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COURSE NUMBER: MBA294.1

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, Craig Davey, and Andy Martin

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

PREREQUISITE(S): None

CLASS FORMAT: The class will be a combination of lectures, case studies, and an offsite property tour

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 the ARGUS 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 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.

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 EastdilSecured’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, Champion Station, and The Campus @ 3333 Phase 1 and 2.

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 corporate 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.

Andy Martin is a Vice President at Deutsche Asset Management, a $60 billion real estate investment manager, based in San Francisco.  Mr. Martin has a duel role at the firm as both a Portfolio Manager and Asset Manager and joined the company in 2006.  His role as a Portfolio Manager includes active management of acquisitions, dispositions and valuations for the fund’s West Coast assets which total over $1.0 billion.  As an Asset Manager, he is responsible for the leasing and management of a 3.1 million square foot office and industrial portfolio located in the Bay Area and Silicon Valley.  Mr. Martin is active member with NAIOP and Urban Land Institute in the Bay Area.