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Volume 12, Issue 2, Summer 2019
The Indiana Real Estate Professional
J. Timothy Morris receives Jeffrey D. Fisher Real Estate DIRECTOR'S UPDATE
Legacy Award at annual dinner; students honored
Our faculty team is
T he 8th annual IU Real Estate
Alumni & Friends Dinner
took place on April 25th at the
expertise speaking to the
Commercial Real Estate Work
shop in recent years.
growing as a result of
the strong demand we
are experiencing from
IndyPlace Marriott in down both students and em
town Indianapolis. The event Jeffrey D. Fisher, Ph.D., Found ployers. Both R440, Real
Estate Appraisal & De
sold out with record attendance er of the IU Center for Real velopment, and R443,
of over 250 students, alumni, Estate Studies and Professor Doug McCoy, Real Estate Finance and
and friends supporting the IU Emeritus of Real Estate, Kelley Al & Shary Investment Analysis,
real estate program. School of Business, presented 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,
Jeffrey D. Fisher, left, and J. Timothy Morris, center. Phil T. Powell shown at Consulting to NCREIF, being a found
far right. ing executive of RealNex, and publish
ing leading edge research.
J. Timothy Morris, Founder and the award to Tim, who he had Professor John Snell, MAI,
Partner at Proprium Capital as a student. Associate Faculty – directs
Partners based in Stamford, CT, the IUPUI program includ
was presented with the Jeffrey Phil T. Powell, Associate Dean ing teaching the real estate
D. Fisher Real Estate Legacy of Academic Programs -Kel courses, and overseeing
Award for his ongoing commit ley Indianapolis, provided a the IUPUI Real Estate Club
ment and service to the IU real Kelley program update outlin and the IUPUI Commercial
estate program and the com ing new school initiatives and Real Estate Workshop. John
mercial real estate industry. Tim the way the program and the is owner/President of Snell Real Estate
Evaluation Company and has taught
has been a longtime supporter greater real estate communi in the Kelley School for over 37 years,
of the IU real estate program ty can be of benefit to winning the Schuyler Otteson under
and has offered his time and one another. graduate teaching
award 15 times.
(continues on page 6) (continues on page 5)
The Indiana Real Estate Professional Page 1 www.kelley.iu.edu/cres
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 CBRE’s Central Midwest Multifamily team
research update continues to tap into IU’s top talent
Dr. Jeff Fisher, professor emeritus, had at paper titled Current IU students Savannah LaMotte, Sam Pittman,
“Risk Adjusted Performance Attribution” accepted in and Matt Avila have joined CBRE’s Indianapolis-based
the Journal of Portfolio Management. He will also be Multifamily team as interns for the summer to assist the
presenting this research at an academic conference in region’s top team with several aspects of the business,
Milan, Italy this summer. including market research, due-diligence and financial
analysis.
Ambrose Property Group partners with Gene B. Team leader and Kelley School graduate Steve LaMotte,
Glick Company on project to strengthen down said “It is critical to our team’s growth and strength that
town Indianapolis we continue our longstanding tradition of hiring IU’s top
talent”. He noted that several interns have gone on to
Ambrose Property Group recently announced it’s vision make brokerage their fulltime occupation. This list in
for the future, which includes a partnership with Gene B. cludes Alex Possick who in January 2019 joined the team
Glick Company to build and manage apartment homes fulltime in a dual role as associate and senior analyst.
at Waterside --over 100 acres in downtown Indianapolis
that will expand the urban core of the city. Glick is one Said Possick, “The IU Real Estate program and its far-
of the largest real estate ownership, development, and reaching network of alumni enabled me to secure an
internship and eventually a full-time offer with the top
apartment brokerage team in Indianapolis.”
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.
management companies in the country, and is particu
Presented annually to a Central Indiana
larly well-known for giving back to the community.
leader who has demonstrated a pas
sion for mentoring and a commitment
Designing for equity has been the goal of Waterside since
to making mentoring an integral part of
it’s inception. Engaging with the community early on
his/her life, it is the highest honor the
(considering location), art, and design are all vital com
BBBS agency bestows.
ponents of redeveloping an important part of our city.
