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Meeting News: Tuesday, February 9, 2010 11:30 - 1:00 PM Is Commercial Real Estate the Next Shoe to Drop? Speakers are: Margaret McKnight, Managing Director, Metropolitan Real Estate Equity Management, LLC
Frank Pipgras, CCIM, SIOR, Frank Pipgras Real Estate Services
Michael Torres, Chief Executive Officer & Portfolio Manager, Adelante Capital Management, LLC
Program Although residential housing led us into this crisis, commercial real estate has certainly not been spared. Commercial real estate has suffered both from rising cap rates (which causes values to decline) and weakening fundamentals (e.g., falling rents and occupancy rates), not to mention the freezing of the credit markets. However, some would argue the worst is behind us, pointing to the 30% total return from REITs in 2009, which tend to anticipate trends in private real estate, as proof. Our three speakers will address various issues related to the outlook for commercial real estate and whether the worst is behind us for this large asset class.
Margaret McKnight will provide an update on the global real estate markets and will discuss investment opportunities that are arising in the current workout environment. Ms. McKnight will discuss real estate fundamentals, the role that workouts will have as operating stress grows and loan maturities approach, and the further deterioration of the CMBS market. She will share her perspective on investment opportunities in debt, hybrid, and equity deals, and will discuss opportunities in secondary interests in existing partnerships.
Michael Torres will provide insight into the public REIT markets and whether the share prices accurately reflect trends in the underlying real estate or have merely gotten caught up in the rally in risk assets impacting a variety of asset classes. He will also discuss individual property sectors and regions and where the risks and opportunities might arise.
Frank Pipgras will take a slightly different approach and talk about individual real estate investments locally and whether there will be opportunities to buy cash-flow positive real estate at distressed prices in Northern California. He will also address when it makes sense for a business to buy versus rent its own office building. He will also offer ideas for advisors whose clients might already own underwater commercial properties.
Biographies Margaret McKnight, Managing Director, Metropolitan Real Estate Equity Management, LLC
Margaret Gipe McKnight is a Managing Director of the Metropolitan Real Estate and a member of the Investment Committee. Ms. McKnight is responsible for identifying, evaluating, and analyzing Underlying Fund managers and investment opportunities. Ms. McKnight will also seek and review opportunities to purchase interests in Underlying Funds on the secondary market. Prior to joining the Manager, Ms. McKnight spent six years with Cambridge Associates where she led their real assets specialist consulting practice. She advised clients on all aspects of building real assets portfolios, from setting policy to selecting and monitoring managers. Prior to joining Cambridge Associates, Ms. McKnight spent eleven years with J.P. Morgan where she was a Vice President, Real Estate Equity Investments, and served on the investment team of the Argo Partnerships. Prior to that role, she was part of the investment banking group at J.P. Morgan; her advisory assignments included an extensive review and restructuring of an $8 billion national portfolio and the sale of a subsidiary of The Equitable (at that time the nation's largest real estate investment management company).
Ms. McKnight graduated with high honors from Swarthmore College and received an M.B.A. from New York University.
Frank Pipgras, CCIM, SIOR, Frank Pipgras Real Estate Services
For over 30 years, Frank Pipgras has helped his Northern California clients make sound and informed strategic decisions about their real estate holdings. As an independent broker, Frank has completed over $900M in investment sales and leasing assignments for clients ranging from individuals to Fortune 200 companies.
Frank is a member of both CCIM and SIOR, national networks of brokers serving the real estate industry. He has been a speaker to numerous real estate organizations and groups on such topics as Commercial Real Estate Investment and How to Represent a Tenant.
Today, Frank works from his Sebastopol office primarily as a real estate consultant, helping his clients find the opportunities that do exist in these turbulent times. He continues to act as a broker and developer on selected projects.
Michael A. Torres, Chief Executive Officer & Portfolio Manager, Adelante Capital Management, LLC
Michael A. Torres is a Principal, Chief Executive Officer and portfolio manager. Mr. Torres joined the firm in February 1995. He has 23 years of real estate and securities research experience. Prior to joining Adelante, Mr. Torres was the Director of Real Estate Research and a portfolio manager for Wilshire Asset Management. At Wilshire, he created the Wilshire Real Estate Securities Index, widely recognized as the industry’s performance benchmark.
Mr. Torres is the Chairman of the Board of Directors for the Adelante Funds and serves on the Board of the UC Berkeley Foundation. He also serves on the Finance Committee for the Stern Grove Festival Association and on the Advisory Boards for Orchard Partners and Stanford University’s Challenge Success. Mr. Torres’ affiliations include the New American Alliance and the YPO Northern California Chapter. Mr. Torres received a B.A. in Architecture and a M.B.A. from University of California, Berkeley.
PLEASE NOTE THAT WE HAVE MOVED! All future meetings of the FPA SF are being held at The City Club 155 Sansome, 10th Floor San Francisco, CA 94104 415.362.2480
Please click here for directions and parking information
This event qualifies for 1.5 units of CFP@ Continuing Education Credit
Welcome to FPASF The Mission of the Financial Planning Association of San Francisco is to advance the financial planning profession in accordance with the highest ethical standards by providing education, association, and leadership for the Bay Area financial planning community and the public it serves.
Our Vision is to benefit the public by helping to ensure that financial planning is delivered through competent, ethical financial planners. FPA is the community that fosters the value of financial planning and advances the financial planning profession. |
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