BERGSTROM CENTER FOR REAL ESTATE STUDIES

2014–2015 Annual Report

Warrington College of Business | University of Florida publications and research grants, and FROM THE we now are engaged in preparing the 5th EXECUTIVE edition of our widely accepted textbook. And not to be DIRECTOR overlooked, we had the pleasure of seeing Kelley A. Bergstrom This has been another good year for the Bergstrom recognized with the Lifetime Center. Some 80 percent of our graduating MSREs Volunteer Award of the UF left campus with a job in hand, many going to major Foundation Academy of Golden Gators. national firms. Meanwhile our Advisory Board has continued to step up with strong support: Over 20 The most unique event for the Center is the creation members contributed to our courses through case of a new home. Completion of Heavener Hall studies, review panels, and class presentations. Four (undergraduate business) for the College is allowing Board members hired, or placed, one or more of the Bergstrom Center to move. By fall it will reside in our graduates. And the continued financial support a totally restored space of historic Bryan Hall, more of our Board has further strengthened the Center’s than twice the size of our current suite. It will include financial footing. a fabulous conference room for our many academic and industry gatherings, an elegant Hall of Fame The list of important events for the year is extensive. gallery, and generous support facilities. Again, Kelley Professor David Ling and Director Tim Becker launched A. Bergstrom and other Advisory Board members are the year leading our MSREs on our third international coming forward with most of the half-million dollars trip to Santiago, Chile. We experienced another fine needed for this project, but there is still room for Advisory Board Retreat as well as our most successful additional financial help! Trends and Strategies Conference yet. Participation in the Conference reached an all-time high with close When I consider the continued progress of the to 450 attendees, with the quality continuing to build Bergstrom Center, the promise of future events, and the reputation of the Conference. (We salute Paul the continued enthusiasm and engagement of our Ellis and the other Board members who brought the Board members, I think of the old folk/gospel song, Get program together!) Tim Becker arranged for our MSRE on Board: “I hear those car wheels rumblin’ and rollin’ program to be reviewed by the Appraisal Foundation for through the land.” Together, we are on board and rollin’ recognition of our MSRE curriculum toward appraisal into the years ahead. certification. We also completed an important strategic planning process that engaged many of our Board members. Our faculty have remained active in scholarly activities, with both Professor Ling and me engaging in Wayne Archer, Ph.D. William D. Hussey Professor national and international symposiums. Professor Ling Executive Director has achieved another extraordinary year of scholarly Bergstrom Center for Real Estate Studies

Warrington College of Business | University of Florida 3 FROM THE ADVISORY ABOUT THE CENTER

BOARD’S CHAIRMAN →→ Fosters education and the exchange of information between academics, students, researchers and THE BERGSTROM industry professionals. It has been an honor to serve as Chairman of the combined with the outstanding academic stature CENTER FOR REAL →→ Provides an opportunity for students to connect Bergstrom Center for Real Estate Studies Advisory of our faculty and the relentless dedication of our with industry leaders, producing a legacy of outstanding talent and powerful connections. Board. It is gratifying to see so many others getting in- staff, is why the Nathan S. Collier Master of Science ESTATE STUDIES: →→ Has world-renowned faculty, industry-leading volved and getting excited about the Center’s mission: in Real Estate degree is so highly ranked, and why it research and a rigorous curriculum, making the UF creating the future leaders of the real estate industry. consistently graduates some of the best students in real estate programs and courses some of the best Through our support of real estate education at the the world. in the country. University of Florida, Board members stay connected to research, industry leaders, and get early expo- As our fiscal year ends, it is my pleasure to “pass the sure to top talent as students matriculate. Our Board torch” to the very capable, highly respected, Angela membership roster is a genuine Who’s Who in the real Brown, our first ever female Chair. Please consider estate industry; every member deserves to be proud. how you can help improve the Bergstrom Center this BERGSTROM CENTER FACULTY AND STAFF: The fact that so many Board members are profession- year, either financially or through an investment of al competitors, yet regularly work together to make your time. My experiences with the Center and the the academic program, the Center, and the Bergstrom program over the last ten years have been extraordi- Councils better is a source of constant amazement. narily rewarding; yours will be as well. Our Board members constantly challenge the aca- demic program to remain current, relevant, fresh, and Go Gators! focused on real-world solutions and experiences. This,

→→ Dr. Wayne Archer, →→ Dr. David Ling, Ken →→ Dr. Kent Malone, →→ Pam DeMichele, William D. Hussey and Linda McGurn Lecturer of Real Director Admissions Professor, Executive Professor, Director, Estate Studies & Student Services, Director, Bergstrom Nathan S. Collier Nathan S. Collier Center MSRE Program MSRE Program

Todd Jones Principal, RealAdvice →→ Tim Becker, CCIM, →→ Nikki Wagner, →→ Denise Stoll, Office →→ Ismael Lopez, Bergstrom Center Advisory Board Chair Director, Bergstrom Assistant Director, Manager, Bergstrom Graphic Designer Center Bergstrom Center Center

4 Bergstrom Center for Real Estate Studies | realestate.ufl.edu Warrington College of Business | University of Florida 5 NATHAN S. COLLIER MSRE PROGRAM

REQUIRED COURSES (26 CREDIT HOURS + 8 ELECTIVE CREDITS)

TITLE COURSE CREDIT TITLE COURSE CREDIT

International RE Study Tour GEB 6930 2 Investment Property Analysis REE 6395 2 Introduction to Real Estate REE 6045 2 Real Estate Research and Technology REE 6930 1 REAL ESTATE EDUCATION AT Professional Writing GEB 5212 1 Real Estate Appraisal REE 6105 2

Professional Communication GEB 5215 1 Capstone Seminar & Applied Project REE 6948 2 THE UNIVERSITY OF FLORIDA Fundamentals of Real REE 6007 2 Introduction to Managerial Statistics QMB 5304 2 Estate Development

Law of Real Estate Transactions BUL 6516 2 Plus at least 1 of the following: WITHIN THE WARRINGTON COLLEGE OF BUSINESS

Real Estate Market & Secondary Mortgage REE 6315 2 REE 6208 2 Transaction Analysis Markets & Securitization The Hough Graduate School of Business offers several apply some MSRE graduate credits toward their Real Estate Case Studies (1 cr. during REE 6935 3 Real Estate Development REE 6737 2 graduate real estate education options: undergraduate degree, then complete the rest of Summer B, Fall & Spring terms) their 34 MSRE program credits after earning their →→ Nathan S. Collier Master of Science in Real undergraduate degree. Estate (MSRE): The “traditional” MSRE program →→ MBA with a real estate concentration: Students is a 10-month, 34-credit, in-residence program take eight credits of real estate coursework as that is focused on Commercial Real Estate, led by MSRE BY THE NUMBERS — 2015 electives to earn the concentration, while earning two of the most recognized names in real estate their MBA. education and research: Professors Wayne Archer

and David Ling. →→ Minor in Real Estate: The College offers an 27 4 4 6 611 →→ Joint degree MSRE/JD: This unique program allows undergraduate real estate minor giving students’ students to complete both the Juris Doctor and exposure to diverse topics in real estate, mandating MSRE degrees in three years, by double counting four required courses and six to seven elective MSRE Graduates MSRE/JD Combined Bachelor’s/ International MSRE Average GMAT Graduates MSRE Graduates Graduates: some credits from each degree toward the other credits, for a total of 22-23 credits in the minor. (China 5, Israel 1) degree’s elective credits. Direct academic questions to: Pam DeMichele, →→ Combined Bachelor’s/MSRE program: Combined Average reported MSRE starting salary: Director of Admissions and Student Services, degree students are highly-qualified and 3.45 Nathan S. Collier MSRE program: 2 $74,132 motivated, have earned significant college credits in high school and want the added (352) 273-0310 Average upper division Average reported MSRE/JD starting salary: challenge of taking MSRE coursework while undergrad GPA Average years of work [email protected] experience $100,625 still finishing their undergraduate degree. They

