Volume 2 Issue 2 Spring 2008 - College of Business Administration

The Marquette University
Real Estate Program
Volume 2, Issue 2
June 18, 2008
Building Real Estate Professionals
Honoring Outstanding Real Estate Students
College of Business Administration
Great news from the Real Estate
Program!
Many of you are helping us build
our Real Estate
Program. We have exceeded our
operating fund goal and have
raised $802,000! As you know,
in April 2007 we set out to raise
$800,000 by June 30, 2008, and
thanks to your
generosity, we have exceeded the
goal!
For more information and to see
a list of Founding Members,
please see Page 2.
Inside this issue:
Founding Members of the
Real Estate Program
2
Eppli Coauthors Textbook
2
Alumni and Faculty
Awards
3
McShane Chair Named
4
Real Estate Club
Building Relationships
4
Guest Speakers in
Undergraduate Classes
5
Recap of Seminar on
Sustainability
5
Pennington-Cross
Research and
Presentation Update
6
Contact Information
6
Over the past five years, there have been many talented individuals that
have been part of the Real Estate Program. This year several of the
program‟s outstanding students were recognized formally at the College
and University levels.
Pat Biernacki (Bus Ad ‟08) was awarded the College of Business Administration Real Estate Service and Leadership award as well as the University‟s
Outstanding Contributions to Student Governance and Organizational
Leadership for his wonderful stewardship of the Real Estate Club. Pat is
from Oak Lawn, IL . He has moved to Bosie, ID where he is project manager on a large student housing project.
Andy Hunt, Nina Nicklas, Drake Dettman,
and Pat Biernacki
Nina Nicklas (Bus Ad ‟08) received the College of
Business Administration‟s Outstanding Student in Real Estate Award. Nina is from Rochester,
Wisconsin and will be staying in Milwaukee to join Northwestern Mutual in the Commercial Real
Estate-Asset Management Group.
Andy Hunt (Bus Ad „08) received the University‟s Outstanding Contributions to Peer Education Award
and the prestigious honor of the Outstanding Senior Leadership Award. Andy is from Plymouth,
Minnesota and plans to return home in search of a position in brokerage or finance. He would also like
to pursue his MBA in the not-so-distant future.
Drake Dettmann, a junior in the College of Business Administration majoring in Real Estate and
Marketing . Drake received the University‟s Outstanding Contributions to Recreation, Health, and
Wellness. Drake is from Brookfield, Wisconsin.
The Marquette University Real Estate Program would like to congratulate all of the award winners and
wish you the best of luck in your future endeavors. We look forward to hearing about all of the
wonderful contributions you are making to the commercial real estate industry.
First Annual Founding Members Event
The Real Estate Program hosted the first annual Founding Members Event on Thursday, May 29th, at
the University Club Tower in Milwaukee. This event was an opportunity for Founding Members (who
donated $5,000 or more to the program) to gather to celebrate, network,
and tour Milwaukee‟s newest addition to the lakefront skyline.
The event featured a program including remarks by Peter Bell, Barry
Mandel, Bill Shiel, and Mark Eppli. This was a time to reflect on the past
5 years of the program and look ahead to the future of teaching,
research, and outreach. Attendees were also able to tour the University
Club Tower and see condo units, as well as a variety of amenities
including the fitness facilities, the urban garden, and the wine room.
Phil Aiello, Mandel Group, gives a tour of
the University Club Tower to Founding
Member Don Tolva, Interim Dean Dennis
Garret, and Real Estate Student Mike
Riopel
We would like to thank the Mandel Group for providing spectacular event
space as well as thank all who attended the celebration.
Page 2
The Marquette University Real Estate Program
Founding Members Building the Real Estate Program
We are pleased to announce that, thanks to the generosity of our Founding Members, we have exceeded our operating fund
goal and have raised $802,000. In April 2007 we set out to raise $800,000 by June 30, 2008. Thanks to our Founding
Members, we were able to exceed our goal.
Thank you to all who support the program – the operating funds will help us realize our teaching, research, and outreach goals
over the next few years. Please know that we are always available for you to discuss how we can continue to advance the
