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Dean’s Message

Michael Sesnowitz, Dean, School of Business

I commend this year’s conference committee for putting together another timely and informative conference focusing on the capital markets. Who would have known when they started planning this conference over a year ago that capital markets would be in such turmoil? Over the last several years of planning, financing, and constructing our new School of Business building, I have come to better appreciate the many, many facets of real estate.

I invite you to visit with our faculty, staff and students today or stop by our new home, Snead Hall, and learn more about the exciting degree programs, Executive Education, and our new Capital Markets Center.

Virginia Commonwealth University’s Real Estate Circle of Excellence Robert M. Atack, President Atack Properties, Inc.

Bruce A. Kay, Vice President Markel Corporation

C. B. Robertson, III, Member LANDVEST, LLP

James H. Boykin, Professor of Real Estate Neil S. Kessler, Partner Emeritus Troutman Sanders LLP

H. Leon Shadowen, Vice President Brandywine Realty Trust

Michael B. Broughton, Marketing Director DPR Construction Inc.

Glade M. Knight, Chairman & CEO Apple REIT Companies

Ralph D. Spencer Innovative Learning, LLC

Robert E. Coles, -Managing Director Integra Realty Resources - Richmond

Paul W. Kreckman, Vice President Highwoods Properties

James W. Theobald, President Hirschler Fleischer

Andrew M. Condlin, Shareholder Williams Mullen

John B. Levy, President John B. Levy & Company, Inc.

Susan F. Dewey, Executive Director Virginia Housing Development Authority

Alan T. Lingerfelt Lingerfelt Companies

Robert M. Thornton, Senior Vice President & Managing Broker - VA Beach Office Thalhimer/Cushman & Wakefield

Gary W. Fenchuk, President East West Partners of Virginia

John P. McCann McCann Realty Partners

Jane C. Ferrara, Director of Real Estate Services City of Richmond

Robin Miller Miller & Associates

Thomas E. Flynn, City Traffic Engineer City of Richmond Gloria L. Freye, Partner McGuire Woods, LLP Myrl L. Hairfield, President Dominion Property Services, Inc. Thomas A. Hassard Hines Ralph B. Higgins, President Higgins & Gerstenmaier C. Lee Hilbert, Chairman Emeritus Grubb & Ellis/Harrison & Bates

Jerry L. Moore Moore Real Estate Company, LLC Richard M. Nelms, President, Richmond Region Long & Foster Real Estate, Inc.

William A. Walsh, Jr., Partner Hunton & Williams C. Lee Warfield, III, Executive Vice President Thalhimer Commercial Real Estate Allison P. Weinstein, President and COO Weinstein Properties Marcus M. Weinstein, Chairman and CEO Weinstein Properties D. Kyle Woolfolk, Jr., President Woolfolk Companies

Frances S. Powell Senior Vice President, Marketing East West Partners of Virginia

Robert W. Taylor, Director Virginia Real Estate Center VCU School of Business

Thomas E. Pruitt Pruitt Associates

Denotes conference committee member

William W. Reynolds, Senior Vice President CB Richard Ellis

For more information, please visit www.realestate.bus.vcu.edu

Our Alumni Say It Best! “The 18th Annual Real Estate Trends conference demonstrates a sustained and consistent commitment to excellence and is a direct reflection upon the Real Estate Program, the School of Business and VCU as a whole. I continue to be a proud Real Estate alum of VCU.“ Frederick D. Facka, CIMA Principal Tuckahoe Asset Management, LLC

“I can only say positive things about my ‘tenure’ at VCU. The analysis techniques of real property developed while at VCU have served me in the investment in single-family, apartment and commercial properties throughout the nation. The core business skills I developed while there have enabled my various business ventures to prosper in all stages of the market. I cannot highly recommend enough the Real Estate program at VCU.“