6 Bergstrom Center for Real Estate Studies | realestate.ufl.edu Warrington College of Business | University of Florida 7 GRADUATING SCHOLARSHIPS CLASS OF 2015 Thomas DiCesare Seun Falade BERGSTROM CENTER FOR FLORIDA REAL ESTATE REAL ESTATE STUDIES COMMISSION SCHOLARSHIP MSRE SCHOLARSHIP PROGRAM

These funds are provided by Bergstrom Center This scholarship program provides up to $2,500 Advisory Board members, friends and alumni per semester for qualified graduate students. The who contribute to this scholarship and graduate applicant should express a desire for a career in Matthew Gourlay Michael Grandoff Marc Hall Connor Heinton Cody Keller assistantship fund. the real estate industry and need for educational 2014-2015 Recipients: financial assistance while demonstrating an active community service record, pursuing a concentra- →→ Candis Pressley →→ Peter Wilkins tion in real estate at Florida, and meeting Florida residency requirements.

Recipients:

NATHAN S. COLLIER SCHOLARSHIP →→ JJ Sofarelli →→ Noa Marks Beijia Li Ye “Ashlynn” Liu Seth Mahl Noa Marks Ryan McConnell This annual scholarship is funded by Nathan S. Col- →→ Cory Yeffet →→ Peter Wilkins lier, CEO of The Collier Companies, Bergstrom Center →→ Seun Falade Chairman’s Circle member, and provides two rent-free 3 bedroom/3 bath luxury scholarship apartments in The Polos for six MSRE students. MAURY CARTER & ASSOCIATES 2014-2015 Recipients: Marshall McDonald Cara Newton Robert O’Steen Karl Pischke Justin Poisson UNDERGRADUATE REAL →→ Beijia Li →→ Matthew Gourlay ESTATE SCHOLARSHIP FROM →→ Noa Marks →→ Zhonghao Wu THE ICSC FOUNDATION →→ Panpan Rao →→ Yifan Yang Bergstrom Center Advisory Board members Daryl Car- ter and John Crossman were instrumental in raising the money for the $3,000 tuition scholarship, estab- FLORIDA ASSOCIATION OF Candis Pressley Panpan Rao Jonathan Sieg JJ Sofarelli Patrick Spook lished in honor of Daryl Carter’s father, Maury Carter. REALTORS (FAR) SCHOLARSHIP Recipient:

One or two scholarships of up to $8,000 are available →→ Avery Dorr from an endowment created by the Florida Associa- tion of Realtors.

2014-2015 Recipients:

Peter Wilkins Zhonghao “Ken” Wu Yifan “Evan” Yang Cory Yeffet Mel Yepes →→ Seun Falade →→ JJ Sofarelli

8 Bergstrom Center for Real Estate Studies | realestate.ufl.edu Warrington College of Business | University of Florida 9 “I decided to join the program at the same time I was applying to law school, and I can easily say that, almost three years later, I could not be happier with my decision. The COMMUNITY LAND size of the program is ideal for ensuring that students have the resources and attention they need. And the resources that are available are phenomenal. The faculty and staff USE GAME are top-notch. They are not only experts at what they do, but they also truly care about the success of their students.” Marshall McDonald, MSRE ‘15 The Community Land Use Game (CLUG) has been played by thousands of students, public officials and

civic groups. It was originally developed in the 1960s →→ 2015 CLUG winners Seth Mahl, Cara Newton, Seun Falade and Thomas DiCesare, MSRE ‘15, looks back to what he enjoyed most about the program by University of Michigan professor of urban planning Mel Yepes. and credits being able to take courses taught by professors that cared not only about Allan Feldt. academics, but about every individual’s future. He also enjoyed, “being surrounded by negotiate and work well with others, and attempt to young professionals with the same interests as me, that I can call my friends for the rest Our intention of playing the game is to provide a operate in what they excel at, making for a very inter- of my life.” participatory framework to teach the core principles esting and engaging experience. of land use theories, especially central place theory. Students find that those teams who do the best job at This year’s winners were Seun Falade, Seth Mahl, Cara ADJUNCT FACULTY maximizing their “company’s” wealth are those that Newton, and Mel Yepes.

JEFFREY R. DON EMERSON, DOLLINGER, JR., MAI, SRA ESQUIRE B.S.B.A. University of Flori- B.S.A.C. University of Florida da 1975, M.A. University of 1981, J.D. University of Flori- Florida 1979. da 1986. Mr. Emerson serves as Chief Mr. Dollinger has been an Adjunct Professor at the Appraiser and President of Emerson Appraisal Com- University of Florida College of Law teaching classes pany, Inc. He has been in the commercial real estate in the study of real property law since 2001. He has appraisal business in Florida since 1974. Mr. Emerson “CLUG was one of the best experiences in the MSRE program. Our team was successful worked as Shareholder in Scruggs & Carmichael, P.A. is also a national instructor for the Appraisal Institute. because we quickly understood the power of cash flow. We leveraged our cash flows every in Gainesville, Florida since 1992, and his practice ar- His specialty areas include commercial real estate round to purchase investments that increased our bottom line cash flow. I never before fully eas include litigation involving title, boundary, access consulting, appraisal review, litigation appraisal and understood the power of cash flow. I also learned about the importance of long term think- to real property, lender and creditor rights; and real income property analysis with complicated cash flow ing. Our team made some key land investments early on that led to high returns late in the property development. problems and/or issues. game. The biggest surprise while playing was the different political dynamics that evolved.

