. Michael Koch is joining the team as the VP of Communications and Samuel Freeman will become our VP of Marketing.

We would like to give a warm welcome to our new col­ leagues, and we look forward to a wonderful fall semester.

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Real Estate Club at Indiana University Real Estate Club -

iureclub.com

Commercial Real Estate Workshop ­

http://kelley.iu.edu/cre/

IU BLOOMINGTON REAL ESTATE CLUB UPDATE by Patrick Engels & Chris Toleno, Co-Presidents

This past spring, with an average of over 100 attendees per meeting, the Real Estate Club wrapped up its most successful year to date. Not only was club participation at an all-time high, but the industry exposure and real estate learning the club provided to active members was at a phenomenal level. We would like to extend an­ other sincere Thank You to our guest speakers for this past semester – Elliott Lewis, speaking on development and CEO perspectives; Amanda Doster, Alex Collins, and Jimmy Hessing, making up our exciting Recent Graduates Panel and touching on real estate private equity; and Michael Knott, sharing his riveting career experiences within real estate investment management and capital markets. It was a stellar line-up of speakers and topics, and club members benefited immensely from the dynamic conversations, insight, and advice that resulted from the presentations.

Outside of club meetings, club members had the opportunity to further their relationships and con­ nections within commercial real estate through The In­ stitute of Real Estate Management’s “Take Our Future to Lunch – Luncheon and Career Fair”, along with the Spring 2019 DePaul Collegiate Real Estate Conference and IU Chicago Real Estate Alumni Network Dinner fol­ lowing the conference. The club also was fortunate to tour the brand-new Graduate Hotel downtown Bloom­ ington, which gave tour attendees a first-hand look into a unique hotel development providing an excellent loca­ tion, top-notch service, and first-class amenities.

Strong club attendance and participation paid off for the 47 Spring 2019 admits to the Commercial Real Estate Workshop, who successfully navigated an ex­ tensive application and interview process. We would like to congratulate the newest workshop class and are confident that they will set a strong example for future club underclassmen striving to become members of the workshop themselves.

We are excited for the fall and anticipate another suc­ cessful semester for the club. Our guest speakers for the Fall 2019 semester will cover topics focusing on capital markets, development, and real estate invest­ ment management and private equity. We are also looking forward to continuing our “Off-Monday” in­ structional meetings, which provide more detailed real estate learning opportunities and case studies for club members. In addition, we are preparing for an even larger Real Estate Club Case Competition than this past fall semester’s event, to go along with a site tour, several alumni networking events and career fairs, and numerous events furthering collaboration between the club and workshop.

Members of the Club Executive Board with recent graduates. From left: Patrick Engels, Jimmy Hessing, Dylan Stambaugh, Alex Collins, Christian Grubaums, Hannah Saed,

Members of the Club Executive Board with EQ Office guest speakers. From left: Jack Washburn, Patrick Engels, Christian Grubaums, Michael Knott, Dylan Stambaugh, and

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Commercial Real Estate Workshop ­

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The 2019-2020 Real Estate Club Executive Board is a fantastic group of individuals who will bring novel ideas and enthusiasm to the table. We are excited to work with Arianna Gabriel (Vice President of Operations), Max Von Rommel (Director of Finance), Maddie Simo­ nian (Director of Marketing), and Nick Fischer (Director of Programming).

Finally, we would like to congratulate the club’s outgo­ ing Co-Presidents, Hannah Saed and Dylan Stambaugh, on a successful and impactful four years within the Real Estate Program. We certainly have big shoes to fill when it comes to leading the club’s continued success

and growth! We wish both of them the best of luck as they begin their careers in the industry.

Thank you all for your continued support of the Club and Real Estate Program. Without your generosity and efforts, none of this success would be possible. We are looking forward to another awesome year for the Real Estate Club!

SPRING 2019 GUEST SPEAKERS

CEO PERSPECTIVES Elliot Lewis President, Cedarview Management

RECENT GRADUATES PANEL Alex Collins, Financial Analyst, LaSalle Investment Management Amanda Doster, Acquisitions Analyst, Harrison Street Real Estate Capital James Hessing, Senior Analyst, LaSalle Investment Management

CAPITAL MARKETS Michael Knott, CFO & Jack Washburn, Analyst EQ Office

MBA REAL ESTATE CLUB UPDATE by Charles France, President, and Michael Johnson, Vice President

The Kelley MBA Real Estate Club has grown immensely in size this year to 75 members in their first and second years of the full-time MBA program. Interests among the group range from the pursuit of a full-time career in real estate to an interest in owning investment rental proper­ ty. Special thanks to Anisha Yadav, last year's MBA Club President for helping to make this happen.