MS, 1992 Jesse S. Lennon II President, Pioneer Realty President, Sloan Construction, LLC BS, 1987 MBA, 1988 “The broad business subject matter covered while I earned my undergraduate business degree at VCU has served me well during my commercial real estate career. “My tenure in VCU’s Graduate School of Business left me remarkably well prepared for my eventual career. I am able to understand and serve the needs of a very diverse business clientele, and I believe that the market The ideal mix of instruction from academic scholars and practicing professionals coupled with ample value of my degree has increased steadily as the VCU research and scholarship opportunities, made for a very School of Business continues to grow and prosper. ” rewarding experience. Earning a graduate degree with Jeff Cooke a concentration in real estate provided the foundation Senior Vice President for me to be very productive immediately upon securing Thalhimer Commercial Real Estate BS, 1973 my first position out of school and readily earn the professional designations necessary for continued career “I am extremely proud to be a graduate of the Real advancement.” Estate Program at VCU. My MBA gave me a foundation of knowledge from which I was able to launch my career Kenneth Brown, CCIM, MAI, MRICS Managing Director in real estate. The program was very sophisticated yet Integra Realty Resources MS , 1990 supported by professors and speakers with real world experience. Students graduate with such a well rounded foundation that they can jump right in to a career in one “My degree from the VCU School of Business is one of my of many different subsets of the industry. I would not be most valued possessions. Without it I could never have where I am today without my experience at VCU.” gotten such a great start to my career nor landed my position with my current company. Being able to get real Chris Corrada life learning experience from a professor that is actively Vice President working in the Richmond business market made the East West Partners MBA, 2001 classes not only more interesting but more valuable to my success. The School of Business felt like a family, and “Completing my Post Baccalaureate Certificate in Real I definitely received a competitive advantage over my Estate was one of the smartest decisions I ever made. peers because of it. The networking opportunities provided The extensive curriculum gave me a broad appreciation through internships, as well as being able to attend the of the multidimensional aspects of the real estate Trends Conferences, give every student the best opportunity profession and prepared me for the complexities of the for a quality entry level position upon graduation.” workplace. “ Sarah Marsteller Jeffrey Gumenick Construction Project Manager Gumenick Properties PBcRE, 1990 Brandywine Realty Trust BS, 1999

18th Annual

www.realestate.vcu.edu

PROGRAM VCU’s Real Estate Program, in association with The Kornblau Institute, Real Estate Circle of Excellence, and the Virginia Real Estate Center, presents the 18th Annual Real Estate Trends Conference.

Tuesday, October 14, 2008 Greater Richmond Convention Center


\

Dean’s Message

Michael Sesnowitz, Dean, School of Business

I commend this year’s conference committee for putting together another timely and informative conference focusing on the capital markets. Who would have known when they started planning this conference over a year ago that capital markets would be in such turmoil? Over the last several years of planning, financing, and constructing our new School of Business building, I have come to better appreciate the many, many facets of real estate.

I invite you to visit with our faculty, staff and students today or stop by our new home, Snead Hall, and learn more about the exciting degree programs, Executive Education, and our new Capital Markets Center.

Virginia Commonwealth University’s Real Estate Circle of Excellence Robert M. Atack, President Atack Properties, Inc.

Bruce A. Kay, Vice President Markel Corporation

C. B. Robertson, III, Member LANDVEST, LLP

James H. Boykin, Professor of Real Estate Neil S. Kessler, Partner Emeritus Troutman Sanders LLP

H. Leon Shadowen, Vice President Brandywine Realty Trust

Michael B. Broughton, Marketing Director DPR Construction Inc.

Glade M. Knight, Chairman & CEO Apple REIT Companies

Ralph D. Spencer Innovative Learning, LLC

Robert E. Coles, -Managing Director Integra Realty Resources - Richmond

Paul W. Kreckman, Vice President Highwoods Properties

James W. Theobald, President Hirschler Fleischer

Andrew M. Condlin, Shareholder Williams Mullen

John B. Levy, President John B. Levy & Company, Inc.

Susan F. Dewey, Executive Director Virginia Housing Development Authority

Alan T. Lingerfelt Lingerfelt Companies

Robert M. Thornton, Senior Vice President & Managing Broker - VA Beach Office Thalhimer/Cushman & Wakefield

Gary W. Fenchuk, President East West Partners of Virginia

John P. McCann McCann Realty Partners

Jane C. Ferrara, Director of Real Estate Services City of Richmond

Robin Miller Miller & Associates

Thomas E. Flynn, City Traffic Engineer City of Richmond Gloria L. Freye, Partner McGuire Woods, LLP Myrl L. Hairfield, President Dominion Property Services, Inc. Thomas A. Hassard Hines Ralph B. Higgins, President Higgins & Gerstenmaier C. Lee Hilbert, Chairman Emeritus Grubb & Ellis/Harrison & Bates

Jerry L. Moore Moore Real Estate Company, LLC Richard M. Nelms, President, Richmond Region Long & Foster Real Estate, Inc.

