Tuesday, October 9, 2012 Greater Richmond Convention Center
Welcome from the Dean On behalf of the Virginia Commonwealth University School of Business, our sponsors and conference committee members, I welcome you to the 2012 Real Estate Trends Conference. We are proud to bring you some of the most astute and learned minds in real estate today. I hope you will find their insights and predictions valuable.
Dean, VCU School of Business
This year, we are pleased to celebrate the 75th anniversary of business education at VCU. From our founding in 1937 to meet the demand for managers, buyers and other professionals in Richmondâ€™s rapidly-growing retail sector, the VCU School of Business has worked to keep pace with the changing needs of industry in order to best prepare our students to become business leaders. Today we are proud to have nationally-ranked graduate and undergraduate programs and more than 26,000 alumni. We are busy forming new international partnerships, incorporating the latest technologies, and infusing innovative thinking into our curriculum. What has remained constant is the caliber and dedication of the faculty, staff, administrators, students, alumni and supporters who have gotten us to this important milestone. I am especially grateful for the wonderful support of the Real Estate community over the years. By attending the conference, mentoring students, hiring interns and graduates, making donations, sharing your expertise, sending new students to VCU, and countless other acts, you have contributed significantly to the growth of our school and the development of the Commonwealth we are so fortunate to serve. Thank you. Enjoy the conference!
Ed Grier, Dean
VCU Real Estate Program Real Estate is a multidisciplinary field, requiring skills from economics, finance, investments, negotiation, presentation, and personal promotion. The VCU Real Estate curriculum offers a solid academic and experiential foundation that gives students an understanding of the varying disciplines, soft skills, and ethics that are required in today’s real estate profession. The Real Estate Program’s degrees and certificates prepare students for careers in mortgage lending, development, equity investment, brokerage and sales, valuation, consulting, property and asset management, and other specialties. The VCU School of Business Real Estate Program helps students identify their particular personality traits and qualities that will define the areas where they will find the greatest accomplishment. It also facilitates their entry into professional organizations and events for networking within the real estate community, thereby discovering career prospects and possibilities for advancement. It introduces them to mentors who guide their professional development paths to achieve a lifetime of career success, and allows them wide exposure to the variety of opinions, knowledge, and wisdom of today’s real estate professionals. As a Center of Excellence within Virginia Commonwealth University’s School of Business, the Virginia Real Estate Center’s mission is to deliver an outstanding education, provide enrichment experiences that connect academia to industry, promote lifelong professional relationships, create career opportunities, and foster the advancement of tomorrow’s real estate leaders.
Student Enrichment Rho Epsilon The VCU chapter of Rho Epsilon, the national professional real estate fraternity, is an integral part of the VCU School of Business Real Estate Program. Membership is open to any VCU student with an interest in real estate. Members have an opportunity to participate in fraternity-sponsored lectures, career programs, and field trips. The VCU Chapter of Rho Epsilon has been selected twice as the nation’s most outstanding chapter. • • • •
Joseph Stemmle, President Tanita Bradley, Vice President Klye Vernon, Treasurer Kenneth Mittendorff, Secretary
Service. Knowledge. Integrity.
Association of Real Estate Alumni The Association of Real Estate Alumni (AREA) is a member-driven organization comprised of more than 600 alumni and friends of the VCU School of Business Real Estate Program. This dynamic group of real estate professionals is committed to providing professional development opportunities, as well as an effective network structure for the benefit of AREA’s entire membership. Additionally, members of the association work to provide both financial and program support to the VCU School of Business Real Estate Program. This alumni organization advances real estate education and stimulates continuing interest and professional relationships between the Real Estate Program and its alumni, as well as recruits students, provides mentors, internships and scholarships, and assists in job placement.
Mentor Program The Real Estate Mentors are a group of individuals who guide our students to successful careers. They provide one-on-one mentoring, invite students as guests to professional organization meetings, make important network introductions, and present firsthand the intricate workings of individual businesses and the industry as a whole. If you would like to participate in our mentoring program, please contact Robert W. Taylor, firstname.lastname@example.org or 804-828-3169.