The fall semester will begin with meeting club members, Professor Doug McCoy (Al & Shary Oak Director of Real Estate), and Professor Tom Peck over a welcome dinner. McCoy and Peck are established real estate profession­ als and help facilitate the immense resources IU has within the field of real estate and which courses MBA students could enroll in to further their knowledge of the subject.

Over the course of the 2019 – 2020 year there will be

various events such as three-part practitioner speaker series (Investment properties, Flipping Homes, and How to do Airbnb), Life with an MBA in Real Estate Panel, Why REITs, and networking night with recruiters to educate and strengthen IU’s reach within real estate.We welcome all to join the MBA Real Estate Club in our final event, How to Buy a House, where individuals will become in­ formed on the steps of purchasing a home.

The club created a resume book, including resumes from those MBA club members interested in a full-time career in real estate, which was distributed to firms throughout the Midwest. If you'd like a copy, please email Charles France at francech@iu.edu.

The MBA club looks forward to an exciting Fall semester that will help further educate students on all facets of real estate.

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Commercial Real Estate Workshop crw.com

COMMERCIAL REAL ESTATE WORKSHOP UPDATE By Stefan Gucinski

After wrapping up an engaging year at the Kelley School, Indiana’s most recent Commercial Real Estate Work­ shop class has been hard at work launching their early careers. Securing internships in every Tier I city in the nation, the 2018-2019 members have established a wide footprint work­ ing to grow the program’s network, explore their specific interests within commercial real estate, and build fundamental skills and industry knowledge vital for future professional development.

Many of such students have decided to explore the Chicago market this summer, including Matt Sollmer (Valuations Intern, KPMG) who has described his experience thus far as, “an incredible learning experience working with an array of assets ranging from office to industrial,” and noting that his responsibilities have involved, “working on valuations of both real property and leasehold interest for clients around the country.” In New York,

Chris Toleno has enjoyed his time working as a Transactions Intern at SquareFoot, a technology based commercial real estate brokerage near Mid­ town. Chris reflects on his Workshop experience saying, “the Commercial Real Estate Workshop has given me a platform of technical knowledge and

relationships where I’ve been able to meet and learn from our incredible alumni and work with peers who share similar interests.”

Hiring firms of our most recent 2018-2019 class in­ clude Bank of America, First Industrial Realty Trust, PGIM, Birge & Held Asset Management, EQ Office, Barings Investment Management, and DBRS. The student Executive Board intends to continue the program’s academic and professional success and is excited to welcome the 47 members in our new­ est, and largest ever, incoming 2019-2020 Commercial Real Estate Workshop class.

IU Real Estate Student to Receive Stephen E. Sterrett Undergraduate Real Estate Award

Spencer Wierda, will receive IC- SC's Stephen E. Sterrett Under­ graduate Real Estate Award for the 2019-20 school year. Spen­ cer is a senior on the Blooming­ ton campus majoring in Finance and Real Estate. He will serve as Vice President for the Commer­ cial Real Estate Workshop for the 2019-20 academic year.

"I am extremely honored and thankful to have received the ICSC Foundation Stephen E.

Sterrett Scholarship. After graduating, I intend to pur­ sue a career in the real estate industry. The retail sec­ tor of real estate has become one of my passions and the International Council of Shopping Centers (ICSC) provides me with both mentors and a platform to start building my network at a young age and pursue my passion to the fullest," Wierda said.

The scholarship includes a $2000 award toward tuition and one year of free ICSC student mem­ bership. A new benefit this year will be the option to participate in ICSC’s year-long mentorship pro­ gram, which begins in August.

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IU Real Estate Alumni Network iurean.com

iurealestatealumni@gmail.com

The Alumni Network hosts alumni events across the country to facilitate and coordinate networking between alumni and students with the goal of creating one of the strongest real estate alumni networks in the country.

New Alumni Networks in Fort Wayne and Detroit

The IU Real Estate Alumni Network is expanding with the addition of new groups in Detroit, Michigan and Fort Wayne, Indiana.

The Detroit group will be headed up by recent grad Eric Birnholtz, who graduated from the Kelley School of Business in 2018 with a degree in Finance and Real Estate.

Eric is a Sales Associate with Mid-Amer­ ica Real Estate-Michigan, Inc., a leading full-service retail brokerage company in Bloomfield Hills, Michigan. Eric primarily focuses on Landlord and Tenant Repre­ sentation. Additionally, Eric works with clients on the acquisition/disposition of retail properties and new developments

throughout the state of Michigan. Eric is an active member of ICSC as well as ChainLinks Retail Advisors.

