A recurrent theme in Underwriting Commercial Real Estate in a Dynamic Market is that good thinking and good underwriting go together. This stands in contrast with "getting an answer" or even worse "reverse engineering" – getting to a solution by assuming that current trends in market pricing is best. The cases in Underwriting Commercial Real Estate in a Dynamic Market will force readers to recognize that there is no single answer, but rather a range of answers that will depend on numerous perspectives. And, in order to make valuation decisions, they will have to undertake a rich conversation about what constitutes a good trade-off and what does not. Cases can be structured for use with introductory material as well as advanced topics.
- Encourages readers to think about alternatives and their viability
- Addresses real world variations and concentrates on large urban economic forces and their implications for real estate valuation
- Presents case studies that vary significantly in length and specificity
- Includes pedagogical materials such as case introductions and exhibits
Upper-division undergraduates, MA, and Ph.D. students who need an introduction to real estate industry practices. The material is also relevant to practitioners who need its mathematics
Section A: Building a framework
Case 1 Vista View and a Second Shot at Ownership
Case 2 Altitude and Perspective: Let the Fund Guide Investment?
Case 3 Apples and Oranges: The Strengths and Weaknesses of Being a Generalist
Case 4 Motor City Madness? The Search for Yield Takes Isaac to Detroit
Case 5 Forensic Underwriting or: What’s the Opposite of Big Data?
Section B: Extending the framework
Case 6 Bayview Double Take
Case 7 Excuse Me, Where’s the Exit from Marina Bay?
Case 8 Atwood Corporate Center
Case 9 Lombard Street
Case 10 An Uncommon Option for Cloverfield Commons
Section C: Narrowing the questions
Case 11 Making Sense of Eastgate
Case 12 How to Exit Fund IV
Case 13 A Changing Retail Landscape and a Lease to Match
Case 14 Finding a Safe Way to Park: Investing in NNN Lease Properties
Case 15 Let’s Do This Again
Section D: Development and redevelopment
Case 16 Huntington Flats
Case 17 Leaning into Headwinds: Grocery-Anchored Retail in the Era of Amazon
Case 18 Anyone for Extra Innings? Let’s Play Two? Late-Cycle Underwriting for Irwindale Reliance and the Olympic Plant
Case 19 The Minnifield Parcel
Case 20 Do Cycles Die of Old Age? Or Is 10 the New 6?
- No. of pages:
- © Academic Press 2019
- 14th May 2019
- Academic Press
- eBook ISBN:
- Paperback ISBN:
Christian L. Redfearn is the Borstein Family Endowed Professor of Real Estate at the Price School of Public Policy at the University of Southern California. There Prof. Redfearn directed the Dollinger Masters of Real Estate for nine years and introduced the new undergraduate bachelor of real estate development degree. He also is the editor of the Borstein Real Estate Case Series. He joined the faculty at USC after completing his Ph.D. in economics at the University of California, Berkeley. He has been published in the Journal of Urban Economics, Regional Science and Urban Economics, and others. Prof. Redfearn also has also been named a NAIOP Distinguished Research Fellow.
University of Southern California, USA
“In this book Professor Redfearn has compiled a great teaching aid and complement to real estate finance and investments textbooks. The cases in this book are rich and vivid examples that take students into the nuts and bolts of the real world of real estate investing replete with the heterogeneity and complexity of the intersection of buildings, locations, cities, stakeholders, decision makers, and decisions. They provide a great framework for the Socratic teaching of fundamental principles and tools in a manner that stimulates students to think creatively, rigorously, and independently. I heartily endorse it.” — David M. Geltner, MIT
"Real estate instructor can to find textbooks and other instructional materials to use in the teaching of basic concepts and ideas. However, the institutional detail and context surrounding real estate decisions are absolutely critical to the real estate decision making process. This compilation of case studies will prove to be a vital resource to any instructor who wishes to expose their students to the rich and complicated world of real estate valuation, investment, and decision making. I have already incorporated several into my course outlines." — David Ling,University of Florida
"This text contains the most useful collection of real estate analysis cases I have seen and it seems perfect for our capstone real estate analytics course. The cases are interesting and relevant and they dig into real world issues at a very high level. Students who can master these issues will no doubt be well-positioned for long-term career success in the real estate industry." — Tim Allen, Florida Gulf Coast University
"Professor Redfearn has successfully developed a rich compendium of case studies designed to help students build the reasoning skills they’ll need to be effective professionals in an ever changing real estate market. The volume will also be a wonderful resource for more seasoned practitioners wishing to brush up their expertise." — Pablo Mendez, Carleton University
“Real estate itself isn’t all that complicated. The relationships and deal structuring can be. Successful real estate professionals are those who can see through apparent complexity and recognize the underlying basics at work. I know several of the deals in this book, and the principals who made the right choices were those who could think well about their fundamentals and develop the conviction to act. This book will help students and professionals do both.” — Wilbur Smith, President/Founder, Greenlaw Partners