ULI Spring Meeting Trends Conference, May 9th, 2012, Charlotte, NC.
• "PLAYER LINEUP”• "PLAY BALL" - Sample deal discussions   • "Slam dunk"   • "Standard Play“   • "Buzzer Beater”• "4TH QUA...
• John Oharenko is a Senior Vice President atBerkadia, a real estate finance and investment bankingfirm headquartered in H...
• Managing Principal and founder of Blue Vista is therelationship manager with new partners and capitalsources.• Mr. Byron...
• Executive Vice President and Chief Financial Officer  at Regency Centers. Bruce has 30 years of  experience with the fir...
• Jeffrey B. Torto is a Managing Director of CBREGlobal Investors’ Managed Accounts Group where heis responsible for separ...
Kent Place – A Shopping Center Development in Denver CBSA
Kent Place – A Shopping Center Development in Denver CBSA                                  Project Information     Project...
Kent Place – A Shopping Center Development in Denver CBSA                       Why is it a Slam Dunk?1. Land purchased fo...
STANDARD PLAY – THE COMFORT ZONE
Seminole Shoppes – A Shopping Center  Development in Jacksonville CBSA
Seminole Shoppes – A Shopping Center              Development in Jacksonville CBSA                             Project Inf...
Seminole Shoppes – A Shopping Center Development in                          Jacksonville CBSA                      Why is...
First Washington Place– A Shopping Center Development in                   Petaluma, California
First Washington Place– A Shopping Center                   Development in Petaluma, California                           ...
First Washington Place– A Shopping Center                     Development in Petaluma, California                        W...
Slam Dunk for Equity Dollars? Public vs. Private Money Game
Slam Dunk for Equity Dollars? Public vs. Private Money Game
Slam Dunk for Equity Dollars? Public vs. Private Money Game
Slam Dunk for Equity Dollars? Public vs. Private Money Game
Slam Dunk for Equity Dollars? Public vs. Private Money Game
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Slam Dunk for Equity Dollars? Public vs. Private Money Game

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Slam Dunk for Equity Dollars? Public vs. Private Money Game

  1. 1. ULI Spring Meeting Trends Conference, May 9th, 2012, Charlotte, NC.
  2. 2. • "PLAYER LINEUP”• "PLAY BALL" - Sample deal discussions • "Slam dunk" • "Standard Play“ • "Buzzer Beater”• "4TH QUARTER GAME WINNING STRATEGIES”• AUDIENCE Q&A
  3. 3. • John Oharenko is a Senior Vice President atBerkadia, a real estate finance and investment bankingfirm headquartered in Horsham, PA.• Since 1980, John works on various equity and debtstructures for income properties, placing over fourbillion dollars of transactions.• John holds degrees from DePaul University andUniversity of Wisconsin - Madison.
  4. 4. • Managing Principal and founder of Blue Vista is therelationship manager with new partners and capitalsources.• Mr. Byron has over 30 years of real estate investmentand transaction experience and has completed over $7billion 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 ofVirginia, where he was awarded Phi Beta Kappa. He alsoreceived his law degree from the University of Virginia.
  5. 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. 6. • Jeffrey B. Torto is a Managing Director of CBREGlobal Investors’ Managed Accounts Group where heis responsible for separate account investments.• Jeff has over 25 years of real estate experience inboth investment and research capacities. Prior toCBRE Global Investors, came from Torto Wheaton.• Mr. Torto holds a Chartered Financial Analystdesignation and received his B.S. in Finance andEconomics from Bentley University and a M.S. inFinance from the Wallace E. Carroll School ofManagement at Boston College.
  7. 7. Kent Place – A Shopping Center Development in Denver CBSA
  8. 8. 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
  9. 9. 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 Soopers).5. Limited side shop space - 5 spaces.6. Excellent returns - market cap rate < 6.5%.
  10. 10. STANDARD PLAY – THE COMFORT ZONE
  11. 11. Seminole Shoppes – A Shopping Center Development in Jacksonville CBSA
  12. 12. Seminole Shoppes – A Shopping Center Development in Jacksonville CBSA Project InformationProject Name Seminole ShoppesLocation Neptune Beach, FL (Jacksonville CBSA)Completion Date Sep-10Key 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 39,500Tenancy 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 ROIInitial 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
  13. 13. 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%.
  14. 14. First Washington Place– A Shopping Center Development in Petaluma, California
  15. 15. First Washington Place– A Shopping Center Development in Petaluma, California Project InformationProject Name First Washington PlaceLocation Petaluma, CA (Sonoma County 40 mi. north of SF)Completion Date May-13Key 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 $382,386Tenancy 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 ROIInitial Cost, NOI & Yield $61,453,000 $4,517,000 7.4% Per GLA $295.13
  16. 16. 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.

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