Al is a Past President of Big Brothers Big Sisters of Greater
This partnership is part of Ambrose's broader vision to
Indianapolis and is also acting as a Big Brother for the third
build a stronger community with a growing leadership
time. Servant leadership is fundamental to the Cripe cul
team, including Isaac Bamgbose, who will join as Senior
ture and we are fortunate to have leaders who walk the talk.
VP of Development to lead the transformational develop
Al Oak is one of those leaders and he takes philanthropy
ment of Waterside and
very seriously and ensures that the rest of Cripe does as
other developments.
well.
Since announcing a vision to expand downtown Indy by
Cripe was recognized as a Indiana Cham
25 blocks last October, Ambrose has been designing for
ber of Commerce’s Best Places to Work In
new roads and what types of buildings should go where.
Indiana for the 9th time. Cripe, a BPTW Hall
This year, we will break ground on infrastructure work like
of Fame member, was named as one of the
new streets, and improvements to existing streets like
top 25 firms in the state.
Oliver Avenue. Also, apartment buildings are set to
open in 2023.
The Indiana Real Estate Professional Page 2 www.kelley.iu.edu/cres
ADVISORY BOARD MEMBER NEWS
(continued from page 2)
Equus Capital Partners sells Grand Oak Herman & Kittle hires new Senior VP; celebrates 4
Business Park in Eagan, MI closings
Equus Capital Partners, Ltd. (“Equus”), an HKP is very excited to announce that Blake Blanch has joined our
nounced in January the sale of Grand Oak Senior Management team as Senior Vice President, Finance and
Business Park, a 10-building 539,893 square Capital! His 20 years of industry experience, and expertise leading
foot class A office/retail campus located in the large teams in the strategic implementation of organizational goals
Southeast submarket of Minneapolis, Minne will serve HKP well as we grow!
sota. The properties, originally acquired in 2007
on behalf of BPG Investment Partnership VIII HKP has also celebrated 4 closings in the first half of 2019. River
and VIII A, L.P., a fully-discretionary fund man side Trails in Columbus, Ohio will have 248 affordable apartment
aged by Equus, were sold to Group RMC, a New homes. This Tax Exempt Bond Financed community will provide
York based real estate investment and manage homes to those with incomes at or below 60% AMI. Centennial
ment company. 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
Developed between 1999 and 2007, the cam
pus is comprised of 527,562 square-feet of Hunden Partners (HSP) was excited to participate in the Real Estate
office space, 12,331 square-feet of retail space Club’s annual dinner in Indianapolis in May, along with new Kelley
and is situated on 100 landscaped acres sur graduate and Analyst, Mike Christensen and others
rounding a private 20-acre lake. At the time of in the HSP family.
sale, Grand Oak Business Park was over 90%
occupied with nearly 70 tenants representing a The firm has been working on dozens of new and transformative
diverse mix of industries. 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,
Blackstone to acquire GLP assets hotel, and sports projects.
On June 2, 2019, GLP and Blackstone an Rob Hunden
nounced that they have entered into an agree continues to be
ment for Blackstone to acquire assets from a thought leader
three of GLP’s U.S. funds for a purchase price in the P3 space,
of $18.7 billion. This overall transaction totals speaking, teach
179 million square feet of urban, infill logistics ing, and lectur
assets, nearly doubling the size of Blackstone’s ing at industry
existing U.S. industrial footprint. Blackstone c o n fe re n c e s .
Real Estate’s global opportunistic BREP strat Appearances
egy will acquire 115 million square feet for $13.4 this spring in
billion and its income-oriented non-listed REIT, cluded engage
Blackstone Real Estate Income Trust (BREIT), ments at City
will acquire 64 million square feet for $5.3 bil Nation Place in
lion. The deal will be the largest-ever private West Hollywood; Convention, Sports & Entertainment Facilities in
real estate transaction globally. Advisory Board San Diego; and the Urban Land Institute’s Entertainment Develop
Member Jack Hennessey is a Managing Direc ment Council keynote in Nashville.
tor with Link Industrial Properties, Blackstone’s
industrial real estate operating platform.