→→ Course Taught: BUL 6515 – Law of Real →→ Course Taught: REE 6105 – Real Estate Appraisal We were all working to gain the most wealth but we did have to work together to ensure the Estate Transactions success of our town. Overall, it was an amazing experience and I enjoyed playing.” Seth Mahl, MSRE ‘15

10 Bergstrom Center for Real Estate Studies | realestate.ufl.edu Warrington College of Business | University of Florida 11 REAL ESTATE CASE INTERNATIONAL STUDY TOUR STUDIES COURSE The purpose of the study tour is to provide students with practical, first-hand exposure to international real estate markets. The class visited various busi- nesses, institutions and organizations in Santiago, Chile. Along with the trip itself, the course required pre-trip meetings, quizzes and presentations, com- pany and property site visits in Chile and post-trip writing assignments and presentations. PROJECT Represent a U.S. pension fund that is looking to Our case studies course remains one of our most pop- ATTORNEY DUE DILIGENCE diversify into the Chilean commercial real estate ular courses for both our students and the industry CASE STUDY market. The students were required to value a professionals it engages. Students are exposed to a →→ Barry Lapides, Attorney, Berger Singerman property for potential purchase by the pension fund. variety of topics such as leadership, ethics and career At the conclusion of the trip, the students presented strategies, as well as hearing first-hand from profes- JOINT VENTURE their findings to an investment committee of the sionals who have seen and done it all. Our speakers DOCUMENT ANALYSIS pension fund. delight in answering student questions and engaging →→ Rich Bezold, Chair, National Real Estate, Akerman LLP with the next generation of real estate professionals. PRESENTATIONS & SITE VISITS COMMUNICATIONS WORKSHOP Territoria, MetLife, Independencia Asset Manage- →→ John Sanna, President, SCORE Communications ment, Banco Santander, CBRE, Atton Hotels, Carey y PERSONAL LEADERSHIP Cia Law Firm, Broadway Malyan and Universidad de →→ Nathan S. Collier, Founder & Chairman, The Collier los Andres ESE School of Business. Companies Nathan S. Collier, Founder and Chairman, CAREER STRATEGIES the Collier Companies, spoke to the Case →→ John Crossman, President, Crossman & Company Studies class in a five-part series of talks. ETHICS IN BUSINESS – He spoke about his success in business A PANEL DISCUSSION and also his personal philosophy of →→ Mr. Ron Wheeler, CEO, The Sembler Company Steward Leadership, Main Street values, and his commitment to continuous LAND DEVELOPMENT learning. He stressed the importance of AND PLANNING having high emotional intelligence and →→ Todd Powell, General Manager, Florida Real Estate, Plum Creek focusing on your strengths.

12 Bergstrom Center for Real Estate Studies | realestate.ufl.edu Warrington College of Business | University of Florida 13 CAPSTONE ALFRED A. RING

PROJECT →→ 2015 Capstone project winners Marshall McDonald, Seun Falade, DISTINGUISHED JJ Sofarelli, Patrick Spook and Michael Grandoff (not pictured).

Each graduating student concludes their academic Bergstrom Center Advisory Board chair Todd Jones. SPEAKER SERIES program with a challenging, real-world market value The second part of the assignment was to provide an scenario called the Capstone project. This year, Chair- investment committee presentation to Mr. Scarola Each year, we are fortunate to be in a position in which man’s Circle member Rick Scarola and former MSRE and Mr. Lott on the potential purchase of the proper- seasoned industry professionals graciously donate graduate Brian Lott from Covenant Capital Group ties. The judges heard from six different groups and their time to speak at our Alfred A. Ring Distinguished supported this project. The project focused on the selected a winning team based on that team’s presen- Speaker Series. The series provides a forum for stu- Covenant Apartment Fund. Students evaluated two tation and underwriting skills, as well as the team’s dents to hear best practices, lessons learned, and ad- properties for potential purchase by the fund. The stu- ability to sell their recommendation to the committee. vice on how to be successful in the real estate industry. dents were required to provide an appraisal analysis This year’s winning team was Marshall McDonald, on one property and present their results to a panel Seun Falade, JJ Sofarelli, Patrick Spook, and Michael which included industry experts Don Emerson and Grandoff (not pictured). 2014-2015 SPEAKERS

→→ Craig Ustler, President, Ustler Development, Inc. SPONSOR EXPERIENCE →→ Margaret Jennesse, COO, GreenPointe Homes, LLC “We participated in this project because we think it is important for students to know →→ Haywood Newkirk, Clontz Newkirk Real HIGHLIGHT Estate Group how to calculate net operating income, have the ability to estimate construction and Tim Clark, →→ Steven McCraney, President, McCraney Property Co renovation costs, and understand the actual operations of a property. Students should President, Cypress Real →→ Robert F. Carmichael, founding member, also be studying their markets and have knowledge of what is driving job and population Estate Advisors Blackwood Holdings Group, LLC growth, what the average income, rent and home prices are, and how much development Mr. Clark gave an over- →→ Gary Lewis, Gary Lewis & Associates Real Estate is in the pipeline. By providing the forum to give students this feedback, we are showing view of his career expe- →→ Alan Kolar, Executive Managing Director, Finance, students that market knowledge is a key skill to have.” Mill Creek Residential Trust, LLC rience, how his organization is set up, and Rick Scarola, Managing Partner, Covenant Capital Group →→ Park Brady, former CEO, St Joe Company shared a few of his favorite projects. He →→ Todd Jones, Principal, RealAdvice explained the differences between fund-lev- MY CAPSTONE EXPERIENCE el capital and deal by deal capital, his fund →→ Tim Clark, President, Cypress Real Estate Advisors “I felt that our team was successful because we approached this project very competi- start up, typical partnership terms, invest- tively, worked together as a team to make key assumptions, and consulted with multi- ment approach and fund history. Some of his ple Advisory Board members for advice. Receiving feedback from Mr. Rick Scarola and favorite projects are the Lakeshore District “The Ring Speaker’s presentations are in- MSRE graduate Brian Lott was incredibly insightful and reassuring. I know this experi- in Austin, Texas and Longwood Village in formative and a great opportunity to ask ence helped prepare my transition from the academic world to the world of commercial Houston, Texas. questions directly to industry leaders.” real estate.” This talk, as well as other talks, were well-re- Cody Keller, MSRE ‘15 JJ Sofarelli, MSRE ‘15 ceived by the students.