Please welcome Eric to the group and if you live in the Detroit area, please be sure to reach out to Eric to join the group: ebirnholtz@midamericagrp.com

Heading up the Fort Wayne Alumni Net­ work will be Dan Gabbard, also a 2018 Kelley graduate with a major in Manage­ ment and minors in Urban Planning & Community Development and Healthcare Management & Policy. While on campus, he was the President of the IFC Mental Health Committee, held several executive positions within his fraternity, and stud­ ied abroad in London at King’s College for a summer.

Dan is a Broker and Business Develop­ ment Associate for The Zacher Company,

handling the sales and leasing of retail, office, and industrial prop­ erties and commercial land sales. He acts as a seller/landlord rep­ resentative as well as a buyer/tenant representative throughout Northeast Indiana. In addition to his role with the company, Dan is also heavily involved in the local business community. He serves as a board member for a not-for-profit counseling agency, is a member of the downtown Rotary Club, holds an executive position for the Emerging Leaders Alliance in Northeast Indiana, and volun­ teers as a mentor for the Big Brothers Big Sisters Organization.

Dan is looking forward to leading alumni efforts in the Fort Wayne area. Please contact him to get involved: dgabbard@zacherco.com

Alumni Network Coordinators

INDIANAPOLIS & NATIONAL: John Holloway john@veritasrealty.com

ATLANTA: Tom Schmitt ­ tom_schmitt@keybank.com

BOSTON: Andrew Mahr -amahr@bialow.com

CHARLOTTE: Ryan Clutter -rclutter@hfflp.com

CHICAGO: Nicholas G. Kanich nicholas.kanich@am.jll.com

CINCINNATI: Ravi Narsinghani ­ ravi@sevahotels.com

DENVER: Bryon Stevenson ­ bryon.stevenson@ngkf.com

DETROIT: Eric Birnholtz ­ ebirnholtz@midamericagrp.com

EVANSVILLE: Christopher M. Folz - cfolz@regencyprop.com

FORT WAYNE: Dan Gabbard - dgabbard@zacherco.com

HOUSTON: Adam Blustein ­ ablustein@gfinvestments.com

LAS VEGAS: Frank Phillips ­ phillip.frank@colliers.com

LOS ANGELES: Paul Davidovac- pauldavidovac@gmail.com

NEW YORK: Ashley Grebow ashley@modernspacesnyc.com

SEATTLE: Jim Dickson ­ dickson.jad@gmail.com

SOUTH FLORIDA: Denyse O’Grady djocpa@gmail.com

SOUTHWEST FLORIDA: Matthew Petra ­ iualumniswfl@gmail.com

WASHINGTON, D.C. AREA: John P. Doan, jdoandc54@gmail.com

The Indiana Real Estate Professional Page 13 www.kelley.iu.edu/cres

IU Real Estate Alumni Network iurean.com iurealestatealumni@gmail.com

Welcome New LA Coordinator, Paul Davidovac Paul Davidovac will serve as the Los Ange­ les, California IU Real Estate Alumni Network Coordinator effective immediately. Paul will be taking the group over from longtime Coordi­ nators James Crowder and Bryce Tobias. As President Emeritus of the Indiana University

Alumni Association for Los Angeles, Paul comes well equipped to take on this new role.

Paul believes in building long-term wealth through real estate investments. He has experience in Inter­ national Business which helps him educate clients to make smart investments with a consistency and

commitment to their wants and needs.

His career commenced in London for Quintessen­ tially, the luxury lifestyle group. In his position as Head of Business Development he improved the headquarters in London, researched international opportunities, and opened several offices including New York, Beijing, Shanghai, Cape Town, Johannes­ burg and Dubai.

With his 10+ years of real estate development, and investment experience, Paul has been involved with the development, acquisition, or disposition of over $200M of commercial real estate. Sharing his knowledge, social awareness and people skills, he provides leadership in various organizations.

You may reach Paul at pauldavidovac@gmail.com

Alumni Network Hosts Events Near and Far: Fort Wayne Development Tour, ICSC and partnering with IndyREAL on Summer Networking Series The IU Real Estate Alumni Network (IUREAN), head­ ed up by John Holloway, National Alumni Coordina­ tor and Senior Leasing & Sales Associate with Veritas Realty in Indianapolis, has been busy over the past several months, creating valuable networking oppor­ tunities for its members around Indiana and beyond.