William A. Walsh, Jr., Partner Hunton & Williams C. Lee Warfield, III, Executive Vice President Thalhimer Commercial Real Estate Allison P. Weinstein, President and COO Weinstein Properties Marcus M. Weinstein, Chairman and CEO Weinstein Properties D. Kyle Woolfolk, Jr., President Woolfolk Companies

Frances S. Powell Senior Vice President, Marketing East West Partners of Virginia

Robert W. Taylor, Director Virginia Real Estate Center VCU School of Business

Thomas E. Pruitt Pruitt Associates

Denotes conference committee member

William W. Reynolds, Senior Vice President CB Richard Ellis

For more information, please visit www.realestate.bus.vcu.edu

Our Alumni Say It Best! “The 18th Annual Real Estate Trends conference demonstrates a sustained and consistent commitment to excellence and is a direct reflection upon the Real Estate Program, the School of Business and VCU as a whole. I continue to be a proud Real Estate alum of VCU.“ Frederick D. Facka, CIMA Principal Tuckahoe Asset Management, LLC

“I can only say positive things about my ‘tenure’ at VCU. The analysis techniques of real property developed while at VCU have served me in the investment in single-family, apartment and commercial properties throughout the nation. The core business skills I developed while there have enabled my various business ventures to prosper in all stages of the market. I cannot highly recommend enough the Real Estate program at VCU.“

MS, 1992 Jesse S. Lennon II President, Pioneer Realty President, Sloan Construction, LLC BS, 1987 MBA, 1988 “The broad business subject matter covered while I earned my undergraduate business degree at VCU has served me well during my commercial real estate career. “My tenure in VCU’s Graduate School of Business left me remarkably well prepared for my eventual career. I am able to understand and serve the needs of a very diverse business clientele, and I believe that the market The ideal mix of instruction from academic scholars and practicing professionals coupled with ample value of my degree has increased steadily as the VCU research and scholarship opportunities, made for a very School of Business continues to grow and prosper. ” rewarding experience. Earning a graduate degree with Jeff Cooke a concentration in real estate provided the foundation Senior Vice President for me to be very productive immediately upon securing Thalhimer Commercial Real Estate BS, 1973 my first position out of school and readily earn the professional designations necessary for continued career “I am extremely proud to be a graduate of the Real advancement.” Estate Program at VCU. My MBA gave me a foundation of knowledge from which I was able to launch my career Kenneth Brown, CCIM, MAI, MRICS Managing Director in real estate. The program was very sophisticated yet Integra Realty Resources MS , 1990 supported by professors and speakers with real world experience. Students graduate with such a well rounded foundation that they can jump right in to a career in one “My degree from the VCU School of Business is one of my of many different subsets of the industry. I would not be most valued possessions. Without it I could never have where I am today without my experience at VCU.” gotten such a great start to my career nor landed my position with my current company. Being able to get real Chris Corrada life learning experience from a professor that is actively Vice President working in the Richmond business market made the East West Partners MBA, 2001 classes not only more interesting but more valuable to my success. The School of Business felt like a family, and “Completing my Post Baccalaureate Certificate in Real I definitely received a competitive advantage over my Estate was one of the smartest decisions I ever made. peers because of it. The networking opportunities provided The extensive curriculum gave me a broad appreciation through internships, as well as being able to attend the of the multidimensional aspects of the real estate Trends Conferences, give every student the best opportunity profession and prepared me for the complexities of the for a quality entry level position upon graduation.” workplace. “ Sarah Marsteller Jeffrey Gumenick Construction Project Manager Gumenick Properties PBcRE, 1990 Brandywine Realty Trust BS, 1999

18th Annual

www.realestate.vcu.edu

PROGRAM VCU’s Real Estate Program, in association with The Kornblau Institute, Real Estate Circle of Excellence, and the Virginia Real Estate Center, presents the 18th Annual Real Estate Trends Conference.

Tuesday, October 14, 2008 Greater Richmond Convention Center


Program Sponsor LandAmerica Commercial Services

Gold Program Sponsor Apple REIT Companies McGuireWoods, LLP Troutman Sanders, LLP Virginia Business Williams Mullen

Program Overview The VCU School of Business is ranked in the top ten percent of business programs in the nation. The School enrolls close to 4,000 students and boasts more than 500 alumni currently serving as chairman, president, or CEO of a company. Virginia Commonwealth University is the largest university in Virginia and ranks among the top 100 universities in the country in sponsored research. Located on two downtown campuses in Richmond, VCU enrolls nearly 32,000 students in 205 certificate and degree programs in the arts, sciences and humanities. Sixty-five of the programs are unique in Virginia, many of them crossing the disciplines of VCU’s 15 schools and one college.

7:30 a.m. - 8:30 a.m. Registration and Continental Breakfast 8:30 a.m.

H. Leon Shadowen, President, Real Estate Circle of Excellence Bruce A. Kay, Chair, Real Estate Trends, 2008 David H. Downs, Ph.D., Professor, Alfred L. Blake Chair, and Director, The Kornblau Institute 8:45 a.m.

