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 25th anniversary of the VCU Real Estate Trends Conference. We are proud of where we have been and excited about where we are going. Today, we bring you some of the most dynamic leaders in real estate. I hope you will find their insights valuable.
Dean, VCU School of Business
Thanks to your generosity, the partnership between the real estate industry and VCU has a positive impact on our entire community. Each time you attend the conference, mentor a student, hire an intern or new graduate, make a donation, share your expertise or recommend VCU to a potential student, you make an important contribution to the future of the industry and the Commonwealth of Virginia. Thank you. Enjoy the conference!
Ed Grier, Dean
About the VCU School of Business Located in Richmond, Virginia, a city consistently ranked one of the nationâ€™s best places for business and careers, the Virginia Commonwealth University School of Business offers a tradition for forward-thinking academic excellence and connections with businesses in our region and around the globe. The school is home to 11 centers and institutes, including the Kornblau Institute, the Risk & Insurance Studies Center, the Virginia Family and Private Business Forum, and others that foster and engage the business community. Since its founding in 1937, the VCU School of Business has graduated more than 29,000 students. For more than 30 years, the school has maintained accreditation by AACSB International, placing it in the top 5 percent business schools worldwide.
About the VCU Kornblau Real Estate Program Real estate is a multidisciplinary field, requiring skills from economics, finance, investments, negotiation, presentation, and personal promotion. The VCU Kornblau Real Estate Program 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 todayâ€™s real estate profession. The VCU School of Business Kornblau 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 facilitates their entry into industry organizations and events for networking, introduces them to mentors who will guide their professional development paths, and provides exposure to a wide variety of career options.
Student Enrichment Rho Epsilon The VCU chapter of Rho Epsilon, the national professional real estate fraternity, is an integral part of the Kornblau Real Estate Program at Virginia Commonwealth University. 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 site excursions. The VCU chapter of Rho Epsilon has been selected twice as the nation’s most outstanding chapter.
• Kara Nickerson, President (Fall Semester) • Ryan Battle, President (Spring Semester) • Qureth Chagla, Treasurer • Anthony Deyerle, Vice President of Programming • Summer Back, Vice President of Communications • Stephanie Benson, Vice President of Social Activities • Laura Rebling, Secretary • Laikyn Severson, Historian
Alpha Sigma Gamma Society The Alpha Sigma Gamma Society, 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 more than 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 2015 include: • Jordan Giles, Undergraduate • Garrett Mickal, Graduate • Qing Yan Sun, Graduate
Scholarships The Kornblau Real Estate Program at Virginia Commonwealth University 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
• ICSC Endowed Scholarship
• Sam Kornblau Endowed Scholarship • John A. Levering Endowed 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 • Virginia Housing Development Authority Internship/Scholarship in memory of Sam Kornblau
Spotlight: Scholarship The Greater Richmond Association for Commercial Real Estate (GRACRE) increased its endowed scholarship fund for students in the VCU Kornblau Real Estate Program. The additional backing brings the endowment’s total to $100,000, resulting in the largest scholarship for VCU’s real estate students. Awardees are selected based on GPA. GRACRE, an advocate for commercial property owners, developers and related professionals, established the scholarship in 2003 with a $25,000 gift. Since then, the organization has maintained an ongoing relationship with the VCU School of Business, most notably sponsoring the annual Real Estate Trends Conference. The recipient of the GRACRE scholarship for the 2015-2016 academic year is Laura Rebling. Laura is a nontraditional and transfer student. She earned her associate’s degree from J. Sargeant Reynolds Community College in 2014 and joined the VCU Kornblau Real Estate Program in 2015. She is a shining example of the hard work, determination and dedication needed to succeed in the real estate industry.
“I am so honored to be chosen as this year’s GRACRE scholarship recipient. Your gift allows me to focus on my studies and explore my options.”
Laura Rebling, 2015-2016 GRACRE Scholarship Recipient
You can help VCU develop real estate leaders Unrestricted Gifts Gifts to the VCU Kornblau 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 us 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 Kornblau 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.
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2015 Conference Schedule 12:30 p.m.