In March, the IUREAN partnered with Greater Fort Wayne Inc. and the Fort Wayne Airport Authority to host a Fort Wayne Development Tour. The tour was sponsored by The Zacher Company (Dan Gabbard), Xplor Commercial Real Estate (Kienan O’Rourke), and Veritas Realty. The group toured no less than 43 sites by bus with Kirk Moriarty of Greater Fort Wayne leading the group.

The Indiana Real Estate Professional Page 14 www.kelley.iu.edu/cres

IU Real Estate Alumni Network iurean.com iurealestatealumni@gmail.com

An Indianapolis development tour took place on April 25th prior to the IU Real Estate Alumni & Friends Dinner. The tour started off with Catherine Esselman of the Indianapolis Chamber of Commerce giving a presentation at the India­ napolis Marriott Downtown before the tour group took off by bus to tour the sites. Devel­ opment stops included: • Waterside by Ambrose Property Group with a presen­ tation by Mali Simone Jeffers and Andrew Greenwood • Bottleworks District by Hendricks Property Group with a presentation by Lance Evinger and Dean Almas (CBRE) • The Whit & Assembly Apartments by TWG hosted by JB Curry Following the IU Real Estate Alumni & Friends Din­ ner, the IUREAN hosted their 6th annual Golf Out­ ing at the Golf Club of Indiana the next day.

In May at ICSC RECon, the IU Real Estate Alumni Network cocktail hour was hosted by Regency Properties (Chris Folz). Around 70 industry profes­ sionals stopped by the event. IU Alumni, Jim Witt- man, CCIM, CRRP, CRX, CLS Senior Vice President & Chief Operating Officer of Regency, received the Excellence in Mentoring award from the ICSC Foun­ dation for mentoring IU Real Estate Alum Anisha Yadav, 2019 graduate of the Kelley MBA program and Co-President of the MBA Real Estate Club.

IU Real Estate Alumni Network Cocktail Hour at ICSC RECon hosted by Regency Properties

UPCOMING EVENTS ­ SUMMER NETWORKING SERIES

Finally, the IUREAN is excited to announce that it will be hosting a Summer Networking Series in part­ nership with Indy REAL once a month on Thursdays from 4:00 – 6:00 pm. The Series kicked off on June 20th with a tour of the The Vue by Herman and Kittle Properties. Future events will include a tour of Penrose on Mass Avenue by J.C. Hart Company and networking at Condado Tacos on July 18th and tour of River House Broad Ripple by Todd Morris and networking at Tiki Tiki Lounge on August 20th.

Join the LinkedIn Group IU Center for Real Estate

The Indiana Real Estate Professional Page 15 www.kelley.iu.edu/cres

1309 East Tenth Street Bloomington, Indiana 47405

Phone: 812/855-7794

Our Mission: To further the excellence of the IU Real Estate Program by supporting academic excellence, facilitating industry involvement, encouraging life-long relationships, and inspiring impactful service. Our Vision: To produce a community of outstanding commercial real estate leaders by providing excellence in an integrated educational platform that merges relationships, academics, and practice.

A d v i s o r y B o a r d

Legacy Level

Lacy M. Johnson, Partner Ice Miller

Alex D. Oak, Chairman & CEO Cripe

Partner Level

David O. Barrett, President & CEO Gene B. Glick Company, Inc.

Steven D. Hardin, Partner Faegre Baker Daniels, LLP

Director Level

Nick Anthony, EVP, Chief Investment Officer Duke Realty

Rex M. Barrett, Executive VP Barrett and Stokely, Inc.

Bradley B. Chambers, President & CEO Buckingham Companies

Mike Curless, Chief Investment Officer Prologis

Bill Dahm, CEO Crew Carwash, Inc.

Michael B. Davis, Partner Cohen Garelick & Glazier

Mark Denien, EVP, CFO Duke Realty Corporation

John P. Doan, Managing Principal JPD Real Estate Investment Consultants

Jeffrey D. Fisher, Ph.D., President Homer Hoyt Institute

Erik Foster, Principal –Capital Markets Avison Young

Dan Hampton, Market President Horizon Bank

John C. Hart, Jr., President J.C. Hart Company, Inc.

Jack Hennessey, Managing Director Link Industrial Properties

Steven T. Holland, CRI, Vice President OneAmerica

David B. Keller, Senior Managing Director HFF

Loren P. King, CEO Trinitas Ventures, LLC

Chris Kirles, Principal & President of Construction Flaherty & Collins Properties

Jeffrey L. Kittle, President Herman & Kittle Properties, Inc.