The Indiana Real Estate Professional Page 3 www.kelley.iu.edu/cres
ADVISORY BOARD MEMBER NEWS
(continued from page 3)
KSM Expands Cost Segregation Practice RESOURCE Commercial Real Estate
with Lead Engineer Project Management Team solves the
issues and delivers the right results
With tax reform in full effect, strategic deal structuring, risk minimi
zation, and maximization of tax savings opportunities are more im Project Management issues can arise espe
portant than ever before in the real estate development world. Katz, cially when many Landlords view Project Man
Sapper & Miller (KSM), one of Indiana’s largest real estate tax and agement as a profit center financially but an
advisory firms, is working to meet these growing needs by expand afterthought operationally. RESOURCE has
ing its cost segregation practice with the addition of the right focus and concentrates on all aspects
a lead engineer. of the project management process with your
best interests at the forefront. RESOURCE cre
James Pillischafske is a cum laude civil en ates the right plan by strategically developing
gineering graduate of Rose Hulman and is a clear project vision centered around your
charged with overseeing KSM’s team of goals. RESOURCE brings the right hustle with
cost segregation engineers. With previous a thorough and comprehensive Scope of Ser
industry experience in the commercial vices from assessment, plan, design & pro
development space, James’ knowledge curement to implementation and managing
of construction methods, practices, and the closeout of the project.
estimating techniques help developers RESOURCE delivers the right results for you.
reduce taxes by identifying components
James Pillischafske of real estate eligible for accelerated tax June Marut represents cli
depreciation. ents across a variety of in
dustries for tenant and land
Chris Bradburn, director of the firm’s cost segregation practice and lord representation project
IU alum, says, “KSM has always employed a formal, engineering- management construction
based approached to tax planning via our cost segregation studies. projects, working closely
Adding James to our team as lead engineer will allow us to more with third party vendors to
quickly and thoroughly uncover savings opportunities.” successfully achieve stake
holder’s expectations and deliverables.
From luxury apartments in downtown Los Angeles to high-rise june.marut@rcre.com
mixed-use towers on Times Square in Manhattan, KSM’s cost seg
regation team has analyzed more than $7 billion in commercial real Kara Riggle Collesano, SIOR
estate across 36 states. And, despite the complexities tax reform & Principal at RESOURCE,
has added to development projects, in the past year alone the firm has expertise in managing
has delivered more than $80 million in tax benefits to its clients. large scale lease portfolios
and manages over 300 loca
tions for agencies. Kara pro
Principal Global Investors rings bell at NYSE vides project management
services for various clients
Principal Global Investors, throughout the State of Indiana.
the firm of Advisory Board kara.riggle@rcre.com
member Barb McKenzie,
Senior Executive Director-
Investments, had the chance Scannell signs Coca-Cola for 200,000
to ring the close of market SF BTS warehouse in Connecticut
bell at the New York Stock
Exchange in May. 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
Glick property wins NAA's Best Community Award art 200,000 SF facility as a warehouse and dis
tribution facility. Completion and occupancy is
Gene B. Glick Company's Quarry at River North in Indianapolis won scheduled for November, 2019 in South Wind
the Best Community Award at the National Apartment Association’s sor, CT.
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.
The Indiana Real Estate Professional Page 4 www.kelley.iu.edu/cres
(Director's Update continued from page 1)
Professor Victor Bongard, Senior Lecturer
– teaches L408, Real Estate Law, on both UPCOMING EVENTS
the Bloomington and IUPUI campuses.
IU Real Estate Fall Luncheon
Professor Tom Peck, Lecturer – teach
& Career Fair
es the Bloomington campuses’ MBA September 27th
R510, Real Estate Finance and Invest Spencer Levy, Chairman of
ments, course and will continue in his Americas Research and Senior
role as faculty advisor of the IU MBA Economic Advisor, CBRE
Real Estate Club this fall. Tom is the Ex
ecutive VP of Investments with Hage Meridian Hills Country Club,
man Group in Indianapolis. Indianapolis
Registration Required; Details TBA
Professor Chris Cockerham, Lecturer
– teaches R300, Introduction to Real
Commercial Real Estate
Estate, a course for non-majors on Workshop Alumni Conference
the Bloomington campus. Chris will & Dinner
oversee the IU Commercial Real Es October 11th
tate Workshop starting this fall. Chris Invitation Only
is the Managing Broker at F.C. Tucker
Bloomington and won ICBR's Realtor
of the year in 2018. IU Real Estate Club
Case Competition
Professor Barb Cutillo, Visiting Lec October 25th
turer – teaches the R305, Introduction
to Real Estate Analysis, course on the Invitation Only
IUPUI campus.