Registration and Networking
Welcome and Economic Overview
• • | Mary Ludgin, Managing Director, Heitman
| John Levy, President, John B. Levy & Company
Announcements and Break
Housing Trends Discussion
• • | Maurice Jones, Secretary of Commerce and Trade, Commonwealth of Virginia
| Michael Rubinger, President & CEO,
Local Initiatives Support Corporation (LISC)
| Ed Grier, Dean, VCU School of Business
Announcements and Break
Social and Digital Media
| Erik Qualman, Author, Socialnomics
Closing Remarks and Reception
2015 Conference Speakers Mary Ludgin is a managing director at Heitman, where she serves as the firm’s director of Global Investment Research. She is a partner of the firm, and she holds a seat on its investment, valuation and management committees. Ms. Ludgin is the author of numerous articles and research studies related to real estate market conditions, portfolio diversification, and investment strategy. Prior to joining Heitman, Ms. Ludgin was an urban planner, and she worked in retail site location. She holds an AB from Vassar College and an MA and PhD from Northwestern University.
Managing Director, Heitman
Among her professional affiliations, Ms. Ludgin is a trustee of the Urban Land Institute. She served as chairman of the board of the Pension Real Estate Association and as president of the National Council of Real Estate Investment Fiduciaries. She became a fellow of the Homer Hoyt Institute for Real Estate Research in 2000, and has been a member of Lambda Alpha since 1988. Ms. Ludgin is a docent for the Chicago Architecture Foundation, and she served two terms on its board. She is also a member of the board of the Metropolitan Planning Council of Chicago and the Oak Park Economic Development Corporation. John B. Levy is president of John B. Levy & Company, Inc., a real estate investmentbanking firm. The firm raises equity and debt for developers and owners of commercial and multifamily projects from both institutional investors and its own proprietary funds. Mr. Levy is an expert on commercial real estate financing trends. He has presented nationwide to major real estate associations and key industry groups, including the Mortgage Bankers Association, the Urban Land Institute, and ICSC, and appears regularly on FoxBusiness.com and FoxNews.com. Mr. Levy received his BA in economics from Harvard University and his MBA, specializing in real estate and corporate finance, from Georgia State University.
President, John B. Levy & Company
Maurice Jones was appointed Secretary of Commerce and Trade by Governor Terry McAuliffe in January 2014. Secretary Jones previously served as deputy secretary for the U.S. Department of Housing and Urban Development (HUD) from April 2012 through January 2014. As the second most senior official at HUD, Jones managed the department’s day-to-day operations, the annual operating budget of $40 billion, and the agency’s 8,900 employees. Secretary Jones also served as the Commissioner of the Virginia Department of Social Services and Deputy Chief of Staff to then-Virginia Governor Mark R. Warner.
Secretary of Commerce & Trade, Commonwealth of Virginia
Jones received a Bachelor of Arts in Political Science from Hampden-Sydney College and attended Oxford University in England on a Rhodes Scholarship, where he received a MPhill in international relations. He later received a JD from the University of Virginia. A Kenbridge, Virginia, native, Jones currently resides in Norfolk, Virginia, with his wife, Lisa, and daughter, Michela.
Michael Rubinger has been the president and chief executive officer of Local Initiatives Support Corporation (LISC) since 1999. Prior to joining LISC, he was the executive vice president of the Pew Charitable Trusts, one of the largest private foundations in the country. Mr. Rubinger has more than 40 years’ experience in the housing and economic development fields. Mr. Rubinger is a graduate of Brown University and the Fletcher School of Law & Diplomacy at Tufts. LISC’s Mission Statement: The Local Initiatives Support Corporation (LISC) is dedicated to helping community residents transform distressed neighborhoods into healthy and sustainable communities of choice and opportunity — good places to work, do business and raise children.
President & CEO, Local Initiatives Support Corporation (LISC)
Ed Grier joined the Virginia Commonwealth University School of Business as dean in March 2010. Before coming to VCU, Grier spent 29 years with the Walt Disney Company, a member of the Fortune 500. As a top-level executive, his work with Disney spanned the globe from Paris to Tokyo, giving him priceless insight into the international perspectives needed for students to flourish now and in the future. His numerous leadership roles have given him the expertise necessary for successful corporate and school endeavors, including brand management, finance and planning, marketing, public relations, and administration.
Since arriving at VCU, Dean Grier has taken an active role in the Central Virginia community, serving as a board member of The Colonial Williamsburg Foundation, The Richmond Forum, ChildFund International, NVR, Inc., Greater Richmond Chamber of Commerce and Middleburg Trust Company.
Dean, VCU School of Business
Erik Qualman is the author of Socialnomics. which made Amazon’s Best Sellers list for the US, Japan, UK, Canada, Portugal, Italy, China, Korea and Germany. His book Digital Leader helped him be voted the second Most Likeable Author in the World behind Harry Potter author J.K. Rowling. What Happens in Vegas Stays on YouTube is being adopted by top universities and global brands and was nominated for the 2015 Pulitzer Prize. He is no stranger to the executive suite, having served as the head of marketing at Travelzoo (TZOO). He may be best known for writing and producing Socialnomics, which is the world’s most-watched social media video. His work has been highlighted by 60 Minutes, The New York Times, WSJ, USA Today, ABC News, Financial Times, Forbes, CBS News, and The Huffington Post.
