COURSE NUMBER: MBA 294.1

COURSE TITLE: Commercial Real Estate Valuation and Investment Analysis with ARGUS

UNITS OF CREDIT: 1.0 Units

INSTRUCTOR OF RECORD: Nancy Wallace

CO-INSTRUCTORS: Andy Zighelboim and Craig Davey

E-MAIL ADDRESSES: azighelboim@eastdilsecured.com ; cdavey@dwminvestments.com

PREREQUISITE(S): None.

CLASS FORMAT: The class will be a combination of lectures (40%) and case studies (60%).

REQUIRED READINGS: Students will need the ARGUS software on their laptops and Barron’s Dictionary of Real Estate Terms, 6th Edition.

BASIS FOR FINAL GRADE: Weekly valuation assignments and a final presentation.

ABSTRACT OF COURSE'S CONTENT AND OBJECTIVES:

This class is designed to equip students with valuation and underwriting  skills that most real estate companies require for summer internships and fulltime employment. The course will first cover real estate terminology and fundamentals that will provide the foundation for the ARGUS software training. Students will then value real estate assets from multiple product types, including Multifamily, Industrial, Office, and Retail properties. By the end of this course, students will feel comfortable modeling and valuing real estate deals in Excel and ARGUS. The course will conclude with a full-day (8:00am-4:00pm) “field trip” tour of the properties valued using ARGUS and a final presentation on an actual investment offering. Students in this course will also have the opportunity to participate in a voluntary one-on-one career decision tree planning session. This session will use the “How do you like to spend your day” assessment and will be available during office hours or by appointment.


ARGUS is the real estate industry standard software for calculating commercial real estate cash flow projections and asset valuations. Investors, developers, brokers, appraisers, managers, lenders and other real estate professionals rely on ARGUS software to:


• Accurately analyze commercial real estate assets and transactions


• Understand market realities and risks


• Develop leasing strategies, business and marketing plans


• Forecast property and portfolio cash flows


• Calculate investment values and returns


• Share asset and transactional data with clients, partners and colleagues


• Navigate complex deal structures

BIOGRAPHICAL SKETCHES:

Andrew J. Zighelboim is a Director at of Eastdil Secured, LLC.  Andy joined the Silicon Valley office of Eastdil Secured January 2014, following a 12 year tenure at Colliers International, where headed up the firm’s Silicon Valley Investment Service Group. Prior to Colliers, Andy Earned a Master of Business Administration at the University of California Berkeley Haas School of Business. Based in the Silicon Valley as part of Eastdil Secured’s capital markets team, Andy Zighelboim advises institutional clients around strategic alternatives related to office and R/D dispositions in the Silicon Valley. Notable transactions include The Pruneyard, Mountain View Corporate Center, 60 South Market, Cupertino Gateway, 700 East Middlefield Road, and Lake Park Business Center.

Craig Davey's real estate experience spans over 35 years. Over this period of time he has been directly responsible for the valuation, financing, acquisition and disposition of approximately $20 billion of commercial and residential real estate in ten western states. He retired from RREEF, a $60 billion real estate investment manager to coporate and public pension funds, after 25 years where he was Managing Director of real estate acquisitions for 22 years and Managing Director of real estate dispositions for North America for the past 3 years. He joined RREEF in 1985 as a Vice President. Most recently, he founded and serves as managing partner of Diablo Wealth Management, a private equity real estate firm. He is a frequent speaker at approximately 15 conferences a year and is recognized as an expert in the field of commercial real estate. Mr. Davey received his Master of Business Administration in Finance from UC Berkeley.