Announcements and Break 10:05 a.m.

BS, 1981

“The Real Estate Program at Virginia Commonwealth provided me with a valuable combination of excellent classroom instruction from experienced and knowledgeable faculty members, practical instruction and insight from corporate and industry leaders, and an opportunity to interact and network with fellow students who were, like myself, already working in the real estate business in Richmond. I have experienced a great deal of satisfaction watching the value of my VCU real estate education grow in stature as the VCU program has grown.” Brad Partrea Senior Vice-President Atlantic Mortgage & Investment Company

MS, 1974

...continued on back

Housing, Political Contests and Other “Hot Topics”

Robert D. Holsworth, Ph.D.

Amy Crews Cutts, Ph.D.

Virginia Commonwealth University

Deputy Chief Economist Freddie Mac

Announcements and Break 11:15 a.m.

Commercial Real Estate Trends

Robert M. White, Jr., CRE, FRICS Founder & President, Real Capital Analytics

Geoffrey Dohrmann, CRE President & CEO, Institutional Real Estate, Inc.

Questions and Answers - Moderated by H. Leon Shadowen Closing Remarks Michael Sesnowitz, Ph.D., Dean, School of Business Gloria Freye, Chair, Real Estate Trends, 2009

Break Sponsors Gumenick Properties Highwoods Properties Hirschler Fleischer

Patron Sponsors

Questions & Answers - Moderated by John B. Levy

“The VCU Real Estate Program attracted me to the school. That decision proved to be a good one. I gained a solid foundation that lead me to a career in the real estate industry. As I approached graduation, the professors were instrumental in helping me network with prospective employers. Over twenty years later, I remain involved in the VCU Business School. Each time I visit, an overwhelming sense of pride strikes me as I see the enormous strides the Business School has made and what it has become today.“ Jeffrey D. Vaughan Executive Vice President - Corporate Development LandAmerica Financial Group, Inc.

Economic Overview and Capital Markets

Sally Gordon, Ph.D. Managing Director, BlackRock

The School of Business is accredited by the Association to Advance Collegiate Schools of Business International (AACSB), the premiere accrediting body for business schools worldwide. Students in the Real Estate Program fully embrace “opportunities” and are very entrepreneurial. Just read what our alums are saying…

Our Alumni Say It Best!

Opening Remarks and Welcome

Barton Malow Company Brandywine Realty Trust East West Partners Goodman & Company, LLP Grubb & Ellis/Harrison & Bates Hourigan Construction Hunton & Williams Jones Lang LaSalle Liberty Property Trust Markel Corporation Rocketts Landing Thalhimer Commercial Real Estate Thomas Rutherfoord, Inc. Timmons Group Vanasse Hangen Brustlin Virginia Housing Development Authority Weinstein Properties

Friend Sponsors Burgess & Niple Central Virginia IREM Chapter 38 Commonwealth Architects Dominion Realty Partners First Market Bank GRACRE (Greater Richmond Association of Commercial Real Estate) Reynolds Development SunTrust Bank Virginia CCIM Chapter W. M. Jordan Company

The Kornblau Institute The Kornblau Institute established by Richmond businessman and philanthropist, Sam Kornblau, focuses on research broadly related to commercial and residential real estate. These issues often benefit from an interdisciplinary approach and include such concerns as land use, housing and commercial development – the social, cultural and economic sides of the real estate business. For example, collaborative research may involve other programs and schools, such as nursing, social work and government and public affairs, as well as working with various departments in the School of Business.

Scholarships The Real Estate Program is very fortunate to have the support of the real estate community who provide financial assistance and internships to our students. Below are the scholarships available to our students: • The Appraisal Institute Scholarship provided by the Appraisal Institute Education Trust Foundation • Steve Brincefield Scholarship Endowed by the Institute of Real Estate Management, Richmond Chapter. • James H. Boykin Scholarship Endowed by the Real Estate Circle of Excellence • Greater Richmond Association of Commercial Real Estate Endowed Scholarship • International Council of Shopping Centers Scholarship • The Sam Kornblau Endowed Scholarship • John A. Levering Memorial Scholarship Endowed by C. Porter Vaughan, Inc., Realtors, and the family and friends of John Levering • The Marcy Handshaw Memorial Annual Scholarship awarded by Commercial Real Estate Women - Richmond • Association of Real Estate Alumni Endowed Scholarship • Real Estate Circle of Excellence Annual Scholarships • Richmond Apartment Owners’ Annual Scholarship • A. Kemp Rowe Memorial / James H. Boykin Scholarship provided by the Richmond Real Estate Group • Society of Industrial and Office Realtors® Scholarship • Virginia Real Estate Educational Foundation/Virginia Housing Development Authority Annual Scholarship