Alpha Sigma Gamma Society The Alpha Sigma Gamma Society (ASG), created in 1993, is the premier international organization for the recognition of academic and scholarly achievement by real estate students, real estate faculty and real estate professionals. ASG has over two dozen chapters in major universities and colleges, and Virginia Commonwealth University is one of the founding member chapters. Membership is based on scholarly achievement. Inductees to Alpha Sigma Gamma for 2012 include: • • • •
Mr. Charles E. Marston Ms. Kaitlin J. Coleman Mr. Madhusudan Ravi Mr. Kurt L. Wallenborn
Scholarships ensure that the brightest and best-prepared students become tomorrow's real estate leaders. Robert Taylor
Director, Virginia Real Estate Center
Scholarships The VCU School of Business Real Estate Program is very fortunate to have significant support from the real estate community. Listed below are various scholarships that are available to our students. • Association of Real Estate Alumni Endowed Scholarship • James H. Boykin Endowed Scholarship • Steven Brincefield Scholarship, endowed by Institute of Real Estate Management, Richmond Chapter • Greater Richmond Association of Commercial Real Estate, Endowed Scholarship • Marcy Handshaw Memorial Scholarship, awarded by Commercial Real Estate Women – Richmond • International Council of Shopping Centers Endowed Scholarship
• The Sam Kornblau Endowed Scholarship • John A. Levering Scholarship, endowed by C. Porter Vaughan, Inc., REALTORS® and family and friends of John Levering • A. Kemp Rowe/James H. Boykin Scholarship, provided by the Richmond Real Estate Group • Real Estate Circle of Excellence Scholarship • Richmond Area Apartment Owners Scholarship • Virginia Real Estate Educational Foundation/Virginia Housing Development Authority Scholarship
You can help VCU develop real estate leaders. Unrestricted Gifts Gifts to the Real Estate Program are essential and provide us with unrestricted dollars to support key initiatives of the Program. These include student support through scholarships, activities, conferences, and meetings, faculty research, technology upgrades, and alumni activities. Unrestricted gifts allow the School to be on the leading edge academically and technologically.
Endowed Student Scholarship Support Scholarships make it possible for many deserving students to attend VCU, as well as help attract the brightest, most meritorious students to the university. Endowed scholarships are created with as little as $25,000. The principal is invested and a percentage of the interest is used each year for student support. These named, endowed scholarships last in perpetuity.
Planned Giving Planned Giving strategies can benefit your family, bring immediate and deferred tax advantages, and enable you to have a meaningful impact on the VCU School of Business Real Estate Program, perhaps beyond your lifetime and far into the future. We can work with you and your financial advisor to explore opportunities such as life income gifts, gift annuities, pooled income funds, charitable remainder trusts, charitable lead trusts, retained life estates, donor advised funds, and bequests. To discuss giving opportunities, contact Mr. Joey Broussard at (804) 827-7408.
2012 Conference Schedule 7:30 a.m.
Registration & Continental Breakfast
Opening Remarks and Welcome
Economic Overview and Forecast • •|
Douglas Poutasse, Executive Vice President and Head of Strategy and Research, Bentall Kennedy
Questions and Answers Moderated by René Shepperson, Commercial Real Estate Banker, Union First Market Bank
Announcements and Break
Ron Phipps, 2011 President, National Association of REALTORS®
Anthony Sanders Ph.D., Professor of Finance, George Mason University, School of Management
William McFaddin, President and Chief Executive Officer, Community Bankers Bank
Questions and Answers Moderated by Thomas Innes, President, RE/MAX Commonwealth
Announcements and Break
Economic Impact of Sports and Entertainment • •|
Mark Horton, President, Weston Development Company, Weston Sports & Entertainment
Jeff Beaver, Executive Director, Charlotte Sports Commission
Tom Murphy, Senior Resident Fellow, Urban Land Institute
Questions and Answers Moderated by Jane Ferrara, Chief Operating Officer, Economic and Community Development, City of Richmond
Real Estate Circle of Excellence The Real Estate Circle of Excellence is one of the most vital parts of the VCU School of Business Real Estate Program. The Circle is made up of forward-thinking professionals who give generously of their time, wisdom and money to ensure that our students emerge from VCU well-educated, polished and ready for the real world. Our Circle makes big things happen for us—this conference for instance. They will start planning next year’s Real Estate Trends Conference in November, and will continue all year to meet, organize, solicit speakers and sponsors, and guarantee that next year’s event is undeniably important to the real estate community. Their sagacity pushes us upward. They provide scholarships, internships, mentoring, career guidance, jobs and special event speakers for classes and for the Rho Epsilon Real Estate Fraternity. They introduce students to professional business organizations and reveal the issues that make the practical knowledge of a real estate education come alive. They offer valuable networking opportunities that link our students to their future employers. We are most fond and appreciative of each and every one of our Circle members, and gratefully acknowledge that the success of the program lies with them.