Real Estate program together. Thank you for being the difference.
For more information on how you can become a Founding Member, please contact Nicole Truog ([email protected]).
Marquette University Real Estate Program Founding Members
2008
Platinum Equity Members
Peter Bell—Pabst Farms Development
James Imhoff—First Weber Group
Dennis Klein—KBS Construction
Barry Mandel—Mandel Group
James McShane—McShane Corporation
Bob & Jeff Weyers, Paul Klister—
Commercial Horizons
Gold Equity Members
Bruce Adreani—Adreani Family Foundation/Norwood Builders
Les Blum—OPUS North
First Data Corporation
Mr. & Mrs. Steve and Rhonda
Stratman
Silver Equity Members
James Devine—Newcastle Properties
Mr. & Mrs. Steve and Mary Evans
Thomas Kuesel—Kuesel & Co.
Robert Mahoney—CB Richard Ellis
John Pfefferle—Pfefferle Investments
William Shiel—Walgreens Company
Bronze Equity Members
James Barry III—Colliers Barry
Dr. Margaret Bernhard—Marquette University
Don & Win Biernacki
Mr. & Mrs. Norris Eber
Dr. Mark Eppli and Eliza Webb
Mr. & Mrs. Steve and Mary Evans
Lee Hackett—American Appraisal Associates
Joseph Horning—Shorewest Realtors
John Heller & Francis Bzezinski—
Interstate Partners
Michael W. Kelly—Marquette University
Patrick Knoelke
Mr. & Mrs. David and Bonnie Krill
Patrick Mulcahy—US Bank
Max Rasansky—CB Richard Ellis
Charles Ries—Marquette University
Robert Schmidt—Boulder Venture
Dr. David Shrock—Marquette University
Mark Spaeth—Schenck Solutions
Timothy Spillane—Jones Lang LaSalle
Richard Spinell—Mid America Asset Group
Gary Stein—CB Richard Ellis
Donald Tolva—The Store House Company
Nicole Truog—Marquette University
US Bank Commercial Real Estate
Lending Division
Douglas Wheaton
Whyte Hirschboeck Dudek, S.C.
Volume 2, Issue 2
Page 3
Bell Chair Advisors Receive Recognition This Spring
Marquette alumni and faculty are doing great things in the commercial real estate industry and several have been recognized for their
success.
David Krill (Bus Ad „64), adjunct professor in the Real Estate Program and Associated Commercial Mortgage (ret), was recognized with a
Lifetime Achievement Award in March from the Wisconsin Mortgage Bankers Association. This award is given for outstanding “efforts to
improve social and economic vitality of the State of Wisconsin” through excellence in mortgage banking. David Krill teaches REAL 157, Real
Estate Cases and Equity Investments.
George Gialamas, (Arts ‟62) owner and CEO of The Gialamas Co. based in Madison, Wisconsin, was honored on April 24 th with the
Distinguished Alumnus of the Year Award from the College of Arts & Sciences. Gialamas was recognized for many achievements including
the contributions in the development and promotion of the city of Madison.
Thomas Miotke (Eng ‟69) chairman of the board for Jansen Group, Inc., was granted the honor of the College of Engineering‟s Service to Marquette Award. Miotke not only serves on many boards through the College of Engineering, but also served as an ACRE Industry Partner for
the 2005-2006 academic class as well as sits on the Board of Directors for the Bell Chair Advisors.
Adam McCostlin (Bus Ad „06) was nominated for the Rookie of the Year Award through the Chicago Association of Realtors‟
Commercial Forum. This award recognizes those who demonstrate ethics and professionalism as well as exceed in their field.
David Krill
George Gialamas
Thomas Miotke
Adam McCostlin
Eppli Coauthor of New ULI Textbook
Mark Federle, Ph.D., named
McShane Chair in
Construction Engineering and
Management
The Construction Engineering and Management program in the
College of Engineering officially begins in the fall of 2008 under
the direction of Dr. Mark Federle. Dr. Federle comes to Marquette
with experience as a professor in civil construction and
environmental engineering. He most recently served as chief
information officer and vice president at The Weitz Company.
Thanks to the generosity of Jim and Kelly McShane and their
endowment of the McShane Chair, the College of Engineering was
able to hire Dr. Federle to lead the Construction Engineering and
Management program.
Construction Engineering and Management is a great
opportunity for Marquette and as Dr. Stan Jaskolski, Opus Dean of
the College of Engineering, stated, “This program responds to the
industry‟s demand for highly trained professionals and ethical
leaders.” With construction being one of the largest industries in
the U.S., this program will help educate and prepare many
