Entries by Spencer Burton

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Free ARGUS DCF Training

UPDATE: ARGUS stopped selling ARGUS DCF at the end of 2015 and will stop supporting the software all together in 2017. The company also no longer offers public training for DCF. ARGUS DCF is was (see note on DCF’s discontinuation above) the industry standard software for modeling industrial, retail, and office leases. An ARGUS file accompanies most […]

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Prologis to Acquire KTR Capital in JV with Norges

It was announced last week that Prologis, the world’s largest industrial REIT, has agreed to buy KTR Capital Partners for $5.9 billion. KTR owns and operates 70 million square feet of real estate across the U.S. I think the deal is interesting because, besides being one of the largest deals of the year, Prologis plans to buy KTR through a joint […]

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The Fourth Major Asset Class

David Funk, a professor of mine and the former director of the Baker Program in Real Estate at Cornell University, recently published some interesting research into asset reallocation by institutional investors that more heavily favors commercial real estate. It is definitely worth a read: Click here to read: ‘Real Estate Takes Its Place as the […]

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Blackstone to Buy 2nd Tallest Building in U.S.

At $1.3bn, The Blackstone Group is set to become the next owner of the iconic Willis Tower (formerly the Sears Tower) in Chicago, IL. The group selling the building, bought it for $841mm in 2004. A few links with deal specifics: http://www.bloomberg.com/news/articles/2015-03-16/blackstone-group-agrees-to-buy-chicago-s-willis-tower http://www.benzinga.com/trading-ideas/long-ideas/15/03/5331305/blackstones-willis-tower-purchase-set-a-record-but-is-it-a-ba http://www.chicagobusiness.com/article/20150306/NEWS12/150309828/blackstone-in-talks-to-buy-willis-tower-for-1-5-billion  

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S&P: Real Estate to Become its Own Sector

As further evidence that real estate is fast becoming the fourth major institutional asset class, S&P has announced that it will create a new sector for the industry. “S&P Dow Jones Indices, a leading provider of financial market indices, and MSCI Inc., a leading provider of investment decision support tools worldwide, announced today that as […]

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Wall St. Training – Free Excel Resources

Wall Street Training (WST) is a fantastic site for free and paid Excel training resources. According to their site, they are “The world’s leading provider of live and online financial training, serving a wide variety of investment banks, private equity firms, hedge funds, commercial banks, universities, regulatory agencies, credentialing institutes and more.” Allow I’ve taken several advanced […]

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Summer 2014 Internship

Two years of formal real estate instruction is best complemented by real world application. By putting into practice the principles taught in the classroom, we as students truly internalize the concepts. The summer internship experience is one of the reasons I chose to attend the Baker Program in Real Estate at Cornell, and my internship […]

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Net Lease the Fifth Major Commercial Real Estate Type?

I read an interesting article in Globest.com this week talking about how demand for single tenant net lease properties is likely to remain high. That point is nothing new to those who’ve been watching net lease recently. However, what caught my eye was a provocative quote by a STNL expert, Sam Alison of Stan Johnson Company. Mr. […]