2012-2013 Membership Russell T. Aaronson, III • GrayCo, Inc. Robert M. Atack • Atack Properties, Inc. Donna S. Bearman • Forest City Enterprises James H. Boykin • Boykin Realty Advisors LLC Ann Lisa Braun • LeClair Ryan Steven B. Brincefield • Cushman & Wakefield | Thalhimer Kenneth L. Brown • IRR-Richmond Michael M. Campbell • Dominion Realty Partners Wayne A. Chasen • Gumenick Properties Andrew M. Condlin • Williams Mullen Jeffrey A. Cooke • Cushman & Wakefield | Thalhimer Christopher J. Corrada • Riverstone Properties LLC Timothy M. Davey • Timmons Group Susan F. Dewey • Virginia Housing Development Authority Charles O. DuBose, Jr. • Phillips Realty Capital Sterling Edmunds • SunTrust Mortgage Gary W. Fenchuk • East West Communities Earl M. Ferguson • Artcraft Management, Inc. Jane C. Ferrara • City of Richmond Thomas E. Flynn, Sr. • City of Richmond Gloria L. Freye • McGuireWoods LLP C. Blaine Garrett • Dominion Resources Services, Inc. Andrew J. Gibb • Gibb Group Realty Advisors Jeffrey H. Gumenick • Gumenick Properties Cheryl W. Hamm • Joyner Commercial Kelvin Hanson • The Hanson Company LLC Ralph B. Higgins • Land Planner & Landscape Architect Mark J. Hourigan • Hourigan Construction Thomas Innes • RE/MAX Commonwealth
Bruce A. Kay • Markel Corporation Neil S. Kessler • Troutman Sanders LLP Edward G. Knight • Knight, Dorin & Rountrey, Inc. Glade M. Knight • Apple REIT Companies Bryan E. Kornblau • Markel | Eagle Partners LLC Albert J. Kraft • Liberty Property Trust Paul W. Kreckman • Highwoods Properties Laura Lafayette • Richmond Association of REALTORS® John B. Levy • John B. Levy & Company, Inc. Alan T. Lingerfelt • Lingerfelt Development Michael W. Lowry • Mike Lowry Company LLC John P. McCann • McCann Realty Partners LLC Brett McNamee • Divaris Real Estate, Inc. Michael G. Miller • MGMiller Valuations, Inc. Robert W. Miller Jr. • Miller & Associates Robert S. Mills • Commonwealth Architects Jerry L. Moore • Moore Real Estate Company LLC E. Duffy Myrtetus • Kaufman & Canoles, P.C. Charles E. Nunnally Jr. • Altria Client Services Robert Ohly • Eagle Construction of VA LLC Frances S. Powell • East West Communities William D. Redd • Brandywine Realty Trust J. Sargeant Reynolds, Jr. • Reynolds Development LLC William W. Reynolds • CB Richard Ellis Daniel T. Schmitt • HHHunt Communities H. Leon Shadowen • Brandywine Realty Trust Rene B. Shepperson • Union First Market Bank Randall R. Silber • County of Henrico T. K. Somanath • Better Housing Coalition Ralph D. Spencer • Innovative Learning LLC Ronald Stallings • Walker Row Partnership, Inc. Candice Streett • Virginia LISC James W. Theobald • Hirschler Fleischer Stephen Thomas • Vanasse Hangen Brustlin, Inc. Robert M. Thornton • Cushman & Wakefield | Thalhimer William R. Trigg • Rutherfoord Lucia A. Trigiani • MercerTrigiani LLP Steven W. Walker • Wells Fargo Bank
C. Dixon Wallace, Jr. • Xenith Bank William A. Walsh Jr. • Hunton & Williams LLP C. Lee Warfield, III • Cushman & Wakefield | Thalhimer Allison P. Weinstein • Weinstein Properties, Inc. Marcus M. Weinstein • Weinstein Properties, Inc. Keith Wells • SunTrust Bank David Wilkins • CB Richard Ellis of Virginia, Inc. David M. Williams • Colliers International D. Kyle Woolfolk Jr. • Woolfolk Companies Paul M. Young • Dixon Hughes Goodman LLP
2012 Officers Susan F. Dewey Gloria L. Freye Paul W. Kreckman David M. Williams Bruce A. Kay
President President Elect Vice President Secretary-Treasurer Immediate Past President
Past Presidents Douglass K. Woolfolk Jay M. Weinberg R. Lewis Boggs Richard L. Beadles John P. McCann Paul F. Silver Gary W. Fenchuk Thomas A. Hassard Alan T. Lingerfelt D. Kyle Woolfolk, Jr. Neil S. Kessler Jane C. Ferrara H. Leon Shadowen C. Lee Warfield, III Andrew M. Condlin Bruce A. Kay
1990-1991 1991-1992 1992-1993 1994-1995 1996-1997 1998-1999 2000-2001 2002-2003 2004 2005 2006 2007 2008 2009 2010 2011
The Alfred L. Blake Chair in Real Estate
Alfred L. Blake, Sr.