Stanley E. Hunt Real Estate
Development Case Competition
Professor Dave Harstad, Lecturer –
this coming school year of 2019-20
November 20th
will commence teaching a section of Invitation Only
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.
The Indiana Real Estate Professional Page 5 www.kelley.iu.edu/cres
(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 From left: Evan Snodgrass, Mauricio Suarez, Jake Weiskirch, sors: Barrington Invest-
a significant positive and Steven Austgen, and Kelly Nelson. 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.
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).
The Indiana Real Estate Professional Page 6 www.kelley.iu.edu/cres
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
John W. Estridge, CPA, Director in Real Estate Services Group, Katz
Companies, CREA, Cushman & Wakefield, Sapper & Miller.
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.
Recruiting ?
Recruiting?
Send internships & jops to
Send internships & jobs to
epstauff@indiana.edu
epstauff@indiana.edu
The Indiana Real Estate Professional Page 7 www.kelley.iu.edu/cres
IU Real Estate Chicago Alumni Dinner provides student and alumni networking opportunity
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 Kristy Heuberger, shown at center, with recent grads and La-
on the IU real estate program. Salle hires, James Hessing, Spencer Horwitz, and Alex Collins,
from left.
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.
The Indiana Real Estate Professional Page 8 www.kelley.iu.edu/cres
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 Kelley Indy Club on rooftop of Bottleworks during IUREAN tour.
with us how his firm managed the acquisition.
and engaged club members in a discussion about her
We were also afforded the incredible opportunity to visit work in economic development. In April, J.C. Hart Com
the BottleWorks development. Jake Rupp with Hen pany, Inc. hosted the club at their new development, The
dricks Commercial Properties gave us a complete tour Penrose on Mass in downtown Indy. J.C. Hart’s CEO and
of the site. He shared with us the interesting history of CFO teamed up with the architect to provide students
the project and the complexities associated with a de with an in-depth presentation detailing the project.
velopment of that scale.
This semester provided members with great opportuni
The highlight of our semester was the collaboration with ties to learn about multiple aspects of real estate and
Kite Realty Group. Analysts Mitch Snyder and Jake Heldt network with industry professionals. This fall, the club
coordinated a three-part case study competition where plans on hosting speaker events focused on real estate
we analyzed the retail industry, KRG’s portfolio, and the lending and financing as well as property & asset man
acquisition of a retail power center. We finished as one agement. We also plan on participating in a handful of
of the top two teams and were invited to Kite’s office case competitions and touring a development
to present to several of their key executives. It was a site downtown.
tremendous learning experience to present our work in
that setting and discuss the retail industry As the club continues its growth, the executive team
with their group. hopes to generate even more opportunities for mem
bers to learn about and experience real estate. Our goals
We are truly grateful to have had the opportunity to par are to increase membership by marketing our events
ticipate in the inaugural Commercial Real Estate Work to the whole of IUPUI. This will engage students in the
shop at IUPUI and wish to thank the faculty and profes fields of engineering, law, economics, and more. We are
sionals who made it such a valuable experience. adding new members to the club Executive Board. We
would like to welcome Olivia Becht, a senior at Kelley. as
REAL ESTATE CLUB UPDATE our VP of Membership. Vardhan Chulani is taking on the
by Julie Pettypool role of VP of Finance along with his Kelley-Indianapolis
Student Government Representative position. Chandler
This past spring semester, students in the Kelley In Oakes will be assisting with the club meeting process
dianapolis Real Estate Club participated in a range of as the Reservationist and Risk Manager. Michael Koch
different events. We hosted Matt Speer, CEO of LIV Indy, is joining the team as the VP of Communications and
who helped students better understand residential real Samuel Freeman will become our VP of Marketing.
