The Handbook of Commercial Real Estate Investing: State of the Art Standards for Investment Transactions, asset Management, and Financial Reporting / Edition 1

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Overview

  • A Codifying “Best Practices” Guide to Effectively Managing the Entire Real Estate Investment Process

    The Handbook of Commercial Real Estate Investing delivers an authoritative “best practices” approach to the three major areas of the industry: investment transactions, asset management, and enterprise management. Skillfully written by John McMahan, a leader of the U.S. commercial real estate investment industry, The Handbook of Commercial Real Estate Investing presents state-of-the-art methods needed to successfully invest in and manage commercial properties such as office buildings, shopping centers, industrial buildings, apartments, and hotels.

    Designed to codify the industry “best practices” encouraged by financial institutions, The Handbook of Commercial Real Estate Investing offers:

  • Complete guidelines for the critical “due diligence” stage of the investment process
  • Effective asset management techniques for leasing, property management,

    and tenant relations

  • Detailed procedures for reporting to investors on the financial

    performance of the real estate portfolio

  • Information on using technology in the “due diligence” process
  • A wealth of sample forms and checklists used in real estate investment
  • A valuable glossary of real estate investment terms
  • Authoritative and easy to use, The Handbook of Commercial Real Estate Investing will serve as a valuable strategic guide to managing the overall real estate investment process, as well as a “best practices” tool for improving each operating area.

    The Handbook of Commercial Real Estate Investing offers a comprehensive “best practices” approach to commercial real estate investment, designed to minimize adverse consequences and standardize the real estate investment process.

    John McMahan, the veteran real estate investment advisor, expertly demystifies the commercial real estate investment process, describing how values are created and presenting the tools needed to be a successful real estate investor.

    The author explains the meaning of “best practices” within the context of the real estate industry, and stresses the importance of understanding investor objectives. He also discusses the characteristics of various property types, the fiduciary obligations involved, and post-closing problems to be avoided.

    The Handbook of Commercial Real Estate Investing concentrates on best practice standards in the three main areas of commercial real estate: investment transactions, asset management, and enterprise management, providing in-depth coverage of the crucial topics within each area:

  • Investment Transactions_shows how to perform a complete “due

    diligence” evaluation, detailing the physical, legal, and business aspects of the process, as well as cash flow analysis, negotiating agreements, underwriting, and closing

  • Asset Management_examines the application of “best practices” in

    leasing, property management, tenant relations, and financial reporting, with emphasis on delivering a high level of customer service to maintain and increase property cash flow

  • Enterprise Management-provides a roadmap to critical enterprise growth issues such as building leadership, strategic planning, market positioning, risk management, and corporate governance

A complete, one-stop reference, The Handbook of Commercial Real Estate Investing features two Appendices: one on applying technology to the real estate investment process, particularly due diligence on prospective investment assets; the other containing numerous sample documents associated with real estate investment. This essential resource also includes a handy Glossary of real estate investment terms and a detailed Index for rapid access to discussions of specific issues.

About the Author

John McMahan is a real estate investment manager who founded John McMahan Associates (JMA), a San Francisco-based firm which acquired U.S. real estate for European, Asian, Australian, and Middle Eastern investors. The firm later became McMahan Real Estate Advisors, shifting its focus to investing pension capital in real estate and eventually merging with Mellon Bank to become Mellon/McMahan, with Mr. McMahan as CEO. He also has served as chairman of two public REITS, and for 17 years was a senior lecturer at the Stanford Graduate School of Business and 5 years at the Haas School of Business, UC Berkeley.

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Product Details

  • ISBN-13: 9780071468657
  • Publisher: McGraw-Hill Companies, The
  • Publication date: 5/16/2006
  • Edition number: 1
  • Pages: 400
  • Sales rank: 811,343
  • Product dimensions: 6.40 (w) x 9.40 (h) x 1.12 (d)

Meet the Author

John McMahan has enjoyed a professional career in real estate as an investment manager; public board member; consultant; educator and writer; and industry and community leader.