Program Sponsor LandAmerica Commercial Services

Gold Program Sponsor Apple REIT Companies McGuireWoods, LLP Troutman Sanders, LLP Virginia Business Williams Mullen

Program Overview The VCU School of Business is ranked in the top ten percent of business programs in the nation. The School enrolls close to 4,000 students and boasts more than 500 alumni currently serving as chairman, president, or CEO of a company. Virginia Commonwealth University is the largest university in Virginia and ranks among the top 100 universities in the country in sponsored research. Located on two downtown campuses in Richmond, VCU enrolls nearly 32,000 students in 205 certificate and degree programs in the arts, sciences and humanities. Sixty-five of the programs are unique in Virginia, many of them crossing the disciplines of VCU’s 15 schools and one college.

7:30 a.m. - 8:30 a.m. Registration and Continental Breakfast 8:30 a.m.

H. Leon Shadowen, President, Real Estate Circle of Excellence Bruce A. Kay, Chair, Real Estate Trends, 2008 David H. Downs, Ph.D., Professor, Alfred L. Blake Chair, and Director, The Kornblau Institute 8:45 a.m.

Announcements and Break 10:05 a.m.

BS, 1981

“The Real Estate Program at Virginia Commonwealth provided me with a valuable combination of excellent classroom instruction from experienced and knowledgeable faculty members, practical instruction and insight from corporate and industry leaders, and an opportunity to interact and network with fellow students who were, like myself, already working in the real estate business in Richmond. I have experienced a great deal of satisfaction watching the value of my VCU real estate education grow in stature as the VCU program has grown.” Brad Partrea Senior Vice-President Atlantic Mortgage & Investment Company

MS, 1974

...continued on back

Housing, Political Contests and Other “Hot Topics”

Robert D. Holsworth, Ph.D.

Amy Crews Cutts, Ph.D.

Virginia Commonwealth University

Deputy Chief Economist Freddie Mac

Announcements and Break 11:15 a.m.

Commercial Real Estate Trends

Robert M. White, Jr., CRE, FRICS Founder & President, Real Capital Analytics

Geoffrey Dohrmann, CRE President & CEO, Institutional Real Estate, Inc.

Questions and Answers - Moderated by H. Leon Shadowen Closing Remarks Michael Sesnowitz, Ph.D., Dean, School of Business Gloria Freye, Chair, Real Estate Trends, 2009

Break Sponsors Gumenick Properties Highwoods Properties Hirschler Fleischer

Patron Sponsors

Questions & Answers - Moderated by John B. Levy

“The VCU Real Estate Program attracted me to the school. That decision proved to be a good one. I gained a solid foundation that lead me to a career in the real estate industry. As I approached graduation, the professors were instrumental in helping me network with prospective employers. Over twenty years later, I remain involved in the VCU Business School. Each time I visit, an overwhelming sense of pride strikes me as I see the enormous strides the Business School has made and what it has become today.“ Jeffrey D. Vaughan Executive Vice President - Corporate Development LandAmerica Financial Group, Inc.

Economic Overview and Capital Markets

Sally Gordon, Ph.D. Managing Director, BlackRock

The School of Business is accredited by the Association to Advance Collegiate Schools of Business International (AACSB), the premiere accrediting body for business schools worldwide. Students in the Real Estate Program fully embrace “opportunities” and are very entrepreneurial. Just read what our alums are saying…

Our Alumni Say It Best!

Opening Remarks and Welcome

Barton Malow Company Brandywine Realty Trust East West Partners Goodman & Company, LLP Grubb & Ellis/Harrison & Bates Hourigan Construction Hunton & Williams Jones Lang LaSalle Liberty Property Trust Markel Corporation Rocketts Landing Thalhimer Commercial Real Estate Thomas Rutherfoord, Inc. Timmons Group Vanasse Hangen Brustlin Virginia Housing Development Authority Weinstein Properties

Friend Sponsors Burgess & Niple Central Virginia IREM Chapter 38 Commonwealth Architects Dominion Realty Partners First Market Bank GRACRE (Greater Richmond Association of Commercial Real Estate) Reynolds Development SunTrust Bank Virginia CCIM Chapter W. M. Jordan Company

The Kornblau Institute The Kornblau Institute established by Richmond businessman and philanthropist, Sam Kornblau, focuses on research broadly related to commercial and residential real estate. These issues often benefit from an interdisciplinary approach and include such concerns as land use, housing and commercial development – the social, cultural and economic sides of the real estate business. For example, collaborative research may involve other programs and schools, such as nursing, social work and government and public affairs, as well as working with various departments in the School of Business.