14 Bergstrom Center for Real Estate Studies | realestate.ufl.edu Warrington College of Business | University of Florida 15 RESEARCH GRANTS DR. DAVID →→ Real Estate Research Institute, 2015-2016, “Asset FACULTY HIGHLIGHTS Growth and Stock Performance: Evidence from REITs LING (with Joseph T. L. Ooi and Ruoran Xu), $18,000. Ken and Linda →→ Chaired an academic session at the National →→ The Real Estate Roundtable, 2015, “The Economic McGurn Professor DR. WAYNE Meetings of the American Real Estate and Urban Impact of Repealing or Limiting Section 1031 Like- Economics Association in Washington D.C. Kind Exchanges for Real Estate Properties” (with →→ Serves as the McGurn Professor of Real Estate and Milena Petrova), $125,000. ARCHER →→ Served as a speaker at the Florida Land Director of the Nathan S. Collier Master of Science →→ National Association of Real Estate Investment William D. Hussey Conference, March 2015. in Real Estate (MSRE) program. Trusts, 2015, “Performance Attribution: Professor →→ Provided an article for Forward Florida, December, →→ Serves as the Dean and faculty member of the Understanding the Role of MSA Allocations and 2014: “Gold Key: Unlocking Land Development Weimer School of Advanced Studies in Real Estate Property Selection in Public and Private Market →→ Created and taught a new version of the graduate Trends in Florida” and Land Economics (part-time position at non- Returns” (with Andy Naranjo and Benjamin market analysis course for Fall 2014. profit research institute). →→ Serves as Executive Director of the Bergstrom Scheick), $45,000. →→ With David Ling and Andy Naranjo, serves as co- Center for Real Estate Studies. →→ Serves as a member of the National Association of editor of a special edition of the Journal of Real →→ Participated in several regular academic Real Estate Investment Trust’s Research Council PRESENTATIONS Estate Finance and Economics based on papers conferences, including the American Real Estate and as Fellow and board member of the Real Estate presented at the 2014 FSU-UF Symposium on →→ “REIT Optimal Capital Structure and the Effects and Urban Economics Association and the Homer Research Institute. Critical Issues in Real Estate. of Deviations from Target Leverage on REIT Hoyt Institute. Return Performance,” invited speaker, Real Estate →→ Served as a scholarly reviewer for the Journal of →→ Continued research on the interaction of “exotic” EDITORIAL BOARDS Research Institute’s annual research symposium. Real Estate Finance and Economics and for Real home lending and housing appreciation rates. →→ Serves on the editorial boards of numerous Chicago, April 2015. Estate Economics. scholarly journals including Real Estate Economics, →→ “Explaining House Price Dynamics: Isolating the →→ Served as an invited discussant at the 50th Journal of Real Estate Finance and Finance Role of Non-Fundamentals,” invited speaker, Anniversary Academic Symposium of the Economics, Real Estate Finance, Journal of University of St. Gallen (Switzerland), Department University of Connecticut Real Estate Center. European Real Estate Research, and Journal of of Finance, October 2014. Real Estate Research. →→ “Explaining House Price Dynamics: Isolating the →→ Journal of Real Estate Finance and Economics, Role of Non-Fundamentals,” invited speaker, Co-editor of special issue in 2014. Geneva Finance Research Institute, University of Geneva, October 2014. →→ Dr. Kent Malone headed to Houston, Texas in June PUBLICATIONS for certification training in ARGUS’ new platform, →→ “Leverage and Returns: A Cross-Country Analysis DR. KENT ARGUS Enterprise. ARGUS Enterprise is a total →→ “Explaining House Price Dynamics: Isolating the of Public Real Estate Markets (with Emanuela overhaul of the ARGUS Valuation-DCF software. Role of Non-Fundamentals” (with Joseph T. L. Ooi Giacomini and Andy Naranjo), International MALONE Dr. Malone is currently in the process of evaluating and Thao T. T. Le), Journal of Money, Credit, and Meetings of the American Real Estate and Lecturer this update and the effect it will have on current Banking, Vol. 47, No.1 (2015). Urban Economics Association, Reading, U.K., ARGUS training provided to current real estate →→ “Leverage, Volatility, and Returns: A Cross- July 9-11, 2014. education students. Country Analysis of Public Real Estate Markets →→ “Private vs. Public Commercial Real Estate →→ Dr. Malone attended the annual American Real (with Emanuela Giacomini and Andy Naranjo), Markets: Which one out performs?,” invited Estate Society (ARES) conference in Sanibel Island forthcoming, Journal of Real Estate Finance and speaker, National Council of Real Estate Investment in April. Economics. (Partially funded by a €12,000 grant Fiduciaries, Summer Conference 2014, Lansdowne, from the European Public Real Estate Association.) VA, June 26th, 2014.

16 Bergstrom Center for Real Estate Studies | realestate.ufl.edu Warrington College of Business | University of Florida 17 LING PRESENTS NEW STUDY CENTER RESEARCH

IN WASHINGTON DC The Survey of Emerging Market Conditions is the improvement in the job market and growth in the Florida-centered measure of leaders and professionals tourism industry. in the industry. It relies on the expertise of the Advi- DEPT. OF TREASURY, CONGRESSIONAL sory Board, the Florida chapter of the CCIM Institute, “Both factors have been positive for consumer confi- the Florida leadership of the International Council of dence,” Becker said. COMMITTEE AMONG GOVERNMENT Shopping Centers (ICSC), the Florida chapter of the BODIES INTERESTED IN RESEARCH Society of Industrial and Office Realtors (SIOR), and INVESTMENT OUTLOOK: the Florida region of the Appraisal Institute. FLORIDA REAL ESTATE Recent tax reform proposals from the chairmen of a professor at Syracuse University, was selected for the Congressional tax-writing committees would funding by RER. The $125,000 grant resulted in a The latest results as this report went to publication GOOD 2 repeal Section 1031 of the tax code, which allows completed study by Ling and Petrova titled “The Eco- were positive. Optimism in the Florida real estate mar- Time to buy 1.5 ket remains strong among those in the business. The taxpayers to defer the recognition of taxable gain nomic Impact of Repealing or Limiting Section 1031 1 Commercial Real Estate Sentiment Index, an outlook on the exchange of like-kind real estate property, Like-Kind Exchanges for Real Estate Properties.” 0.5 of respondents’ own businesses, improved to 7.45 out provided certain requirements are met. The Presi- MIXED 0 of 10, its highest level since the third quarter of 2006. Time to buy dent’s FY 2015 budget submission also included a On July 9-10, Professor Ling was invited to Washing- -0.5 11-Q2 12-Q1 14-Q2 13-Q3 12-Q4 10-Q3 06-Q1 09-Q1 07-Q3 08-Q2 06-Q4 proposal to significantly limit the use of like-kind real ton D.C. by the RER and coalition members to formal- -1 09-Q4 Tim Becker, director of the Bergstrom Cen- estate exchanges. ly launch the release of the study. The events over the BAD -1.5 two days included a briefing/presentation for mem- ter, attributed the upbeat outlook to continued Time to buy -2 In 2014 the Real Estate Roundtable (RER) issued a bers of the press, a briefing for Capital Hill staff in the competitive call for research proposals that would Capital Visitor Center, a briefing for the 14 real estate evaluate the effects of eliminating real estate like- entities that sponsored the research, and a presen- kind exchanges. The RER (rer.org) is an industry tation to the Joint Committee on Taxation. Professor The addition of Heavener Hall, a new building on coalition that brings together leaders of the nation’s Ling was also invited by the Office of Tax Analysis the Warrington campus dedicated exclusively to top publicly-held and privately-owned real estate (Department of Treasury) to present the results of the RENOVATIONS serving the needs of undergraduate students, firms with the leaders of major national real estate study to OTA’s research economists. brought about some changes and allowed the trade associations to jointly address key national Bergstrom Center to move to a larger space in policy issues relating to real estate and the overall 200 Bryan Hall. The renovations happened over the summer with economy. By identifying, analyzing and coordinating the generous support of significant donations from W. Stephen Ha- policy positions, the RER seeks to ensure a cohesive genbuckle, Managing Principal, TerraCap Management Corporation, industry voice is heard by government officials and Tim Clark, President, Cypress Real Estate Advisors, and Akerman the public about real estate and its important role in LLP as this report went to press. Kelley A. Bergstrom matched each the global economy. donation, totaling up to half of the renovation costs.