In the 1980's, he merged his firm with Mellon Bank to form Mellon-McMahan Real Estate Advisors and, as CEO, built the firm into the 16th largest pension advisor in the nation. In 1996 he became Chairman of BRE Properties and led the public apartment REIT in a restructuring and expansion program from $300 M in assets to over $3 B in eight years. He is currently an advisor to California State Teachers Retirement fund and other real estate investment organizations.

In addition to his business activities, he taught real estate at the Stanford GSB for 17 years and at the Haas Graduate School of Business (UC Berkeley) for 5 years. In 2006, John received an award from Harvard University for Lifetime Achievement in Real Estate Education. Previously, he received the Louise L. and Y. T. Lum Award for Excellence in Teaching and the William S. Ballard Award for writing.

He has written four books on real estate including The McGraw Hill Real Estate Pocket Guide (1979), Property Development (1989), Cases in Commercial Real Estate Investing (2005), and the Handbook of Commercial Real Estate Investing (2006). He is currently working on Professional Property Development which will be published by McGraw Hill in Spring, 2007.

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Table of Contents

PART I: REAL ESTATE INVESTMENT PROCESSChapter 1: How Value Is Created in Real Estate- Value cycle of real estate- How investors participate in the value creation process- Role of synergy in creating value- Role of location in enhancing value- Land use regulation- Submarket location factors- Property factors- Market timing- Asset managementChapter 2: Market Demand Drivers- Economics- Technology- Demographics- Business organizations- Physical workplace- Workplace locationChapter 3: Property Type Characteristics- Apartments- Retail- Office- Industrial- HotelsChapter 4: Major Players- Life insurance companies- Foreign investors- Real Estate Investment Trusts (REITs)- Pension fundsChapter 5: Understanding Investor Objectives- Pension funds- Individual investors- Foreign investors- Differing investor objectives- Reconciling investment focus with portfolio diversificationPART II: TRANSACTION MANAGEMENTChapter 6: Sourcing, Screening, and Preliminary Underwriting- Property sourcing- Property screening- Preliminary underwritingChapter 7: Preliminary Approvals and Negotiation- Preliminary approvals- NegotiationsChapter 8: Due Diligence- Role of due diligence- Managing the process- Physical due diligence- Legal due diligence- Business due diligenceChapter 9: Final Underwriting and Closing- Final underwriting- Final approvals- Closing documents- Title holding entity- Waive and closing- Transition to asset managementChapter 10: Disposition- Targeting buyers- Broker selection- Listing agreement- Confidentiality agreement- Offering memorandum- Property reports- Disposition alternatives- Transaction documents- Due diligence- Transition to buyer's asset management staffPART III: ASSET MANAGEMENTChapter 11: Role of Asset Manager- The modern asset manager- Asset versus property management- Asset Manager's responsibilitiesChapter 12: Role in Investment Transactions- Acquisitions- Transition to asset management- DispositionsChapter 13: Tenant Relations- Know the tenant's business- Understanding the tenant's financial condition- Tenant's view of the building and management- Renewing leases- New leasesChapter 14: Building Operations- Maintenance- Construction management- Security- Disaster planningChapter 15: Financial Reporting- Financial statements- Federal tax reporting- Comparative analysisPART IV: ENTERPRISE MANAGEMENTChapter 16: Leadership- Why has it been so difficult?- How real estate is changing- What is leadership?- Qualities of a good leader- How leadership skills can be improved- Establishing a nurturing work environment- Allow broader participation in decision makingChapter 17: Strategic Planning- Strategic planning process- Evaluating alternatives- Formulating the final plan- Implementation- SummaryChapter 18: Market Positioning- Identifying the target market- Refining the target market- Competitive environment- Battlefield mapping- Proposed fund features- A learning processChapter 19: Risk Management- Managing risk in a mixed asset portfolio- Managing real estate portfolio risks- Managing real estate enterprise risksChapter 20: Governance- Collapse of Enron- Legislative and regulatory reform- Reaction to governance reforms: public firms- Public real estate companies and corporate governance- Board of directors governance guidelines- Continuing corporate governance- Current situationAppendix A: Technology and the Due Diligence ProcessAppendix B: Legal DocumentsGlossary

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