Scholarships The Real Estate Program is very fortunate to have the support of the real estate community who provide financial assistance and internships to our students. Below are the scholarships available to our students: • The Appraisal Institute Scholarship provided by the Appraisal Institute Education Trust Foundation • Steve Brincefield Scholarship Endowed by the Institute of Real Estate Management, Richmond Chapter. • James H. Boykin Scholarship Endowed by the Real Estate Circle of Excellence • Greater Richmond Association of Commercial Real Estate Endowed Scholarship • International Council of Shopping Centers Scholarship • The Sam Kornblau Endowed Scholarship • John A. Levering Memorial Scholarship Endowed by C. Porter Vaughan, Inc., Realtors, and the family and friends of John Levering • The Marcy Handshaw Memorial Annual Scholarship awarded by Commercial Real Estate Women - Richmond • Association of Real Estate Alumni Endowed Scholarship • Real Estate Circle of Excellence Annual Scholarships • Richmond Apartment Owners’ Annual Scholarship • A. Kemp Rowe Memorial / James H. Boykin Scholarship provided by the Richmond Real Estate Group • Society of Industrial and Office Realtors® Scholarship • Virginia Real Estate Educational Foundation/Virginia Housing Development Authority Annual Scholarship


\

Dean’s Message

Michael Sesnowitz, Dean, School of Business

I commend this year’s conference committee for putting together another timely and informative conference focusing on the capital markets. Who would have known when they started planning this conference over a year ago that capital markets would be in such turmoil? Over the last several years of planning, financing, and constructing our new School of Business building, I have come to better appreciate the many, many facets of real estate.

I invite you to visit with our faculty, staff and students today or stop by our new home, Snead Hall, and learn more about the exciting degree programs, Executive Education, and our new Capital Markets Center.

Virginia Commonwealth University’s Real Estate Circle of Excellence Robert M. Atack, President Atack Properties, Inc.

Bruce A. Kay, Vice President Markel Corporation

C. B. Robertson, III, Member LANDVEST, LLP

James H. Boykin, Professor of Real Estate Neil S. Kessler, Partner Emeritus Troutman Sanders LLP

H. Leon Shadowen, Vice President Brandywine Realty Trust

Michael B. Broughton, Marketing Director DPR Construction Inc.

Glade M. Knight, Chairman & CEO Apple REIT Companies

Ralph D. Spencer Innovative Learning, LLC

Robert E. Coles, -Managing Director Integra Realty Resources - Richmond

Paul W. Kreckman, Vice President Highwoods Properties

James W. Theobald, President Hirschler Fleischer

Andrew M. Condlin, Shareholder Williams Mullen

John B. Levy, President John B. Levy & Company, Inc.

Susan F. Dewey, Executive Director Virginia Housing Development Authority

Alan T. Lingerfelt Lingerfelt Companies

Robert M. Thornton, Senior Vice President & Managing Broker - VA Beach Office Thalhimer/Cushman & Wakefield

Gary W. Fenchuk, President East West Partners of Virginia

John P. McCann McCann Realty Partners

Jane C. Ferrara, Director of Real Estate Services City of Richmond

Robin Miller Miller & Associates

Thomas E. Flynn, City Traffic Engineer City of Richmond Gloria L. Freye, Partner McGuire Woods, LLP Myrl L. Hairfield, President Dominion Property Services, Inc. Thomas A. Hassard Hines Ralph B. Higgins, President Higgins & Gerstenmaier C. Lee Hilbert, Chairman Emeritus Grubb & Ellis/Harrison & Bates

Jerry L. Moore Moore Real Estate Company, LLC Richard M. Nelms, President, Richmond Region Long & Foster Real Estate, Inc.