Professor Ling’s real estate like-kind exchange We are extremely fortunate to have the financial support of those research proposal, co-authored with Milena Petro- who are committed to supporting real estate education at the →→ Roundtable President and CEO Jeffrey DeBoer, Dr. David Ling va, a former U.F. finance Ph.D. student who is now and Dr. Milena Petrova. University of Florida.

18 Bergstrom Center for Real Estate Studies | realestate.ufl.edu Warrington College of Business | University of Florida 19 ADVISORY BOARD CHAIRMAN’S CIRCLE DONORS

MEMBER HIGHLIGHTS The Chairman’s Circle is a distinguished group of individuals invest their resources and time to the top-level supporters who supply funding for key Bergstrom Center and UF real estate students.

→→ Three current board members made the Inaugural →→ James W. Stine was recognized as our Alumnus of student programs and Center initiatives. These Gator100 list. The Gator100 recognizes and the Year at this year’s Trends + Strategies Con- celebrates the 100 fastest-growing, Gator-owned ference. He has been a board member for over 10 or Gator-led businesses in the world each year. years and has helped our program and students succeed in many ways. ɅɅ Nick Banks, Front Street Commercial Real Estate Group ɅɅ W. Stephen Hagenbuckle, TerraCap Management ɅɅ Don Ginsberg, RMA: Realty Masters Advisors →→ Kelley A. Bergstrom, →→ Daryl M. Carter, →→ Tim Clark, President, →→ Nathan S. Collier, President, Berg- President, Maury L. Cypress Real Estate Chairman & strom Investment Carter & Associates Advisors Founder, The Collier →→ Sandy Hostetter, President, CNL Bank of Central Management Companies Florida, was recognized by Real Estate Forum magazine as a “Woman of Distinction” in the Southeast region. →→ Todd Jones, James W. Stine and Tim Becker.

→→ Kelley A. Bergstrom was awarded the Lifetime →→ Rick Scarola, Chairman’s Volunteer Golden Gator award by the University Circle donor and long- →→ Richard P. Donnellan →→ W. Stephen →→ James Heistand, →→ Andrew Hogshead, time real estate education of Florida. Each year, the academy honors the Jr., Principal, ARA Hagenbuckle, President & CEO, CEO, The Collier generosity and vision of donors and volunteers supporter, has a Scarola Managing Principal, Parkway Properties Companies who reflect the attributes that embody the best of Family study room in TerraCap Manage- ment Corporation the University of Florida family. Heavener Hall on campus, the new building dedicated to undergraduate business →→ Rick & Lynn Scarola. students.

→→ Crossman & Company was awarded one of the Best Places to Work 2015 by the Orlando →→ Kenneth McGurn, →→ Frederic A. Scarola, →→ BB&T Business Journal. President, McGurn Managing Partner, Investment Covenant Capital →→ Scott Hawkins, John Kraft, Kelley A. Bergstrom and Kent Fuchs. Company Group

20 Bergstrom Center for Real Estate Studies | realestate.ufl.edu Warrington College of Business | University of Florida 21 The Bergstrom Center has three donor levels: the Chairman’s Circle, the Advisory ADVISORY BOARD MEMBERS Board, and the Bergstrom Council. Bergstrom Center supporters are leaders in the real →→ Ben Alexander, Shareholder, Jones →→ William Clarkson, Manager of Special →→ Steven DeRose, Senior Vice President, estate industry and represent each sector. They play an integral role in leading Center Foster Johnston & Stubbs, P.A. Servicing, Torchlight Investors Starwood Mortgage Capital initiatives, supporting the degree programs and students, and providing up-to-date →→ Barry Altshuler, Senior Vice →→ Steve Cohen, Executive Vice →→ Steven Deutsch, Partner, President, Equity Residential President/CRE Banking Manager, Frank, Weinberg & Black Sabadell United Bank information through regional events and conferences. →→ Angel Arroyo, Principal/Sr. Asset →→ Richard Donnellan, Jr., Principal, ARA Manager, Banyan Realty Advisors, LLC →→ Mike Cohn, Regional President, →→ Ann Duncan, Executive Vice Lennar Commercial Investors →→ Dean Asher, Partner, Don President, Savills Studley Asher & Associates, Inc. →→ Steve Cohn, SVP/Florida Region →→ Mary Dunleavy, Senior Vice President, Executive, Bank of America - →→ Dirk Aulabaugh, Managing Fidelity National Title Insurance Group Commercial Real Estate Banking Director, Green Street Advisors →→ Svein Dyrkolbotn, Principal, →→ John Coleman, Senior Vice →→ Anne-Marie Ayers, First Vice Viking Companies President, EastGroup Properties President, CBRE, Inc./Brokerage →→ John Ebenger, Director, Real →→ Nathan S. Collier, Founder & →→ Victor Ballestas, Principal, Estate Tax Services, Berkowitz Chairman, The Collier Companies 2014-2015 ADVISORY BOARD Integra Investments Dick Pollack & Brant →→ Jeffrey Conn, Principal, →→ Nick Banks, Managing Director, Front →→ Richard Eckhard, Partner, Hallmark Partners, Inc. Street Commercial Real Estate Group Holland & Knight, LLP →→ Ralph Conti, Principal and →→ Jody Barry, VP of Facilities & →→ Paul Ellis, President, CNL The Bergstrom Center Advisory Board serves as and courses. Quite simply, we owe a great deal Managing Member, RaCo Construction Management, Commercial Real Estate Real Estate Advisors LLC mentors, speakers, adjunct professors and financial of our success to the quality and quantity of our Adventist Care Centers →→ Howard Fabian, President, →→ John Crossman, President, →→ Bryan Bartlett, Senior Vice President, Fabian Realty, Inc. supporters of UF real estate degree programs board contributors. Crossman and Company Newmark Grubb Phoenix Realty Group →→ Daniel Finkle, Managing Director, HFF →→ Charles Davis, Jr., Director, Met →→ Beau Beery, Owner/Broker, Life Real Estate Investments, Inc. →→ James Fried, Managing Coldwell Banker Commercial Director, Aztec Group Inc. EXECUTIVE M.M. Parrish Realtors →→ Stuart Davis, President & CEO, Titan Investments →→ Brian Gale, Managing →→ Eddy Benoit, President, Director, Taylor & Mathis The Benoit Group →→ John DeAngelis, Vice President, COMMITTEE DeAngelis Diamond Construction →→ J. Gardner, Esq., Partner, Gardner →→ Kelley A. Bergstrom, President, Brewer Martinez-Monfort, PA Bergstrom Investment →→ Gerry Dedenbach, Director of →→ CHAIR: Todd Jones, Principal, RealAdvice Management, LLC Planning & GIS Services, Causseaux, →→ Truett Gardner, Attorney, Gardner Hewett, & Walpole, Inc. Brewer Martinez-Monfort, PA →→ VICE CHAIR: Angela Brown, Vice President, →→ Richard Bezold, Chair, National Real Estate, Akerman LLP →→ Keith Gelder, Vice President of Meridian Appraisal Group, Inc. Land, Stock Development, LLC →→ Cecelia Bonifay, Shareholder →→ IMMEDIATE PAST CHAIR: Jeffrey Conn, Principal, - Chair, Green and Sustainable Development Practice, Akerman LLP Hallmark Partners →→ Jeff Conn, Angela Brown and Todd Jones. →→ Angela Brown, Vice President, Meridian Appraisal Group, Inc. →→ Laurie Burns, Chief Development →→ Kelley A. Bergstrom, President, →→ Cliff Taylor, Senior Vice President, Officer, Darden Restaurants, Inc. Bergstrom Investment Management CBRE/Capital Markets →→ Deborah Butler, CEO, →→ Rich Bezold, Chair, National Real →→ Jody Barry, VP of Facilities & Construction Butler Enterprises Estate, Akerman LLP Management, Adventist Care Centers →→ Walter Byrd, Managing Director, Transwestern South Florida →→ Rod Castan, President, Courtelis Company →→ Ralph Conti, Principal and Managing →→ Daryl Carter, President, Maury Member, RaCo Real Estate Advisors, LLC L. Carter & Associates, Inc. →→ Steve Deutsch, Partner, Frank, Weinberg & Black →→ Mary Pat Dunleavy, Senior Vice President, →→ Rod Castan, President, Courtelis Company →→ John Ebenger, Director, Real Estate Tax Fidelity National Title Insurance Co. Services, Berkowitz Pollack Brant →→ Larry Church, Managing Director, →→ Howard Fabian, President, Fabian Realty, Inc. Valbridge Property Advisors | →→ Whitfield Hamilton, Regional Partner, Beaumont Matthes & Church Panattoni Development Company →→ Avery Klann, Principal, ARA →→ Timothy Clark, President, Cypress Real Estate Advisors →→ Sam Norton, Esq., Partner, Norton, →→ Tim Peterson, Chief Financial Officer and Hammersley, Lopez & Skokos, P.A. Partner, The Altman Companies, →→ Phillip Yost, Jeremy Pino and Eric Taylor.

