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Underwriting Commercial Real Estate in a Dynamic Market. Case Studies

  • Book

  • May 2019
  • Elsevier Science and Technology
  • ID: 4622046

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.

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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?

Authors

Christian Redfearn University of Southern California, USA. 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.