William A. Walsh, Jr., Partner Hunton & Williams C. Lee Warfield, III, Executive Vice President Thalhimer Commercial Real Estate Allison P. Weinstein, President and COO Weinstein Properties Marcus M. Weinstein, Chairman and CEO Weinstein Properties D. Kyle Woolfolk, Jr., President Woolfolk Companies

Frances S. Powell Senior Vice President, Marketing East West Partners of Virginia

Robert W. Taylor, Director Virginia Real Estate Center VCU School of Business

Thomas E. Pruitt Pruitt Associates

Denotes conference committee member

William W. Reynolds, Senior Vice President CB Richard Ellis

For more information, please visit www.realestate.bus.vcu.edu

Our Alumni Say It Best! “The 18th Annual Real Estate Trends conference demonstrates a sustained and consistent commitment to excellence and is a direct reflection upon the Real Estate Program, the School of Business and VCU as a whole. I continue to be a proud Real Estate alum of VCU.“ Frederick D. Facka, CIMA Principal Tuckahoe Asset Management, LLC

“I can only say positive things about my ‘tenure’ at VCU. The analysis techniques of real property developed while at VCU have served me in the investment in single-family, apartment and commercial properties throughout the nation. The core business skills I developed while there have enabled my various business ventures to prosper in all stages of the market. I cannot highly recommend enough the Real Estate program at VCU.“

MS, 1992 Jesse S. Lennon II President, Pioneer Realty President, Sloan Construction, LLC BS, 1987 MBA, 1988 “The broad business subject matter covered while I earned my undergraduate business degree at VCU has served me well during my commercial real estate career. “My tenure in VCU’s Graduate School of Business left me remarkably well prepared for my eventual career. I am able to understand and serve the needs of a very diverse business clientele, and I believe that the market The ideal mix of instruction from academic scholars and practicing professionals coupled with ample value of my degree has increased steadily as the VCU research and scholarship opportunities, made for a very School of Business continues to grow and prosper. ” rewarding experience. Earning a graduate degree with Jeff Cooke a concentration in real estate provided the foundation Senior Vice President for me to be very productive immediately upon securing Thalhimer Commercial Real Estate BS, 1973 my first position out of school and readily earn the professional designations necessary for continued career “I am extremely proud to be a graduate of the Real advancement.” Estate Program at VCU. My MBA gave me a foundation of knowledge from which I was able to launch my career Kenneth Brown, CCIM, MAI, MRICS Managing Director in real estate. The program was very sophisticated yet Integra Realty Resources MS , 1990 supported by professors and speakers with real world experience. Students graduate with such a well rounded foundation that they can jump right in to a career in one “My degree from the VCU School of Business is one of my of many different subsets of the industry. I would not be most valued possessions. Without it I could never have where I am today without my experience at VCU.” gotten such a great start to my career nor landed my position with my current company. Being able to get real Chris Corrada life learning experience from a professor that is actively Vice President working in the Richmond business market made the East West Partners MBA, 2001 classes not only more interesting but more valuable to my success. The School of Business felt like a family, and “Completing my Post Baccalaureate Certificate in Real I definitely received a competitive advantage over my Estate was one of the smartest decisions I ever made. peers because of it. The networking opportunities provided The extensive curriculum gave me a broad appreciation through internships, as well as being able to attend the of the multidimensional aspects of the real estate Trends Conferences, give every student the best opportunity profession and prepared me for the complexities of the for a quality entry level position upon graduation.” workplace. “ Sarah Marsteller Jeffrey Gumenick Construction Project Manager Gumenick Properties PBcRE, 1990 Brandywine Realty Trust BS, 1999

18th Annual

www.realestate.vcu.edu

PROGRAM VCU’s Real Estate Program, in association with The Kornblau Institute, Real Estate Circle of Excellence, and the Virginia Real Estate Center, presents the 18th Annual Real Estate Trends Conference.

Tuesday, October 14, 2008 Greater Richmond Convention Center


Program Sponsor LandAmerica Commercial Services

Gold Program Sponsor Apple REIT Companies McGuireWoods, LLP Troutman Sanders, LLP Virginia Business Williams Mullen

Program Overview The VCU School of Business is ranked in the top ten percent of business programs in the nation. The School enrolls close to 4,000 students and boasts more than 500 alumni currently serving as chairman, president, or CEO of a company. Virginia Commonwealth University is the largest university in Virginia and ranks among the top 100 universities in the country in sponsored research. Located on two downtown campuses in Richmond, VCU enrolls nearly 32,000 students in 205 certificate and degree programs in the arts, sciences and humanities. Sixty-five of the programs are unique in Virginia, many of them crossing the disciplines of VCU’s 15 schools and one college.

7:30 a.m. - 8:30 a.m. Registration and Continental Breakfast 8:30 a.m.

H. Leon Shadowen, President, Real Estate Circle of Excellence Bruce A. Kay, Chair, Real Estate Trends, 2008 David H. Downs, Ph.D., Professor, Alfred L. Blake Chair, and Director, The Kornblau Institute 8:45 a.m.

Announcements and Break 10:05 a.m.