students for long, successful careers in Construction
Engineering and Management.
Mark Federle can be reached at [email protected].
The fourth edition of the ULI‟s Real Estate Development: Principles and
Practice text was released in early 2008. The third edition of the text sold
over 30,000 copies making it the best selling real estate development text
worldwide. Dr. Mark Eppli is one of four coauthors of the fourth edition of
the text, he was responsible for the complete rewriting of the real estate
finance chapters and editing the entire text. The text includes an equity
analysis of an offering memorandum on a Milwaukee property and a
credit presentation for a construction loan on a Midwest property. Dr.
Eppli is thankful to all that provided material for the text and would like to
specifically thank Inland Companies and Associated Bank. On a related
note, Dr. Eppli was the lead instructor for the ULI‟s four-day course entitled
Real Estate Finance and Project Analysis in Los Angeles last week.
Page 4
The Marquette University Real Estate Program
Real Estate Club. . . Building Relationships
The Real Estate Club had another successful semester and continues to establish relationships throughout
the real estate industry. In the last few months, the club made several trips outside Milwaukee, hosted a
number of speakers, and provided its members with great job and internship opportunities. The club had
several trips to Chicago this semester, which included an ICSC Next Generation Event, a networking event
hosted by the Harold Eisenberg Foundation, The Collegiate Real Estate Conference hosted by DePaul
University, and the April Marquette Circles Event. Each of these events gave Club members an opportunity to
speak with and learn from respected professionals in the commercial real estate industry and meet students
with similar interests from around the Midwest. As a bonus to the April Marquette Circles, the club was
hosted by Shelbourne Development at the Santiago Calatrava-designed Chicago Spire Sales Center.
Members were taken through a 20,000 square foot showroom, featuring full-size units, design features, a
screening room, original Calatrava sketches of the building, and a digital tour of the Spire‟s amazing Chicago
views. The club is grateful to Peter Smolenski, Managing Director of Shelbourne‟s Chicago office, for sharing
his time and inspiring our members to dream big.
During the Spring 2008 semester a number of guest speakers were on campus to share their knowledge with
club members. Speakers included Peter Borzak (Pine Tree Commercial), Bill Shiner (Shiner Group), and Jim
Park (Berghammer Construction Corp.). Mr. Borzak shared his insights on the impact that current market
conditions are having on his company and the lessons he learned throughout his years in commercial real
estate development and investment. Mr. Shiner presented on a number of topics including the challenges of
a current retail development his group is working on in northern Illinois. Mr. Park gave members a
presentation from the contractor‟s perspective and introduced
members to standards for achieving LEED certification in
building design. Each of the semester‟s speakers were a
complement to the real estate curriculum and help Marquette
Real Estate students be steps ahead of other undergraduate
real estate programs around the country.
David N. Martin and Michael Wanezek, the
new co-presidents for the 2008-2009
academic year
Entering its third year, the Real Estate Club will have two new
charismatic and energetic leaders, David Martin and Mike
Wanezek. David and Mike will be responsible for increasing the
club‟s awareness in the real estate community and providing
members with new and exciting learning opportunities. Both
have been active members of the club and look forward to
serving the Real Estate Program in their new roles. All of us in
Students view the Chicago Spire Project model and
the Real Estate Program would like to thank the seniors, in
discuss the development process
particular, Pat Biernacki for his leadership and vision for the
program. We look forward to another successful semester in the Fall.
Guest Speakers Provide Valuable Insight
The Real Estate Program would like to thank all
of those who gave of their time to speak in classes this spring
The following individuals provided valuable insight to
REAL 151 Commercial Real Estate Finance and REAL 157 Cases in Commercial Real Estate