estate investing. The Club paired with the Women in
Business Club to have the IndyUCREW come and teach We would like to give a warm welcome to our new col
students about the different aspects of the real estate leagues, and we look forward to a wonderful
industry. In March, Megan Baumgartner, the Director fall semester.
of Economic Development for the City of Fishers, came
The Indiana Real Estate Professional Page 9 www.kelley.iu.edu/cres
Real Estate Club -
iureclub.com
Real Estate Club at Indiana University 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 Members of the Club Executive Board with recent
graduates. From left: Patrick Engels, Jimmy Hessing, Dylan
stitute of Real Estate Management’s “Take Our Future Stambaugh, Alex Collins, Christian Grubaums, Hannah Saed,
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 Members of the Club Executive Board with EQ Office guest
speakers. From left: Jack Washburn, Patrick Engels, Christian
estate learning opportunities and case studies for club Grubaums, Michael Knott, Dylan Stambaugh, and
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.
The Indiana Real Estate Professional Page 10 www.kelley.iu.edu/cresReal Estate Club -
iureclub.com
Real Estate Club at Indiana University Commercial Real Estate
Workshop
http://kelley.iu.edu/cre/
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,
The 2019-2020 Real Estate Club Executive Board is a LaSalle Investment Management
fantastic group of individuals who will bring novel ideas Amanda Doster, Acquisitions Analyst,
and enthusiasm to the table. We are excited to work Harrison Street Real Estate Capital
with Arianna Gabriel (Vice President of Operations), James Hessing, Senior Analyst,
Max Von Rommel (Director of Finance), Maddie Simo LaSalle Investment Management
nian (Director of Marketing), and Nick Fischer (Director
of Programming). CAPITAL MARKETS
Michael Knott, CFO &
Finally, we would like to congratulate the club’s outgo Jack Washburn, Analyst
ing Co-Presidents, Hannah Saed and Dylan Stambaugh, EQ Office
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
MBA REAL ESTATE CLUB UPDATE
by Charles France, President, and Michael Johnson, Vice President
The Kelley MBA Real Estate Club has grown immensely various events such as three-part practitioner speaker
in size this year to 75 members in their first and second series (Investment properties, Flipping Homes, and How
years of the full-time MBA program. Interests among the to do Airbnb), Life with an MBA in Real Estate Panel, Why
group range from the pursuit of a full-time career in real REITs, and networking night with recruiters to educate
estate to an interest in owning investment rental proper and strengthen IU’s reach within real estate. We welcome
ty. Special thanks to Anisha Yadav, last year's MBA Club all to join the MBA Real Estate Club in our final event,
President for helping to make this happen. How to Buy a House, where individuals will become in
formed on the steps of purchasing a home.
The fall semester will begin with meeting club members,
Professor Doug McCoy (Al & Shary Oak Director of Real The club created a resume book, including resumes from
Estate), and Professor Tom Peck over a welcome dinner. those MBA club members interested in a full-time career
McCoy and Peck are established real estate profession in real estate, which was distributed to firms throughout
als and help facilitate the immense resources IU has the Midwest. If you'd like a copy, please email Charles
within the field of real estate and which courses MBA France at francech@iu.edu.
students could enroll in to further their knowledge of the
subject. The MBA club looks forward to an exciting Fall semester
that will help further educate students on all facets of
Over the course of the 2019 – 2020 year there will be real estate.
The Indiana Real Estate Professional Page 11 www.kelley.iu.edu/cresCommercial 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 relationships where I’ve been able to meet and learn
to industrial,” and noting that his responsibilities from our incredible alumni and work with peers who
have involved, “working on valuations of both real share similar interests.”
property and leasehold interest for clients around
the country.” In New York, Hiring firms of our most recent 2018-2019 class in
clude Bank of America, First Industrial Realty Trust,
Chris Toleno has enjoyed his time working as a PGIM, Birge & Held Asset Management, EQ Office,
Transactions Intern at SquareFoot, a technology Barings Investment Management, and DBRS. The
based commercial real estate brokerage near Mid student Executive Board intends to continue the
town. Chris reflects on his Workshop experience program’s academic and professional success and
saying, “the Commercial Real Estate Workshop has is excited to welcome the 47 members in our new
given me a platform of technical knowledge and 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- Sterrett Scholarship. After graduating, I intend to pur
SC's Stephen E. Sterrett Under sue a career in the real estate industry. The retail sec
graduate Real Estate Award for tor of real estate has become one of my passions and
the 2019-20 school year. Spen the International Council of Shopping Centers (ICSC)
cer is a senior on the Blooming provides me with both mentors and a platform to start
ton campus majoring in Finance building my network at a young age and pursue my
and Real Estate. He will serve as passion to the fullest," Wierda said.