Socialnomics was a finalist for the Book of the Year. Fast Company lists Mr. Qualman as a Top 100 Digital Influencer, and he made Forbes Top 50 Power Influencer list. He was Academic All-Big Ten in basketball at Michigan State University and has been honored as the Michigan State University Alum of the Year. Mr. Qualman has an MBA from the McCombs School of Business.
Real Estate Circle of Excellence The Real Estate Circle of Excellence is one of the most vital parts of the VCU School of Business Kornblau 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 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. David C. Gerstenmaier • Stewart Inc. Andrew J. Gibb • 7 Hill Advisors Jeffrey H. Gumenick • Gumenick Properties * Cheryl W. Hamm • Joyner Commercial Kelvin Hanson • The Hanson Company * Daniel Hargett • The Rebkee Company * Andrea Harlow • Williams Mullen A. Paul Heckman • Keiter Jane Henderson • Virginia Community Capital Ralph B. Higgins • Land Planner & Landscape Architect Thomas Hogg • Gilbane Mark J. Hourigan • Hourigan Construction Thomas Innes • RE/MAX Commonwealth Richard Johnson • The Wilton Companies Susan Jones • Colliers International | Richmond Daniel Jones • East West Communities Stanley Joynes * Bruce A. Kay • Markel Corporation D. Brennen Keene • McGuire Woods * Neil S. Kessler • Troutman Sanders LLP Carlton H. (Skip) King • Suntrust Mortgage Edward G. (Ed) Knight • Knight, Dorin & Rountrey, Inc. Glade M. Knight • Apple REIT Companies Bryan E. Kornblau • Markel | Eagle Partners, LLC * Paul W. Kreckman Laura Lafayette • Richmond Association of Realtors * John B. Levy • John B. Levy & Company, Inc. Jeffery N. Lighthiser • Draper Aden Associates Diana M. Linderman • Vanasse Hangen Brustlin, Inc. Alan T. Lingerfelt • Lingerfelt Companies J. Ryan Lingerfelt • Lingerfelt Development Andrew Little • John B. Levy & Co. * Michael W. Lowry • NorthMarq Capital Walton Makepeace • Highwoods Properties Brian R. Marron • Spotts Fain John P. McCann • McCann Realty Partners, LLC * Brett McNamee • Divaris Real Estate, Inc. * John Mercer • Williams Mullen Michael G. Miller • Colliers International , Valuation & Advisory Services Robert W. Miller Jr. • Miller & Associates Robert S. Mills • Commonwealth Architects *
2013-2014 2015-2016 Membership Membership
Russell T. Aaronson III • GrayCo, Inc. Matthew Akin • McCann Realty Partners, LLC David Andrews • The Shopping Center Group, LLC David R. Auman • The Capstone Contracting Company * Donna S. Bearman • Forest City Enterprises Bruce Boykin • Eck Enterprises James H. Boykin PhD • Professor Emeritus Ann Lisa Braun • Brandywine Realty Trust Steven B. Brincefield • Retired Kenneth L. Brown • IRR-Richmond Michael M. Campbell • Dominion Realty Partners, LLC Melissa Canavos • Safe Harbor Title J. G. Carter • Union Mortgage Group Wayne A. Chasen • Gumenick Properties Andrew M. Condlin • roth doner jackson gibson condlin, plc * Jeffrey A. Cooke • Cushman & Wakefield | Thalhimer Ricky Core • Markel | Eagle Partners * Christopher J. Corrada • Riverstone Properties, LLC Larry Cummings • Trane Commercial Systems Eileen Dahlstedt • Baker Properties Timothy M. Davey • Timmons Group * Susan F. Dewey • Virginia Housing Development Authority * Charles O. DuBose Jr. • Phillips Realty Capital * Holly Law Eve • Virginia Department of General Services Brian Felton • Liberty Property Trust Gary W. Fenchuk • East West Communities Earl M. Ferguson • Artcraft Management, Inc. Jane C. Ferrara • Economic & Community Development, City of Richmond * Gloria L. Freye • McGuireWoods, LLP * C. Blaine Garrett • Dominion Resources Services, Inc.