John Amman
PriceWaterhouseCooper
Lemuel Eaton
Metropolitan Milwaukee
Fair Housing Council
Doug French
Mallery & Zimmerman

David Hansen
Associated Bank

Jon Herreman
Mallery & Zimmerman
Dan Jessup
APEX Commercial





Don Lindeman
Mandel Group
John Malloy
NIA/MLG Commercial
John McCardle
NAI/MLG commercial



Dan McCarthy
Towne Investments
Jim Siepmann
Siepmann Realty
John Siepmann
Siepmann Realty
The Marquette University Real Estate Program
Page 5
ACRE News and Recap
The ACRE Program is proud to announce the newest additions to the growing list
of ACRE graduates. Congratulations to the ACRE Class of 2008. This year we
embarked on new territory with the addition of the applied deal. The goal for this
class was getting the students involved in proposing a real estate development. In
order to search for viable projects the class was split into three groups, mentored
by ACRE alumni Eddie Crocker, Deshea Agee, and Brent Oglesby. As with every
ACRE Class we look forward to seeing the projects brought to fruition by these
talented individuals.
In other ACRE news we would like to congratulate Melissa Goins, graduate of
ACRE Class of 2005 and Marquette Arts ‟03, and Jose Perez, ACRE Class of 2008
for being named in the Milwaukee Business Journal‟s “40 under 40”.
Congratulations are also in order for Milele Coggs, ACRE Class of 2006, for her
recent victory for the position of the Milwaukee‟s 6th district Alderwoman. Also in
recent news, Carla Cross and her development company are planning a $13
million mixed use project on Vine Street. The Milwaukee Redevelopment Authority
and the Common Council still need to approve the project, but she and her partners hope to start construction later this year.
There is no stopping the tremendous work of all of the talented ACRE graduates. We look forward to sharing many more stories of
accomplishment from our graduates. For information regarding the ACRE Program please contact Christine Heebner at (414) 288-7946
or visit us on the web at www.busadm.mu.edu/acre.
ACRE Students Inspired by Many
Guest Speakers
The ACRE Program would not be a success without the assistance of industry
professionals who share their experiences and insight with the students.
Thank you to all of those individuals who presented to the 2008 ACRE Class:

