Underwriting Commercial Real Estate in a Dynamic Market

Underwriting Commercial Real Estate in a Dynamic Market

Case Studies

1st Edition - May 13, 2019

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  • Author: Christian Redfearn
  • Paperback ISBN: 9780128159897
  • eBook ISBN: 9780128159903

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Description

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.

Key Features

  • 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

Readership

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

Table of Contents

  • 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?

Product details

  • No. of pages: 262
  • Language: English
  • Copyright: © Academic Press 2019
  • Published: May 13, 2019
  • Imprint: Academic Press
  • Paperback ISBN: 9780128159897
  • eBook ISBN: 9780128159903

About the Author

Christian Redfearn

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.

Affiliations and Expertise

University of Southern California, USA

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