Vice President for the Commer
cial Real Estate Workshop for The scholarship includes a $2000 award toward
the 2019-20 academic year. tuition and one year of free ICSC student mem
bership. A new benefit this year will be the option
"I am extremely honored and
thankful to have received the to participate in ICSC’s year-long mentorship pro
ICSC Foundation Stephen E. gram, which begins in August.
The Indiana Real Estate Professional Page 12 www.kelley.iu.edu/cresIU 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 Alumni Network Coordinators
The IU Real Estate Alumni Network is expanding with the addition INDIANAPOLIS & NATIONAL: John Holloway
of new groups in Detroit, Michigan and Fort Wayne, Indiana. john@veritasrealty.com
The Detroit group will be headed up by ATLANTA: Tom Schmitt
recent grad Eric Birnholtz, who graduated tom_schmitt@keybank.com
from the Kelley School of Business in 2018
with a degree in Finance and Real Estate. BOSTON: Andrew Mahr -amahr@bialow.com
Eric is a Sales Associate with Mid-Amer CHARLOTTE: Ryan Clutter -rclutter@hfflp.com
ica Real Estate-Michigan, Inc., a leading
full-service retail brokerage company in CHICAGO: Nicholas G. Kanich
Bloomfield Hills, Michigan. Eric primarily nicholas.kanich@am.jll.com
focuses on Landlord and Tenant Repre
sentation. Additionally, Eric works with CINCINNATI: Ravi Narsinghani
clients on the acquisition/disposition of ravi@sevahotels.com
retail properties and new developments
throughout the state of Michigan. Eric is an active member of DENVER: Bryon Stevenson
ICSC as well as ChainLinks Retail Advisors. bryon.stevenson@ngkf.com
Please welcome Eric to the group and if you live in the Detroit area, DETROIT: Eric Birnholtz
please be sure to reach out to Eric to join the group: ebirnholtz@midamericagrp.com
ebirnholtz@midamericagrp.com
EVANSVILLE: Christopher M. Folz -
Heading up the Fort Wayne Alumni Net cfolz@regencyprop.com
work will be Dan Gabbard, also a 2018
Kelley graduate with a major in Manage FORT WAYNE: Dan Gabbard -
ment and minors in Urban Planning & dgabbard@zacherco.com
Community Development and Healthcare
Management & Policy. While on campus, HOUSTON: Adam Blustein
he was the President of the IFC Mental ablustein@gfinvestments.com
Health Committee, held several executive
positions within his fraternity, and stud LAS VEGAS: Frank Phillips
ied abroad in London at King’s College for phillip.frank@colliers.com
a summer.
LOS ANGELES: Paul Davidovac-
Dan is a Broker and Business Develop pauldavidovac@gmail.com
ment Associate for The Zacher Company,
handling the sales and leasing of retail, office, and industrial prop NEW YORK: Ashley Grebow-
erties and commercial land sales. He acts as a seller/landlord rep ashley@modernspacesnyc.com
resentative as well as a buyer/tenant representative throughout
Northeast Indiana. In addition to his role with the company, Dan is SEATTLE: Jim Dickson
also heavily involved in the local business community. He serves dickson.jad@gmail.com
as a board member for a not-for-profit counseling agency, is a
member of the downtown Rotary Club, holds an executive position SOUTH FLORIDA: Denyse O’Grady -
for the Emerging Leaders Alliance in Northeast Indiana, and volun djocpa@gmail.com
teers as a mentor for the Big Brothers Big Sisters Organization.
