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.
1. Introduction: The Returns to Effort and Expertise - p. xvii 2. Part I: Developing a Framework - p. xxii 3. Introduction - p. 1 4. Case 1: Vista View and a Second Shot at Ownership - p. 2 5. Case 2: Altitude and Perspective: Let the Fund Guide Investment? - p. 17 6. Case 3: Apples and Oranges: The Strengths and Weaknesses of Being a Generalist - p. 29 7. Case 4: Motor City Madness? The Search for Yield Takes Isaac to Detroit - p. 44 8. Case 5: Forensic Underwriting or: What’s the Opposite of Big Data? - p. 54 9. Part II: Extending the Framework: Commercial Leases - p. 65 10. Introduction - p. 67 11. Case 6: Bayview Double Take - p. 68 12. Case 7: Excuse Me, Where’s the Exit From Marina Bay? - p. 80 13. Case 8: Atwood Corporate Center - p. 88 14. Case 9: Lombard Street - p. 98 15. Case 10: An Uncommon Option for Cloverfield Commons - p. 106 16. Part III: Framework, Deal Structure, and Risk and Return - p. 112 17. Introduction - p. 113 18. Case 11: Making Sense of Eastgate - p. 113 19. Case 12: Exiting Fund IV - p. 122 20. Case 13: A Changing Retail Landscape and a Lease to Match - p. 129 21. Case 14: Finding a Safe Way to Park: Investing in NNN Lease Properties - p. 141 22. Case 15: Let’s Do This Again - p. 153 23. Part IV: Iteration and Integration: Development and Redevelopment - p. 165 24. Introduction - p. 167 25. Case 16: Huntington Flats - p. 168 26. Case 17: Leaning Into Headwinds: Grocery-Anchored Retail in the Era of Amazon - p. 188 27. Case 18: Anyone for Extra Innings? Let’s Play Two? Late-Cycle Underwriting for Irwindale Reliance and the Olympic Plant - p. 198 28. Case 19: The Minnifield Parcel - p. 216 29. Case 20: Do Cycles Die of Old Age? Or Is 10 the New 6? - p. 223 30. Index - p. 237
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.
1. Introduction: The Returns to Effort and Expertise - p. xvii 2. Part I: Developing a Framework - p. xxii 3. Introduction - p. 1 4. Case 1: Vista View and a Second Shot at Ownership - p. 2 5. Case 2: Altitude and Perspective: Let the Fund Guide Investment? - p. 17 6. Case 3: Apples and Oranges: The Strengths and Weaknesses of Being a Generalist - p. 29 7. Case 4: Motor City Madness? The Search for Yield Takes Isaac to Detroit - p. 44 8. Case 5: Forensic Underwriting or: What’s the Opposite of Big Data? - p. 54 9. Part II: Extending the Framework: Commercial Leases - p. 65 10. Introduction - p. 67 11. Case 6: Bayview Double Take - p. 68 12. Case 7: Excuse Me, Where’s the Exit From Marina Bay? - p. 80 13. Case 8: Atwood Corporate Center - p. 88 14. Case 9: Lombard Street - p. 98 15. Case 10: An Uncommon Option for Cloverfield Commons - p. 106 16. Part III: Framework, Deal Structure, and Risk and Return - p. 112 17. Introduction - p. 113 18. Case 11: Making Sense of Eastgate - p. 113 19. Case 12: Exiting Fund IV - p. 122 20. Case 13: A Changing Retail Landscape and a Lease to Match - p. 129 21. Case 14: Finding a Safe Way to Park: Investing in NNN Lease Properties - p. 141 22. Case 15: Let’s Do This Again - p. 153 23. Part IV: Iteration and Integration: Development and Redevelopment - p. 165 24. Introduction - p. 167 25. Case 16: Huntington Flats - p. 168 26. Case 17: Leaning Into Headwinds: Grocery-Anchored Retail in the Era of Amazon - p. 188 27. Case 18: Anyone for Extra Innings? Let’s Play Two? Late-Cycle Underwriting for Irwindale Reliance and the Olympic Plant - p. 198 28. Case 19: The Minnifield Parcel - p. 216 29. Case 20: Do Cycles Die of Old Age? Or Is 10 the New 6? - p. 223 30. Index - p. 237
