Innovative Development Projects Take Center Stage at the 34th Annual NAIOP SFBA Real Estate Challenge
Congratulations to our 2023 Cal and Stanford Golden Shovel Teams for an incredible 34th Annual Real Estate Challenge!
NAIOP San Francisco Bay Area Chapter (NAIOP SFBA) the premiere commercial real estate development association is proud to announce that the Cal team, Berkeley Real Estate Group, has won the organization’s 34th Annual Real Estate Challenge.
The Real Estate Challenge, NAIOP SFBA’s version of the Big Game, is a real estate development competition between legendary rivals Stanford University and the University of California, Berkeley (Cal). The unique program is designed to give graduate students hands-on experience in real estate development. Teams are charged with devising and successfully pitching a solution to a complex real-world real estate scenario. Participants embark on an intensive ten-week journey in which they engage with a large number of project sponsor representatives and city officials as well as real estate industry professionals for guidance and mentoring along the way.
Coaching the Cal team to victory was Bill Falik, Managing Partner, Westpark Communities. Team members included Jordan Doane, Esmeralda Jardines, Serena Lousich, Marshall Slipp and Jack Woodruff. In addition to bragging rights, the team took home the coveted James W. Brecht Memorial Golden Shovel and a $2,000 check for charity compliments of Mechanics Bank at NAIOP SFBA’s annual Cal-Stanford Real Estate Challenge Luncheon on April 27th.
This year’s site sponsor was the San Francisco Wholesale Produce Market (SF Market) which is located on 25 acres of city-owned land in the Bayview Hunters Point. San Francisco Market Corporation, a California nonprofit acts as host and sub-lessor to roughly 30 produce merchant tenants that provide fresh produce to grocery stores, restaurants, and hotels across the Bay Area. Prologis generously served as the site financial sponsor for the Challenge. Teams were tasked with determining best strategy for redeveloping four warehouses at the sites 14.4-acre core which are nearing the end of their useful life, are operationally suboptimal and fall dangerously short of modern seismic standards.
The Cal team impressed the jury with The Bridge, an innovative proposal which includes two three story industrial buildings totaling 820,000 square feet. The solution features autonomous vehicle fleet management facilities as well as much needed cold storage space. Additionally, landscape and site design engages the Bayview Hunters Point community. Finance highlights include $20M in exiting equity, $24.6M in permanent financing, a $4.1M capital campaign and $48.7M in joint venture funding. Projected returns include a 19.29% IRR, an equity multiple of 2.19x.
The Stanford Team, Gold Leaf Development was coached be Todd Regonini, President and Chief Development Officer, Sares Regis Group. Team members included Hillary Clevenger, Daniel Hersh, Savannah Moss, Eric Persky and Alex Thompson. The group pitched a compelling proposal that involved a land swap with Prologis and even secured a letter of interest from Co-founder, CEO and Chairman, Hamid Moghadam.
This year’s esteemed jury was chaired by Amanda Monchamp of Monchamp Meldrum, LLP. Jury members included Michael Mulligan, Mechanics Bank
Rich Ambidge, President, Ambidge Group LLC, Sarah Dennis Phillips, Senior Director, Development, Tishman Speyer, Kelly Kline, Associate VP Local Government Affairs, Stanford University, and Miles Treaster, Founding Partner, Five Horizons Partners.
NAIOP Real Estate Challenge Chairman Dennis Williams, Managing Director, Northmarq Capital, who has served in a leadership role since 1992, once again lead the process. Williams was supported by Committee Members: Alexandra Stoelzle, BCG Holdings, Anna Cole, Stockbridge, Alysia Vigil, Shorenstein Properties, Evelyn Weis, Calzada Capital Partners, Lauren Young, PCCP, LLC; Charlie McEachron, Drawbridge Realty and Lauren Pressman, Hillspire.