22 Bergstrom Center for Real Estate Studies | realestate.ufl.edu Warrington College of Business | University of Florida 23 ADVISORY BOARD MEMBERS CONTINUED

→→ Don Ginsburg, President, →→ Robert Harding, Founding Partner, →→ Robert Klein, Managing Director, →→ Ed Mitchell, Sr. Vice President, Realty Masters Advisors Railey Harding + Allen / PA Evercore Partners Inc. Duke Realty Corporation →→ Jerry Gisclair II, Executive Managing →→ Stumpy Harris, Founding Partner, →→ Debra Koehler, Principal, →→ Jim Motta, President, Triton Director, Colliers International Harris, Harris, Bauerle & Sharma Sage Partners, LLC Atlantic Partners Valuation & Advisory Services →→ James Heistand, CEO, →→ Alan Kolar, Senior Managing Director, →→ Sam Norton, Shareholder, Norton, →→ Robert Given, Vice Chairman, Parkway Properties Inc. Mill Creek Residential Trust, LLC Hammersley, Lopez & Skokos, P.A. CB Richard Ellis - Investment →→ John Herbert, Jr., Principal, →→ George Kruse, Managing →→ Jeff Nudelman, Principal, Properties/Multi-Housing Group Bluewater Capital Partners, Inc. Director, Vesta Equity, LLC Landmark Custom Homes →→ Cary Goldberg, President, →→ Andy Hogshead, Chief Executive →→ Barry Lapides, →→ Kathryn Oberto, Partner, Diversified Companies Officer, The Collier Companies Attorney, Berger Singerman Holland & Knight →→ Carson Good, Managing Director, →→ Sandra Hostetter, President, CNL →→ Darryl LeClair, President, CEO →→ Jami Passer, Managing Jones Lang LaSalle - Capital Markets Bank of Central Florida, CNL Bank & Chairman, Echelon LLC Director, EDENS →→ Larry Gragg, President, →→ Hamilton Hunt, Jr., President, Hunt →→ Jonathan Levy, Managing →→ Daniel Peek, Senior Managing Codina Partners Douglas Real Estate Services, Inc. Partner, RedStone Investments Director/Head of the Hospitality →→ Farley Grainger, Senior Managing Practice Group, HFF →→ Doug Irmscher, Market Director, →→ George Livingston, Chairman, Director, Florida Valuation Florida, Jones Lang LaSalle Americas Founder, NAI Realvest →→ Scott Peek, Jr., Vice President of →→ Brandon Granai, Vice Commercial Sales, Lake Nona →→ James Izzo, Managing →→ Alexandra Londono, Vice President, Wells Fargo Principal, The 1220 Group President, Sabadell United Bank →→ Timothy Peterson, Chief →→ Katie Sproul, Co-President, →→ Michael Warren, President & →→ David Gray, Executive Financial Officer and Partner, Barron Collier Companies Founder, MEW Commercial LLC →→ Jay Jacobson, President, →→ Robert Love, President, American Managing Director, Cushman The Altman Companies Residential Group, Stiles Realty Consultants, Inc. →→ Ted Starkey, Office Manager, →→ Chad Weaver, Vice President & Wakefield Regional, Inc. →→ Paul Phillips, Principal, Tampa Office, Wells Fargo of Real Estate Investments, →→ Edgar Jones, Jr., Principal, →→ Scott MacLaren, President, →→ Michael Greene, Real Estate LongRun Advisers Real Estate Banking Group Camden Property Trust Edgar Jones & Company, LLC North Carolina Operations, and Corporate Law Partner, Stiles Corporation →→ Jeremy Pino, Vice President, →→ James Stine, President, →→ John (Chip) Webb, Partner, Assouline & Berlowe, P.A. →→ Stan Jones, Vice President, Finfrock Capital Markets, Walker & Dunlop RAM Realty Services Tramell Webb Partners, Inc. Design Manufacture-Construction →→ Kenneth Mamula, President, Florida →→ Howard Gutman, President, Southeast Development Corporation →→ Gilbert Pomar, III, Market →→ Julian Stokes, Managing Director, →→ Rachel Wein, Principal, The Lutgert Companies →→ Todd Jones, Principal, RealAdvice President, Northeast Florida Integra Realty Resources Wein + Associates, Inc. →→ Steven McCraney, President & CEO, →→ Stephen Hagenbuckle, →→ Matthew Juall, Senior Vice Region, CenterState Bank McCraney Property Company →→ Thomas Sunnarborg, Vice →→ Andrew Wheeler, Vice President, Managing Principal, TerraCap President, JP Morgan Chase →→ Susan Pontigas, Of Counsel, President, Mosaic Fertilizer, LLC RS&H & President, RS&H Commercial Management Corporation →→ Ted McGowan, Executive →→ David Kern, Senior Vice President, Bilzin Sumberg Realty, Reynolds, Smith & Hills, Inc. Director, Clay County Port, Inc., →→ Clay Sweger, Principal Director →→ Whitfield Hamilton, SIOR, Commercial Real Estate, Regions Bank Universal Sales Corporation, →→ Todd Powell, General Manager, of Planning, eda engineers- →→ Ron Wheeler, CEO, The Regional Partner, Panattoni →→ Avery Klann, Principal, ARA and Reynolds Real Estate V Real Estate, Plum Creek surveyors-planners, inc. Sembler Company Development Company →→ Kenneth McGurn, President, →→ David Rattner, Principal, →→ Howard Taft, Senior Managing →→ Cole Whitaker, Partner, McGurn Investment Co. Blue Sky Holdings Director, Aztec Group, Inc. Hendricks & Partners →→ Mindy Mcilroy, Executive Vice →→ Randall Reid, Senior Director, →→ Cliff Taylor, Senior Vice President, →→ Michael White, Vice President President, Terranova Corporation The Beck Group CBRE/Capital Markets of Real Estate, Harbert Management Corporation →→ Jim Mehalso, Managing Director, →→ Albert Rex, Senior Vice →→ Eric Taylor, P.A., Law Office Prudential Real Estate Investors President, Walker & Dunlop of Eric T. Taylor, P.A. →→ David Williams, Of Council, Squire Patton Boggs LLP →→ Steven Mench, Principal, →→ Mitchell Rice, CEO, RMC →→ Jim Thompson, Managing Director Mench Real Estate Capital Property Group - East, Regency Centers →→ Daniel Willison, Jr., President, Wakefield Capital, LLC →→ Arthur Menor, Partner, →→ Jeff Robbins, Director of Real Estate, →→ Elliott Throne, Director, HFF →→ Seth Wise, President, BBX Shutts & Bowen LLP Consolidated-Tomoka Land Co. →→ Charles Toppino, President, Oak Capital Corporation →→ Steven Messing, Chief Operating →→ Jason Robertson, Vice President Pass Capital Management, LLC →→ Daniel Woodward, Vice President - Officer, The Ferber Company of Development & Acquisitions, →→ Kevin Troup, Director of American Land Ventures, LLC Tampa, Highwoods Properties, Inc. →→ David Metalonis, Chief Investment Acquisitions, TVC Development →→ Bob Wordes, Chief Operating Officer, Officer & Partner, Lionheart Capital →→ Dean Saunders, Principal, →→ Ben Wacksman, President, Saunders Real Estate The Shopping Center Group →→ Kevin Miliffe, Director, City WP Commercial, Inc. →→ Phillip Yost, Owner, National Bank of Florida →→ Frederic Scarola, Managing →→ R.J. Walker, Director Business Partner, Covenant Capital Group Compass Land & Title →→ Craig Minegar, Esq., Attorney, Development, Southeast U.S., Winderweedle, Haines, →→ John Schaffer, Executive Vice Hawkins Construction, Inc. Ward & Woodman, P.A. President, CFO, ContraVest →→ Chris Ward, Managing Partner, →→ Steven Miskew, Managing →→ David Schopp, Vice President, LEED NACANA PARTNERS Director, RJS Realty Group, Inc. AP, Sharpe Project Developments, Inc. →→ Ralph Conti, Rod Castan, Todd Jones and Kevin Miliffe.

