Stanford Takes Home Golden Shovel at the 27th Annual Cal-Stanford Real Estate Challenge
NAIOP San Francisco held its 27th Annual Real Estate Challenge luncheon last Thursday, May 5, 2016. Over 350 real estate exec “fans” packed the ballroom at the Four Seasons in San Francisco to see the final presentation pitches. Stanford’s team, “The Cardstone Group” beat Cal with an innovative makerspace concept project for Prologis’ 245 South Spruce Street in South San Francisco and took home the coveted James W. Brecht Memorial Golden Shovel and a $2,000 check for charity compliments of Mechanics Bank.
Long time event chairman, Dennis Williams, Managing Director at Northmarq Capital, hosted the event, which emulates Big Game and pits rivals Stanford University’s Graduate School of Business and the University of California, Berkeley’s Haas School of Business in a meeting of the minds. The lunchtime presentations are the last stop in an intensive 6-week journey in which teams tackle a tough development project and engage with a large number of real estate professionals for guidance and mentoring along the way.
The Stanford proposal recommended that Prologis bridge South San Francisco’s industrial past to a new economic future by converting the site to a hybrid of industrial and office space targeted at tenants building new products in the Bay Area. They asserted that the project meets the City’s goals of growth for both high and low skilled workers and that the project would offer an alternative for PDR tenants forced out of San Francisco by supply constraints and sky high rents. The proposal achieves an NPV of $124 million over a 10-year hold period, an increase of 25% over continued industrial use.
Read the what the Registry had to say about this legacy event! View photos from the event on Facebook!