BS, 1981

“The Real Estate Program at Virginia Commonwealth provided me with a valuable combination of excellent classroom instruction from experienced and knowledgeable faculty members, practical instruction and insight from corporate and industry leaders, and an opportunity to interact and network with fellow students who were, like myself, already working in the real estate business in Richmond. I have experienced a great deal of satisfaction watching the value of my VCU real estate education grow in stature as the VCU program has grown.” Brad Partrea Senior Vice-President Atlantic Mortgage & Investment Company

MS, 1974

...continued on back

Housing, Political Contests and Other “Hot Topics”

Robert D. Holsworth, Ph.D.

Amy Crews Cutts, Ph.D.

Virginia Commonwealth University

Deputy Chief Economist Freddie Mac

Announcements and Break 11:15 a.m.

Commercial Real Estate Trends

Robert M. White, Jr., CRE, FRICS Founder & President, Real Capital Analytics

Geoffrey Dohrmann, CRE President & CEO, Institutional Real Estate, Inc.

Questions and Answers - Moderated by H. Leon Shadowen Closing Remarks Michael Sesnowitz, Ph.D., Dean, School of Business Gloria Freye, Chair, Real Estate Trends, 2009

Break Sponsors Gumenick Properties Highwoods Properties Hirschler Fleischer

Patron Sponsors

Questions & Answers - Moderated by John B. Levy

“The VCU Real Estate Program attracted me to the school. That decision proved to be a good one. I gained a solid foundation that lead me to a career in the real estate industry. As I approached graduation, the professors were instrumental in helping me network with prospective employers. Over twenty years later, I remain involved in the VCU Business School. Each time I visit, an overwhelming sense of pride strikes me as I see the enormous strides the Business School has made and what it has become today.“ Jeffrey D. Vaughan Executive Vice President - Corporate Development LandAmerica Financial Group, Inc.

Economic Overview and Capital Markets

Sally Gordon, Ph.D. Managing Director, BlackRock

The School of Business is accredited by the Association to Advance Collegiate Schools of Business International (AACSB), the premiere accrediting body for business schools worldwide. Students in the Real Estate Program fully embrace “opportunities” and are very entrepreneurial. Just read what our alums are saying…

Our Alumni Say It Best!

Opening Remarks and Welcome

Barton Malow Company Brandywine Realty Trust East West Partners Goodman & Company, LLP Grubb & Ellis/Harrison & Bates Hourigan Construction Hunton & Williams Jones Lang LaSalle Liberty Property Trust Markel Corporation Rocketts Landing Thalhimer Commercial Real Estate Thomas Rutherfoord, Inc. Timmons Group Vanasse Hangen Brustlin Virginia Housing Development Authority Weinstein Properties

Friend Sponsors Burgess & Niple Central Virginia IREM Chapter 38 Commonwealth Architects Dominion Realty Partners First Market Bank GRACRE (Greater Richmond Association of Commercial Real Estate) Reynolds Development SunTrust Bank Virginia CCIM Chapter W. M. Jordan Company

The Kornblau Institute The Kornblau Institute established by Richmond businessman and philanthropist, Sam Kornblau, focuses on research broadly related to commercial and residential real estate. These issues often benefit from an interdisciplinary approach and include such concerns as land use, housing and commercial development – the social, cultural and economic sides of the real estate business. For example, collaborative research may involve other programs and schools, such as nursing, social work and government and public affairs, as well as working with various departments in the School of Business.

Scholarships The Real Estate Program is very fortunate to have the support of the real estate community who provide financial assistance and internships to our students. Below are the scholarships available to our students: • The Appraisal Institute Scholarship provided by the Appraisal Institute Education Trust Foundation • Steve Brincefield Scholarship Endowed by the Institute of Real Estate Management, Richmond Chapter. • James H. Boykin Scholarship Endowed by the Real Estate Circle of Excellence • Greater Richmond Association of Commercial Real Estate Endowed Scholarship • International Council of Shopping Centers Scholarship • The Sam Kornblau Endowed Scholarship • John A. Levering Memorial Scholarship Endowed by C. Porter Vaughan, Inc., Realtors, and the family and friends of John Levering • The Marcy Handshaw Memorial Annual Scholarship awarded by Commercial Real Estate Women - Richmond • Association of Real Estate Alumni Endowed Scholarship • Real Estate Circle of Excellence Annual Scholarships • Richmond Apartment Owners’ Annual Scholarship • A. Kemp Rowe Memorial / James H. Boykin Scholarship provided by the Richmond Real Estate Group • Society of Industrial and Office Realtors® Scholarship • Virginia Real Estate Educational Foundation/Virginia Housing Development Authority Annual Scholarship

VCU Real Estate Trends Conference Program - 2008  

2008 program

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