24 Bergstrom Center for Real Estate Studies | realestate.ufl.edu Warrington College of Business | University of Florida 25 BERGSTROM COUNCIL ADVISORY BOARD RETREAT

The Councils continue to expand across the educate, while promoting the real estate industry Each year, the Bergstrom Center hosts an annual two- →→ Stephen McCraney, President & CEO, Southeast, including Atlanta, GA. Bergstrom and the relationship each Council holds with the day retreat exclusively for Advisory Board members. McCraney Property Company Councils are active, hosting events that connect and Bergstrom Center. The retreat allows members to network with each →→ Anne Ray, Associate Director, Shimberg Center for Housing Studies other, receive updates about Center initiatives, meet →→ Rachel Wein, Principal, Wein + Associates, Inc. current students, and share ideas. REGIONAL LEADERS →→ Dan Woodward, Vice President - Tampa, Highwoods Properties, Inc. →→ ATLANTA: →→ JACKSONVILLE: →→ MIAMI: →→ TAMPA: WE WOULD LIKE TO THANK THE Greg Dupes, Michael McGowan, Michael Narula, Robert H. Gidel Jr., Duff & Phelps Chase Properties LNR Gardner Brewer 2014 PANELISTS AND SPEAKERS: Martinez-Monfort, P.A. →→ Richard Donnellan Jr., Principal, ARA →→ Jim Fried, Managing Director, Aztec Group Inc.

