The document discusses three shopping center development case studies - Kent Place in Denver, Seminole Shoppes in Jacksonville, and First Washington Place in Petaluma, California. Kent Place is described as a "slam dunk" due to its infill location and demographics. Seminole Shoppes represents a "standard play" with typical demographics and anchor tenant. First Washington Place faced entitlement delays and lawsuits, making it a "buzzer beater" with returns below standard requirements.

1. ULI Spring Meeting Trends Conference, May 9th, 2012, Charlotte, NC.

2. • "PLAYER LINEUP”
• "PLAY BALL" - Sample deal discussions
• "Slam dunk"
• "Standard Play“
• "Buzzer Beater”
• "4TH QUARTER GAME WINNING STRATEGIES”
• AUDIENCE Q&A

3. • John Oharenko is a Senior Vice President at
Berkadia, a real estate finance and investment banking
firm headquartered in Horsham, PA.
• Since 1980, John works on various equity and debt
structures for income properties, placing over four
billion dollars of transactions.
• John holds degrees from DePaul University and
University of Wisconsin - Madison.

4. • Managing Principal and founder of Blue Vista is the
relationship manager with new partners and capital
sources.
• Mr. Byron has over 30 years of real estate investment
and transaction experience and has completed over $7
billion in real estate transactions in his career.
• Prior executive positions include McShane Corporation,
AEW Capital Management and Jones Lang LaSalle.
• Mr. Byron has a B.A. with Honors from the University of
Virginia, where he was awarded Phi Beta Kappa. He also
received his law degree from the University of Virginia.

5. • Executive Vice President and Chief Financial Officer
at Regency Centers. Bruce has 30 years of
experience with the firm and it’s predecessors.
• Regency is the leading national owner/operator of
grocery-anchored, neighborhood and community
retail centers valued in excess of $6 billion.
• Presently the Chairman of the Board of Brooks
Rehabilitation Hospital. Also Chairman of the Board
of ULI’s North Florida District Council.
• Bruce holds a Master of Science degree in real
estate from the University of Wisconsin - Madison.

6. • Jeffrey B. Torto is a Managing Director of CBRE
Global Investors’ Managed Accounts Group where he
is responsible for separate account investments.
• Jeff has over 25 years of real estate experience in
both investment and research capacities. Prior to
CBRE Global Investors, came from Torto Wheaton.
• Mr. Torto holds a Chartered Financial Analyst
designation and received his B.S. in Finance and
Economics from Bentley University and a M.S. in
Finance from the Wallace E. Carroll School of
Management at Boston College.

9. Kent Place – A Shopping Center Development in Denver CBSA

10. Kent Place – A Shopping Center Development in Denver CBSA
Project Information
Project Name Kent Place
Location Englewood, Colorado
(Denver CBSA near affluent Cherry Hills Village)
Completion Date Feb-13
Key Demographics 3 Mile PTA CBSA
Population 108,139 43,878
Ave. Household Income $88,268 $101,906 $84,656
Median Home Value $232,099 $261,612 $222,962
Vehicles Per Day 51,300
Tenancy GLA % Total % Leased
King Sooper (grnd. lease) 30,018 63.3% 100.0%
Shop Space 13,600 28.7% 72.1%
Outparcel 3,800 8.0% 0.0%
Total GLA 47,418 100.0% 84.0%
Project Economics Project Cost NOI ROI
Cost, NOI & Yield $9,152,000 $831,000 9.1%
Per GLA $193.01

11. Kent Place – A Shopping Center Development in Denver CBSA
Why is it a Slam Dunk?
1. Land purchased following rezoning.
2. Infill location.
3. Excellent primary trade area demographics.
4. Market leading anchor (King Sooper's).
5. Limited side shop space - 5 spaces.
6. Excellent returns - market cap rate < 6.5%.

12. STANDARD PLAY – THE COMFORT ZONE

13. Seminole Shoppes – A Shopping Center
Development in Jacksonville CBSA

14. Seminole Shoppes – A Shopping Center
Development in Jacksonville CBSA
Project Information
Project Name Seminole Shoppes
Location Neptune Beach, FL
(Jacksonville CBSA)
Completion Date Sep-10
Key Demographics 3 Mile PTA CBSA
Population 47,266 28,255
Ave. Household Income $78,252 $80,030
Median Home Value $285,110
Vehicles Per Day 39,500
Tenancy GLA % Total % Leased
Publix 54,340 69.5% 100.0%
Shop Space 18,900 24.2% 85.9%
Outparcel 5,000 6.4% 100.0%
Total GLA 78,240 100.0% 96.6%
Project Economics Project Cost NOI ROI
Initial Cost, NOI & Yield $14,026,000 $1,282,000 9.1%
Final Cost, NOI & Yield $15,117,000 $1,489,000 9.8%
Per GLA $193.21

15. Seminole Shoppes – A Shopping Center Development in
Jacksonville CBSA
Why is it a Standard Play?
1. Started in 2009 - conservative underwriting.
2. Land purchased following rezoning.
3. Infill location.
4. Typical primary trade area demographics.
5. Market leading anchor (Publix).
6. Publix moved from across street.
7. Limited side shop space - 10 spaces.
6. Excellent returns - market cap rate < 6.5%.

17. First Washington Place– A Shopping Center Development in
Petaluma, California

18. First Washington Place– A Shopping Center
Development in Petaluma, California
Project Information
Project Name First Washington Place
Location Petaluma, CA
(Sonoma County 40 mi. north of SF)
Completion Date May-13
Key Demographics 3 Mile 5 Mile 10 Mile
Population 63,687 69,471 182,273
Ave. Household Income $96,322 $96,446 $92,322
Median Home Value $387,593 $396,649 $382,386
Tenancy Bldg GLA GLA % Total % Leased
Target NAP 138,324 100.0%
Major/Junior Tenants 131,000 62.9% 100.0%
Shop Space 77,224 37.1% 20.7%
Total GLA 208,224 100.0% 70.6%
Project Economics Project Cost NOI ROI
Initial Cost, NOI & Yield $61,453,000 $4,517,000 7.4%
Per GLA $295.13

19. First Washington Place– A Shopping Center
Development in Petaluma, California
Why is it a Buzzer Beater?
1. Bought land in 2004 prior to being fully entitled.
2. 1/2 property under contract to residential developer.
3. Assured by political leaders of achieving entitlements.
4. Initial returns were expected to be > 10%.
5. Political leaders with different views elected.
6. In 2009 residential developer walks from contract.
7. Sued by local anti-growth group.
8. Finally were fully entitled in late 2011.
9. Returns below current new development requirements.