Wilhelm Kreuzer, Principal Tartan Realty Group, Inc.

Michael C. Lady, MAI, SRA, CCIM, MRICS, Mng. Dir. Integra Realty Resources, Indianapolis

Steve LaMotte, Jr., CCIM, Executive VP CBRE

Elliot Lewis, President Cedarview Management Corp.

Joshua K. Malarsky, Partner Katz Sapper & Miller, LLP

Douglas M. McCoy, Founder Grant Properties

Barbara A. McKenzie, Senior Executive Director Principal Global Investors

Bradley Metzger, Managing Principal CRESA

Ravi Narsinghani, Director of Finance & Development Seva Hospitality

Joseph I. Neverauskas, CRE, Sr. VP Equus Capital Partners, Ltd.

Thomas Peck, Executive VP –Real Estate Hageman Group

Michael F. Petrie, CMB, Chairman Merchants Capital Corporation

Wes Podell, Senior VP, Development PK Partners

Hank Rassel, MAI, AI-GRS, President Don R. Scheidt & Co., Inc.

David Ravensberg, Director, Partner Scannell Properties

Rick Roethke, CEO Barrington Investment Company, LLC

Michael Schwartz, Esq., Principal, Real Estate RSM US LLP

Ralph I. Shiley, Managing Dir., Principal Scannell Properties

Kyle Shoemaker, Managing Director Affordable Housing Investment Brokerage, Inc.

Samuel F. Smith, II, Chairman, Principal Resource Commercial Real Estate

Jeffrey S. Sporleder, CFO REI Real Estate Services, LLC

Stephen E. Sterrett, Exec. VP & CFO Simon Property Group

Douglas J. Swain, Vice President, General Manager Opus Development Company, LLC

Terrence Tallen, Founder & CEO Tallen Capital Partners, LLC

Ernest Xi, President Xi Builders, LLC

Darrell E. (Gene) Zink, Jr., Chairman & CEO Strategic Capital Partners, LLC

Associate Level

Aasif Bade, President Ambrose Property Group

Taggart Birge, President Cornerstone Companies, Inc.

Duane Bobeck, President Bobeck Real Estate Company

Bruce Habig, Managing Director Natixis Real Estate Capital LLC

Rob Hunden, President Hunden Strategic Partners, Inc.

Nancy Hunt

Wayne F. Johnson, II, MAI, RM, President First Appraisal Group, Inc.

Tony Knoble, President TWG Development, LLC

Gary S. Newman, Managing Director C-III Capital Partners

Elliot Pessis, Director Harrison Street Real Estate Capital

John M. Philipchuck, President ImpactUs, LLC

Mark K. Salma,Senior Vice President, Development Tallen Capital Partners, LLC

Matt Stavroff, President Stavroff Land & Development, Inc.

Rebecca Wells, CCIM, Senior VP -Investment Sales Lee & Associates

Contributor Level

John Holloway, Senior Leasing & Sales Associate Veritas Realty

Nicholas G. Kanich, Senior Vice President JLL Capital Markets, Net Lease

Valerie Williams, Analyst M3 Capital Partners

CENTER CONTACTS

Douglas M. McCoy, JD, MBA Al and Shary Oak Director of Real Estate

Senior Lecturer in Real Estate domccoy@indiana.edu

Ellen Stauffer Assistant Director cres@indiana.edu

REAL ESTATE FACULTY

Jeffrey D. Fisher, Ph.D. Founder, Professor Emeritus

John Snell, MAI Associate Faculty, Kelley Indianapolis

Douglas M. McCoy, JD, MBA Al and Shary Oak Director of Real Estate

Senior Lecturer in Real Estate

Victor Bongard, JD Lecturer in Real Estate

Tom Peck, MBA Lecturer in Real Estate

Chris Cockerham, CPM, GRI Lecturer in Real Estate

Barbara A. Cutillo, MBA, CPA Visiting Lecturer, Kelley Indianapolis

Dave Harstad, JD Lecturer in Real Estate

AFFILIATED FACULTY

Mark M. Levin, MPA Clinical Associate Professor

SPEA

Preetesh Kantak, Ph.D. Assistant Professor, Finance

Timothy J. Michel, Managing Principal Johannson Yap, CIO & Executive Vice President Cushman & Wakefield First Industrial Realty Trust, Inc.

J. Timothy Morris, Founder Justin Yap, Investment Manager Proprium Capital Partners, LLC The Lock Up Self Storage