The Alfred L. Blake Chair in Real Estate was created with a generous gift from Alfred L. Blake, Jr., in conjunction with the Virginia Realtors Foundation, now the Virginia Real Estate Educational Foundation, which is the charitable offshoot of the Virginia Association of REALTORS®. The creators of the Blake Chair recognized the need for increased knowledge in the field of real estate and the necessity of keeping professionals in real estate and related fields aware of new industry developments. The Blake Chair was formally dedicated in 1972 with the purpose of providing a strong academic background for students studying real estate at Virginia Commonwealth University and planning careers in real estate and in related fields such as land planning, law, architecture, mortgage lending, banking, and insurance. The Blake Chair pays tribute to Alfred L. Blake, Sr., who was a founder of the Richmond-based firms of Mortgage Investment Corporation and Alfred L. Blake and Sons. Mr. Blake entered the real estate field in 1904 at the age of 19. In 1912 he entered into a partnership with the late Eugene B. Moorefield to create the firm of Moorefield and Blake. In 1927 the name was changed to Blake & Dudley, Inc. The firm became Alfred L. Blake and Sons, Inc., in 1942, with I. Norris Blake and Alfred L. Blake, Jr., joining the company. Mr. Blake was a founding member of Battery Park Christian Church and was a member of the board of trustees of both Lynchburg College and the YMCA. He was a past president of the Real Estate Board of Richmond. Dr. James H. Boykin served as the first Alfred L. Blake Chair in Real Estate from 1972 until his retirement in 2002. Dr. David H. Downs was named the second Blake Chair in 2003, and continues in that role today. Thanks to the vision of the Blake family and the Virginia Association of REALTORS®, for more than 40 years the Real Estate Program at Virginia Commonwealth University has positively influenced countless aspiring real estate professionals and has enhanced the quality of real estate decision making throughout the nation.
CONFERENCE SPONSORS Platinum Sponsor
Dean’s Reception Sponsor Break Sponsors
AES Consulting Engineers BB&T Brandywine Realty Trust CB Richard Ellis City of Richmond Department of Economic and Community Development CoStar Group Colliers International Cushman & Wakefield | Thalhimer Dixon Hughes Goodman First Potomac Realty Trust Froehling & Robertson Inc. H&A Architects & Engineers Hourigan Construction Hunton & Williams Jones Lang LaSalle KBS Inc. Kimley-Horn and Associates
Kjellstrom + Lee Liberty Property Trust MGMiller Valuations Rutherfoord Sauer Inc. S.L. Nusbaum Realty Co. Timmons Group Trane Commercial Systems Union First Market Bank Virginia Housing Development Authority Weinstein Properties W.M. Jordan Company The WVS Companies Xenith Bank
Burgess & Niple Central Virginia IREM Chapter 38 Commercial Real Estate Women Richmond
Commonwealth Architects Divaris Real Estate Inc. Dominion Realty Partners Greater Richmond Association for Commercial Real Estate Kaufman & Canoles Lingerfelt Companies Phillips Realty Capital RER Equities Inc. Reynolds Development Richmond Association of REALTORS® Spotts Fain The Whiting-Turner Contracting Company Virginia Port Authority
The Kornblau Institute is proud to be a major supporter of the 22nd Annual Real Estate Trends Conference.
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