SOUTHWEST FLORIDA: Matthew Petra
Dan is looking forward to leading alumni efforts in the Fort Wayne iualumniswfl@gmail.com
area. Please contact him to get involved:
dgabbard@zacherco.com WASHINGTON, D.C. AREA: John P. Doan, -
jdoandc54@gmail.com
The Indiana Real Estate Professional Page 13 www.kelley.iu.edu/cresIU Real Estate Alumni Network iurean.com
iurealestatealumni@gmail.com
Welcome New LA Coordinator, Paul Davidovac
Paul Davidovac will commitment to their wants and needs.
serve as the Los Ange
les, California IU Real His career commenced in London for Quintessen
Estate Alumni Network tially, the luxury lifestyle group. In his position as
Coordinator effective Head of Business Development he improved the
immediately. Paul will headquarters in London, researched international
be taking the group over opportunities, and opened several offices including
from longtime Coordi New York, Beijing, Shanghai, Cape Town, Johannes
nators James Crowder burg and Dubai.
and Bryce Tobias. As
President Emeritus of With his 10+ years of real estate development, and
the Indiana University investment experience, Paul has been involved
Alumni Association for Los Angeles, Paul comes well with the development, acquisition, or disposition of
equipped to take on this new role. over $200M of commercial real estate. Sharing his
knowledge, social awareness and people skills, he
Paul believes in building long-term wealth through provides leadership in various organizations.
real estate investments. He has experience in Inter
national Business which helps him educate clients You may reach Paul at pauldavidovac@gmail.com
to make smart investments with a consistency and
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/cresIU 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 IU Real Estate Alumni Network Cocktail Hour at ICSC RECon hosted by Regency
Apartments by TWG hosted Properties
by JB Curry
Following the IU Real Estate Alumni & Friends Din
ner, the IUREAN hosted their 6th annual Golf Out UPCOMING EVENTS
ing at the Golf Club of Indiana the next day. SUMMER NETWORKING SERIES
In May at ICSC RECon, the IU Real Estate Alumni Finally, the IUREAN is excited to announce that it
Network cocktail hour was hosted by Regency will be hosting a Summer Networking Series in part
Properties (Chris Folz). Around 70 industry profes nership with Indy REAL once a month on Thursdays
sionals stopped by the event. IU Alumni, Jim Witt- from 4:00 – 6:00 pm. The Series kicked off on June
man, CCIM, CRRP, CRX, CLS Senior Vice President 20th with a tour of the The Vue by Herman and
& Chief Operating Officer of Regency, received the Kittle Properties. Future events will include a tour
Excellence in Mentoring award from the ICSC Foun of Penrose on Mass Avenue by J.C. Hart Company
dation for mentoring IU Real Estate Alum Anisha and networking at Condado Tacos on July 18th and
Yadav, 2019 graduate of the Kelley MBA program tour of River House Broad Ripple by Todd Morris
and Co-President of the MBA Real Estate Club. 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/cres1309 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.
Advisory Board
Legacy Level Ravi Narsinghani, Director of Finance & Development Contributor Level
Seva Hospitality
Lacy M. Johnson, Partner John Holloway, Senior Leasing & Sales Associate
Ice Miller Joseph I. Neverauskas, CRE, Sr. VP Veritas Realty
Equus Capital Partners, Ltd.
Alex D. Oak, Chairman & CEO Nicholas G. Kanich, Senior Vice President
Cripe Thomas Peck, Executive VP –Real Estate JLL Capital Markets, Net Lease
Hageman Group
Partner Level Valerie Williams, Analyst
Michael F. Petrie, CMB, Chairman M3 Capital Partners
David O. Barrett, President & CEO Merchants Capital Corporation
Gene B. Glick Company, Inc.
Wes Podell, Senior VP, Development
Steven D. Hardin, Partner PK Partners
Faegre Baker Daniels, LLP
Hank Rassel, MAI, AI-GRS, President
Director Level Don R. Scheidt & Co., Inc.
Nick Anthony, EVP, Chief Investment Officer
Duke Realty
David Ravensberg, Director, Partner
Scannell Properties CENTER CONTACTS
Rex M. Barrett, Executive VP Rick Roethke, CEO
Barrett and Stokely, Inc. Barrington Investment Company, LLC Douglas M. McCoy, JD, MBA
Bradley B. Chambers, President & CEO Michael Schwartz, Esq., Principal, Real Estate Al and Shary Oak Director of Real Estate
Buckingham Companies RSM US LLP Senior Lecturer in Real Estate
Mike Curless, Chief Investment Officer Ralph I. Shiley, Managing Dir., Principal domccoy@indiana.edu
Prologis Scannell Properties
Bill Dahm, CEO Kyle Shoemaker, Managing Director Ellen Stauffer
Crew Carwash, Inc. Affordable Housing Investment Brokerage, Inc.