Deshea Agee—Milwaukee
Department of City
Development and Team Leader

Ray Balfanz—Steiner Group

Norman Barrientos—Barrientos
Design

Alderman Bob Bauman—
Milwaukee

Peter Bell—Pabst Farms
Development

Dan Casanova—Milwaukee
Department of City
Development

Eddie Crocker—Team Leader

Rob Dennik—Milwaukee County

Dwayne Edwards—Milwaukee
Department of City
Development

Douglas Kelly—First Weber
Group and 2007 ACRE Grad

Laura Kleczkowski—Mandel
Group

Don Lindeman—Mandel Group

Shel Lozoff—CB Richard Ellis

Vincent Lyles—M & I Bank

Barry Mandel—Mandel Group

Rocky Marcoux—Milwaukee
Department of City
Development

Bob Monnat—Mandel Group

Brent Ogelsby—Team Leader

Mike Parker—CB Richard Ellis

Max Rasansky—CB Richard Ellis

John Rodell—Findorff
Construction

Peter Glaser—CB Richard Ellis

Brentell Handley—M & I Bank

Jim Shields—HGA

Sarah Jelencic—Foley &
Lardner

Alderman Willie Wade—
Milwaukee

Phillip Katz—Phillip Katz Project
Development
Dutch Chicago Business Exchange
Seminar on “The Future of
Sustainable Architecture”
While the United States Green Building Council's LEED rating
system has quickly gained prominence, there is much to learn, if
not incorporate, from alternative processes. How do these
certification systems influence the practice of sustainable
architecture? Do they accurately reflect the reality to which
sustainable architecture should be aspiring? What do the American
LEED and Dutch GreenCalc systems have to offer one another?
This half-day seminar, hosted by the Dutch Consulate General and
Foresight Design, took place in Chicago on Friday, June 13,
2008. Nicole Truog attended this event on behalf of the Real
Estate Program. Through a combination of engaging
presentations and dynamic panel discussions with prominent
participants from the Netherlands and U.S., green building &
design and urban sustainable development issues were
addressed. Presenters included Mels Crouwel, founding principal
of Banthen & Crouwel and National Architect of the Netherlands,
Rico Cedro of Krueck & Sexton, and Doug Farr of Farr Associates.
Attendees gained a better understanding of the strengths and
limitations of green building certification systems, as well as
insights into the practice of
sustainable architecture in
general.
Keynote presenter Mels Crouwel, founding
principal of Banthen & Crouwel and National
Architect of the Netherlands
Volume 2, Issue 2
Christine Heebner Joins
Real Estate Program
Full Time
The Real Estate Program is proud to announce
that Christine Heebner has been transitioned to a
full-time real estate team member. Christine has
been with the College of Business working with
the Golden Angels Network and the Real Estate
Program since October of 2004. Thanks to the
generous donations
of our Founding
Members we were
able to acquire her
organizational and
event planning
expertise full-time.
Christine is a proud
Marquette Alum of
the College of Arts &
Sciences and is
currently pursuing
her M.B.A in
Graduate School of
Management.
Christine Heebner
Program Assistant
Please send us your feedback!
We‟d like to hear from you! If you have feedback
about our programs, events, etc., please send it
to Nicole Truog at [email protected].
Also please share with us any ideas on people or
deals to highlight in future newsletters.
Please feel free to forward this newsletter to your
friends and colleagues; please encourage them
to join our mailing list.
The Real Estate Program
Building Real Estate Professionals
David Straz Hall
P.O. Box 1881
Milwaukee, WI 53201-1881
Phone: (414) 288-8041
Fax: (414) 288-1668
E-mail: [email protected]
Website: www.busadm.mu.edu/realestate
Page 6
Pennington-Cross Research and Presentation
Update
Dr. Anthony Pennington-Cross, Associate Professor of Finance and member of the Real
Estate Team, had been very busy this spring with multiple papers and invitations to
present. In the last month, Dr. Anthony Pennington-Cross has been invited to present
his research on “Mortgage Product Substitution and State Predatory Lending Laws,” to
Homer Hoyt Institute, the American Real Estate and Urban Economics Mid-Year
Conference, U.S. Department of Treasury Office of Comptroller of the Currency, the
Federal Trade Commission conference Consumer Information and the Mortgage
Market.
Pennington-Cross has also had several papers published this semester including:
“The Impact of State Anti-Predatory Lending Laws: Policy Implications and Insights”
with Raphael W. Bostic, Kathleen C. Engel, Patricia A. McCoy, and Susan M. Wachter.
Chapter of book in Belsky, E., and R. Essene (eds.), Understanding Consumer Credit,
Brookings & Harvard Joint Center Press, 2008.
“Predatory Lending Laws and the Cost of Credit,” with Giang Ho, Real Estate Economics,
2008, 36(2), 175-211.
“State and Local Anti-Predatory Lending Laws: The Effect of Legal Enforcement
Mechanisms,” with Raphael Bostic, Kathleen Engel, Patricia McCoy, and Susan
Wachter, Journal of Economics and Business, 2008, 60(1-2), 47-66.
“The Delinquency of Subprime Mortgages,” with Michelle Danis, Journal of Economics
and Business, 2008, 60(1-2), 67-90.
The Real Estate Program Directory is ONLINE
For your convenience and easy accessibility we have posted the
Marquette University Real Estate Program Directory on our website
at www.busadm.mu.edu/realestate.
The directory will be updated on a monthly basis if you have any
changes to your contact information or would like to be added to
the directory please contact Christine Heebner at (414) 288-7946
or at [email protected].
Real Estate Program
Mission Statement
Provide the commercial real estate community
with innovative, effective, ethically committed (in the
Philosophy of St. Ignatius) applied real estate
decision-makers through superior teaching, quality
research and community outreach.