→→ Kevin Jinks →→ Jim Michalak →→ Jason Schultz →→ Dr. Joe Glover, SVP & Provost, UF DONORS →→ Ken Joines →→ Clint Miller →→ Mark Shellabarger →→ Carson Good, Managing Director, Jones →→ Kevin Jonas →→ Kyle Miller →→ Bill Short →→ Alexis Jones →→ Jonathan Moore →→ Lee Sierra Lang LaSalle - Capital Markets →→ Ruben Alfaras →→ Don Delaney →→ Brian Jones →→ Kyle Moore →→ Troy Simpson →→ Alec Alfonso →→ Joyce Delgato →→ James Kauchick →→ Ron Moore →→ Greg Singleton →→ Andy Hogshead, Chief Executive →→ Justin Allbright →→ Josh Diggs →→ Kay Kauchick →→ Peter Nguyen →→ W. Lawrence Smith Officer, The Collier Companies →→ Dmitry Almanza →→ Christopher Dinklage →→ David Kemper →→ Joshua Nicholson →→ Bradley Snyder →→ Julin An →→ Stephen Downey →→ Andrew Kennedy →→ Zach Nolan →→ Jenna Staab →→ Anika Khan, Economist, Wells Fargo →→ Matthew Anderson →→ Eric Duffy →→ Neil Khant →→ Eric Odum →→ James Strahan IV →→ Robert Klein, Managing Director, →→ Martin Anderson- →→ Felipe Echarte, Jr. →→ Richard Klingler →→ Genevieve O’Hara →→ Robert Stern Garcia →→ Bobby Eggleston →→ Jack Koehler →→ Todd Oifer →→ Mart Stroud Evercore Partners Inc. →→ Craig Balco →→ Todd Elkins →→ Kris Kral →→ Jeffrey Oligschlaeger →→ Amanda Taylor →→ Patrick Berman →→ Don Emerson →→ George Kruse →→ Chris Osborn →→ Frank Tetel →→ Jeanna Mastrodicasa, Associate VP for Operations, →→ David Bernstein →→ Blake Evans →→ Camille Lamar Roberts →→ Christopher Papp →→ Charles Thomson UF Institute of Food and Agricultural Sciences →→ Don Bly →→ Sara Flint →→ Jeff Lamm →→ Dan Pepper →→ Edward Trifone →→ Jud Boedecker III →→ Martin Frame →→ Amy Lauber →→ Mike Perry →→ Darrell Turner →→ Frank Boullosa →→ Lawrence Franks →→ Whitaker Leonhardt →→ Maghann Perry-Ruiz →→ Burton Tuttle →→ Kata Bower →→ H. McCord Fraser →→ Jane Levin →→ Laury Pflaum →→ Nathan Van →→ Keith Bricklemyer →→ Nathan Frazier →→ Ron Linsky →→ Brian Phillips Steenbergen →→ David Brittain →→ Christie Garrido →→ Olin Lippincott →→ John Phillips →→ Ray Veal →→ Michelle Brooke →→ Ryan Gautier →→ Zachary Liszt →→ Russell Phillips →→ Paul Vera →→ Bryan Brown →→ Matthew Gentile →→ Stephen Liverpool →→ Scott Phillips →→ Adam Vosding →→ Rick Brugge →→ Robert Gidel, Jr. →→ Albert Livingston →→ Jeremy Pino →→ Ben Wacksman →→ Charles Buchan →→ Karen Giunta →→ Clark Lohmiller →→ Chris Plasencia →→ Christopher Wand →→ Greg Bulleit →→ Jason Glaser →→ Tyler Lohmiller →→ Jay Ramsey →→ Tommy Ware →→ Michael Butsel →→ Jon Gotwald →→ Brian Lott →→ Jerilyn Reed →→ Thomas Warlow →→ Courtney and →→ Brandon Granai →→ Richard Lupkes →→ Christopher Reibling →→ Robert Warram Daniel Byrnes →→ Jenny Gribbin →→ Elise Lynn →→ Preston Reid →→ Robert Warren →→ Brian Carolan →→ Meghan Hacas →→ Sanford Mahr →→ Lisa Resnick →→ Eric Wells →→ Ron Carpenter →→ Stephanie Haines →→ Ronald Marlowe →→ Jad Richa →→ Justin West →→ Trey and Molly Catlett →→ Lauren Hanley →→ Katie Mason →→ Bryson Ridgway →→ Joseph Wheeler →→ Cam Childs →→ Mark Hardee →→ Graham Mavar →→ John Roberts →→ Leo Wiener →→ Joseph Childs →→ David Harris →→ Mark McCall →→ Ray Rose →→ Alison Williams →→ Vince Chillura →→ Haynes Hendry →→ Richard McClure →→ Chris Ross →→ Bruce Williams →→ Stephen Chumbris →→ Heather Herman →→ Bill McConaghy →→ Ernie Saltmarsh →→ Greg Williams →→ Jimmy Clark →→ Neal Herman →→ Caleb McDow →→ Tyler Samsing →→ Rufus Williams →→ Chad Colman →→ Nicholas Herring →→ Thomas McGeachy →→ Casey Sanders →→ Adam Woodruff →→ Cindy Cox →→ Livingstom Hessam →→ Michael McGowan →→ Eric Savir →→ Samir Yajnik →→ Elena Cutshall →→ Mark Holmes →→ Greg McNutt →→ James Schilling →→ Michael Cvetetic →→ Clinton Howell →→ Michael Mele →→ Chris Schmidt →→ Bennet Dachepalli →→ Nick Husak →→ David Meyer →→ James Schmidt

26 Bergstrom Center for Real Estate Studies | realestate.ufl.edu Warrington College of Business | University of Florida 27 GOLD SPONSORS SAVE THE DATE 2015 REAL ESTATE TRENDS →→Florida Trend →→JLL & STRATEGIES CONFERENCE February 25-26, 2016 RECEPTION 2015 CONFERENCE SPONSORS →→ Akerman →→ Forward Florida COMMITTEE PLATINUM →→ ARA →→ Real Estate Forum →→ Bank of America/ →→ Southeast Real Thank you to our Conference committee, who this SPONSORS Merrill Lynch Estate Business year not only created a superb program, but also →→ CBRE →→ Wells Fargo raised more sponsorship dollars than ever!

CHAIRMAN of 2015 Conference Committee SILVER SPONSORS →→ Paul Ellis, President, CNL Commercial Real Estate →→ Steve Hogan. →→ Altman Companies →→ HFF CHAIRMAN of 2015 Sponsorship Committee →→ Appraisal Institute →→ Highwoods Properties →→ Jim Fried, Managing Director, Aztec Group Inc. →→ BBX Capital →→ J.P. Morgan → Bilzin Sumberg → MetLife COMMITTEE MEMBERS → → →→ CCIM →→ NAI Hallmark Partners →→ Nick Banks, Managing Director, Front Street Commercial Real Estate Group →→ CNL →→ PNC Real Estate →→ CNL Bank →→ RAM Realty Services →→ Steven Cohen, Executive Vice President/CRE →→ Cushman & Wakefield →→ Regency Centers Banking Manager, Sabadell United Bank →→ Duke Realty →→ Regions →→ Jeffrey Conn, Principal, Hallmark Partners, Inc. →→ Eastgroup Properties →→ Stiles →→ Fidelity National Title →→ Carson Good, Managing Director, Jones Lang →→ Jim Fried interviews Paul Ellis at a live feed. LaSalle - Capital Markets →→ Michael Greene, Real Estate and Corporate Law BRONZE SPONSORS Partner, Assouline & Berlowe, P.A. →→ 1220 Group →→ Front Street Commercial →→ Todd Jones, Principal, Real Advice →→ AGPM, LLC / Real Estate Group →→ Steven McCraney, President & CEO, McCraney Banyan Realty Advisors →→ Integra Investments Property Company →→ Aztec Group Inc →→ McCraney Property →→ Berger Singerman LLP Company →→ Berkowitz →→ Mill Creek Residential Pollack Brant Trust, LLC →→ Colliers International →→ Norton, Hammersley, →→ Contravest Lopez & Skoks, P.A →→ Craig and Linda →→ RaCo Real Estate Nowicke / RE/MAX Advisors →→ Echelon, LLC →→ Winderweedle, Haines, Ward & Woodman, P.A.

28 Bergstrom Center for Real Estate Studies | realestate.ufl.edu Warrington College of Business | University of Florida 29 HALL OF FAME

This year, the Bergstrom Center welcomed HOW TO GIVE Stanley G. Tate, Tate Capital, to the growing list of dis- For information on how you can support the tinguished individuals who have helped transform the Center, please contact Jon Cannon, Executive real estate industry in a positive way. Mr. Tate began Director of Development and Alumni Affairs. his career building single and multi-family residential properties, eventually expanding into commercial and industry properties. He was also instrumental in writing the concept of the Florida Prepaid College Program. →→ 2015 Hall of Fame Inductee Stanley G. Tate.

MR. TATE JOINS DISTINGUISHED MEMBERS:

Kelley A. Bergstrom Maury Carter Armando Codina Bergstrom Investment Maury L. Carter & Codina Partners Management, LLC Associates, Inc.

Jorge Perez James H. Pugh, Jr. Mel Sembler The Related Group Epoch Properties, Inc. The Sembler Company

James Seneff Halbert Smith Martin E. “Hap” Stein CNL University of Florida Regency Centers

J. Ronald Terwilliger Terry Stiles Trammell Crow Stiles Corporation Residential Company

This publication is printed using soy-based inks on Forest Stewardship Council® (FSC®)-certified paper, and is produced in Florida.

30 Bergstrom Center for Real Estate Studies | realestate.ufl.edu REALESTATE.UFL.EDU

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