Assistant Director
Michael B. Davis, Partner
Cohen Garelick & Glazier
Samuel F. Smith, II, Chairman, Principal
Resource Commercial Real Estate cres@indiana.edu
Mark Denien, EVP, CFO Jeffrey S. Sporleder, CFO
Duke Realty Corporation REI Real Estate Services, LLC
John P. Doan, Managing Principal Stephen E. Sterrett, Exec. VP & CFO REAL ESTATE FACULTY
JPD Real Estate Investment Consultants Simon Property Group
Jeffrey D. Fisher, Ph.D., President Douglas J. Swain, Vice President, General Manager Jeffrey D. Fisher, Ph.D. Founder,
Homer Hoyt Institute Opus Development Company, LLC
Professor Emeritus
Erik Foster, Principal –Capital Markets Terrence Tallen, Founder & CEO
Avison Young Tallen Capital Partners, LLC
John Snell, MAI
Dan Hampton, Market President
Horizon Bank
Ernest Xi, President
Xi Builders, LLC Associate Faculty, Kelley Indianapolis
John C. Hart, Jr., President Darrell E. (Gene) Zink, Jr., Chairman & CEO
J.C. Hart Company, Inc. Strategic Capital Partners, LLC Douglas M. McCoy, JD, MBA
Jack Hennessey, Managing Director Associate Level Al and Shary Oak Director of Real Estate
Link Industrial Properties Senior Lecturer in Real Estate
Aasif Bade, President
Steven T. Holland, CRI, Vice President Ambrose Property Group
OneAmerica
Taggart Birge, President Victor Bongard, JD
David B. Keller, Senior Managing Director Cornerstone Companies, Inc. Lecturer in Real Estate
HFF
Duane Bobeck, President
Loren P. King, CEO
Trinitas Ventures, LLC
Bobeck Real Estate Company
Tom Peck, MBA
Bruce Habig, Managing Director Lecturer in Real Estate
Chris Kirles, Principal & President of Construction Natixis Real Estate Capital LLC
Flaherty & Collins Properties
Jeffrey L. Kittle, President
Rob Hunden, President
Hunden Strategic Partners, Inc. Chris Cockerham, CPM, GRI
Herman & Kittle Properties, Inc. Lecturer in Real Estate
Nancy Hunt
Wilhelm Kreuzer, Principal
Tartan Realty Group, Inc. Wayne F. Johnson, II, MAI, RM, President
First Appraisal Group, Inc. Barbara A. Cutillo, MBA, CPA
Michael C. Lady, MAI, SRA, Visiting Lecturer, Kelley Indianapolis
CCIM, MRICS, Mng. Dir. Tony Knoble, President
Integra Realty Resources, Indianapolis TWG Development, LLC
Dave Harstad, JD
Steve LaMotte, Jr., CCIM, Executive VP Gary S. Newman, Managing Director
CBRE C-III Capital Partners Lecturer in Real Estate
Elliot Lewis, President Elliot Pessis, Director
Cedarview Management Corp. Harrison Street Real Estate Capital AFFILIATED FACULTY
Joshua K. Malarsky, Partner John M. Philipchuck, President
Katz Sapper & Miller, LLP ImpactUs, LLC
Mark M. Levin, MPA
Douglas M. McCoy, Founder Mark K. Salma,Senior Vice President, Development Clinical Associate Professor
Grant Properties Tallen Capital Partners, LLC
SPEA
Barbara A. McKenzie, Senior Executive Director Matt Stavroff, President
Principal Global Investors Stavroff Land & Development, Inc.
Preetesh Kantak, Ph.D.
Bradley Metzger, Managing Principal Rebecca Wells, CCIM, Senior VP -Investment Sales
CRESA Lee & Associates 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 StorageYou can also read