E. Duffy Myrtetus • Goodman, Allen & Filetti James Napier • Napier Realtors, ERA Charles E. Nunnally Jr. • Altria Client Services Robert Ohly Frances S. Powell • East West Communities William D. Redd • Brandywine Realty Trust J. Sargeant Reynolds Jr. • Reynolds Development LLC Sam Reynolds • Apple REIT Muriel Rodriguez • Schnabel Engineering Daniel T. Schmitt • HHHunt Communities H. Leon Shadowen • Brandywine Realty Trust René B. Shepperson • Union Bank and Trust Randall R. Silber • County of Henrico 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 • RPC Realty Capital, LLC * C. Dixon Wallace Jr. • Xenith Corporation C. Lee Warfield III • Cushman & Wakefield | Thalhimer Allison P. Weinstein • Weinstein Properties, Inc. * David Wilkins • CB Richard Ellis of Virginia, Inc. David M. Williams • Colliers International Drew Wiltshire • Thalhimer Realty Partners D. Kyle Woolfolk Jr. • Woolfolk Companies Paul M. Young • Dixon Hughes Goodman LLP * *
*denotes 2015 VCU Real Estate Trends Conference committee
2015 Officers • Brett McNamee • Edward G. Knight • René B. Shepperson • Michael W. Lowry • Paul W. Kreckman
President President Elect Vice President Secretary-Treasurer Immediate Past President
• Douglass K. Woolfolk 1990-1991 • Jay M. Weinberg 1991-1992 • R. Lewis Boggs 1992-1993 • Richard L. Beadles 1994-1995 • John P. McCann 1996-1997 • Paul F. Silver 1998-1999 • Gary W. Fenchuk 2000-2001 • Thomas A. Hassard 2002-2003 • Alan T. Lingerfelt 2004 • D. Kyle Woolfolk Jr. 2005 • Neil S. Kessler 2006 • Jane C. Ferrara 2007 • H. Leon Shadowen 2008 • C. Lee Warfield III 2009 • Andrew M. Condlin 2010 • Bruce A. Kay 2011 • Susan F. Dewey 2012 • Gloria L. Freye 2013 • Paul W. Kreckman 2014
Big things often have small beginnings The VCU Real Estate Trends Conference began as a round table discussion 25 years ago. Dr. James H. Boykin, a true visionary, imagined a university program that reached beyond academic walls to engage the community, enhance the educational process, and unite students with leaders, mentors and shadowing opportunities for career exploration. His notion of an annual meeting of the best that the industry has to offer has blossomed into the premiere real estate conference and networking event we know today. Today, the conference flourishes with amazing, generous support from the real estate community. A handful of far-sighted leaders has multiplied to more than 1,400 attendees. The five sponsors of the first conference have become more than 90. The Real Estate Circle of Excellence has evolved into a vital support network of 100 members. Proceeds from the conference each year directly enhance the lives of our students by providing scholarships, educational experiences, and real-world knowledge by attending industry functions. This year, we celebrate the successes of past years and look forward to greater accomplishments.
We are truly grateful for the opportunity to present this conference each year and look forward to what the future holds in the next 25 years!
CONFERENCE SPONSORS Signature Sponsor
Dean’s Luncheon Sponsor Reception Sponsors
Patron Sponsors BB&T Berkadia Bowman Consulting Branch & Associates Brandywine Realty Trust Burgess & Niple C&F Bank City of Richmond, Economic and Community Development Colliers International Colliers International Valuation & Advisory Services CoStar Group CREW Richmond Cushman & Wakefield | Thalhimer Dixon Hughes Goodman Divaris Real Estate Dominion Resource Services Drucker & Falk East West Hallsley ECS Mid-Atlantic Froehling & Robertson Gilbane Building Company GRACRE GRS Title Services
Highwoods Properties Hunton & Williams IREM Central Virginia Chapter 38 Jones Lang LaSalle Liberty Property Trust Lingerfelt Development Rappaport Rutherfoord Sands Anderson Safe Harbor Title The Whiting-Turner Contracting Company Timmons Group TowneBank UnionBank and Trust VHB VHDA Weinstein Properties Xenith Bank
Friend Sponsors Baker Properties Barton Malow Baskervill DPR Construction Dominion Realty Partners
Draper Aden First Community Bank Fountainhead Development Gateway Bank – Bank of Hampton Roads Goodman, Allen & Filetti HHHunt Hourigan Construction Joyner Commercial KBS Keiter Kimley-Horn Northmarq Capital Phillips Realty Capital Porter Realty Company Purcell Construction Reynolds Development Richmond Association of REALTORS® S.L. Nusbaum Spotts Fain Stewart Engineering The Breeden Company The Capstone Contracting Company The Monument Companies The Rebkee Company Virginia Community Capital Virginia Select Realty