Business Commons^™

Governmental Restrictions And Real Estate Investor Risk Perception, Carina Kaiser, Julia Freybote, Wolfgang Schäfers

Business Faculty Publications and Presentations

We investigate the impact of governmental restrictions on the short-term risk perception, as proxied by the going-in cap rate, of investors in regional and neighborhood shopping centers. We use the COVID-19 pandemic as a natural experiment and proxy for the length and severity of COVID-19 restrictions with the political affiliation of state governors. Using a sample of 40 metropolitan statistical areas (MSAs) across 27 states over the period of 2018 to 2021, we find that for states with Republican governors, which proxy for shorter and fewer COVID-19 restrictions, investors in regional malls required a lower going-in cap rate in the …

The Impact Of Virtual Marketing Strategies On The Price‑Tom Relation, Kelley Cours Anderson, Julia Freybote, Kerry Manis

Business Faculty Publications and Presentations

Virtual tours such as pre-recorded videos or self-guided virtual reality (VR) tours represent marketing strategies that agents can use to promote homes for sale. Assuming agents aim at maximizing their net commissions, we expect virtual tours, which require more agent effort and are more costly, to be used for homes that are difficult to show due to being owner- or tenant-occupied. Using 34,359 single-family transactions from multiple US markets, we show that virtual tours impact the sales prices of occupied homes (1) directly (main effect) and (2) indirectly through an interaction with time on market (TOM). However, this impact differs …

Assessing Asset Pricing In The Commercial Real Estate Sector With Julia Freybote, Julia Freybote

PDXPLORES Podcast

What are the factors that influence commercial real estate pricing? Assistant Professor of Finance and Real Estate, Julia Freybote’s research considers various factors including emerging data streams, investor behaviors, and risk factors such as climate change to investigate asset pricing in the commercial real estate market.

Click on the "Download" button to access the audio transcript.

Time On Market And The Cash Discount For Condos, Eli Beracha, Julia Freybote, Zhenguo Lin, Michael J. Seiler

Business Faculty Publications and Presentations

We investigate whether the cash discount for condos is affected by time on market (TOM). Theoretically and empirically, we show that the cash discount has two components: First, condos purchased with cash sell at a discount compared to mortgagefinanced condos, which is in line with the cash discount identified in the housing literature. The second component is a TOM-variable cash discount that increases the longer a condo is on the market. In addition, our empirical analysis suggests the cash discount only exists for low-price condos and disappears in higher price segments. In particular, for low-price condos, the cash discount comprises …

Nyeste Mixed Use Apartment Project, Renton, Washington, Brent Johnson Johnson, Brian Hoop, Jean Dahlquist, Rick Brody, Jason Guralnick

Real Estate Development Workshop Projects

The pandemic has changed the housing landscape forever. The new renter wants it all; the comfort and natural setting of the American suburb, combined with the community and amenity access of a city’s heart. Additionally, the Seattle area renter wants all of the new technological features that not only keep them a step above the competition, but that optimize their work productivity while minimizing their carbon footprint. Enter Nyeste I and II, where the Danish concept of “hygge” meets the Seattle drive for success. Nyeste means “the latest” in Danish, like in the latest green tech, the latest amenity features, …

Raleigh Hills Medical Center, Raleigh Hills, Oregon, Andrew Tucker, Anthony Bertenelli, Dan Noyes, Karisa Caracol, Matthew Koenigs

Real Estate Development Workshop Projects

Dogwood Development Group proposes a 2 Story Medical Office Building located at 7023 SW Beaverton Hillsdale Hwy, Portland, OR 97225 - on the corner of the impressive 6-way intersection of Scholls Ferry Rd, Oleson Rd, and the Hwy.

The site consists of 3 contiguous parcels, totaling 2.65 acres of rare undeveloped land within the heart of the Raleigh Hills town center area. Currently occupying the easternmost parcel is a longstanding veterinarian office ran by Dr. Daryl B Leu, the owner of the site.

The site presents a few notable challenges due to its proximity to the intersection, access to the …

Vancouver Anchor District, Vancouver, Sandra Rollinson, Bryan Husin, Huy Le, Alicia Tillery, Colby Mikulich, Dawnna Wilder

Real Estate Development Workshop Projects

In response to the City of Vancouver’s Request for Quote (RFQ), Harbor Development Partners, LLC (HDP) is proud to present The Anchor District: A gateway master plan development that will anchor together Esther Short Park, the historic core, and the new Waterfront District. The theme of this new district is an experiential celebration of the rich culture and history of Vancouver, by way of expansive pavilions, enhanced transit hub, community-centric buildings, placemaking lighting, and an inner-urban promenade that promotes access and blurs the line between private and public spaces. All paths are designed to lead to the centric point of …

Vancouver Gateway Project, Vancouver, Washington, Brandon Brezic, Isabella Day, Jesse Debord, Brett Herb, Dylan Nichols, Tera Perala

Real Estate Development Workshop Projects

Located in Southwestern Washington, the City of Vancouver’s Downtown and Waterfront districts have experienced a significant transformation during the past five years, resulting in over 900 new homes, and 88,000 and 170,000 square feet of new retail and office space, respectively. This central area is poised for exponential growth over the next 5 years focused along the 32-acre Waterfront Vancouver master plan area. At the heart of the city center is an undeveloped 6.4 acre site that has the potential to seamlessly connect the urban fabric of Vancouver.

We view this site not only as an opportunity to connect the …

Eastbank Forum, Oregon Museum Of Science And Industry (Omsi), Portland, Alexander Wallace, Elliot Ford, Matthew Hurd, Natalie Reeder, Annie Carlton, Mark Greathouse, Talya Naftali

Real Estate Development Workshop Projects

The Eastbank Forum focuses on the development of the Oregon Museum of Science and Industry to create a community destination, a center for sustainability, and a revenue generator.

The Bridges At Beaverton Creek, Beaverton, Oregon, Alex Bullington, Angela Parada, Channa Kim, Wyatt Redfern, Monique Lum, Brandi Small

Real Estate Development Workshop Projects

Bridges at Beaverton Creek (BBC) is a six story, mixed-use development that seeks to meet the needs of varying demographics in the Beaverton community. At a cumulative 284,277 square feet BBC creates a strong sense of place in an otherwise banal part of Beaverton. The project takes to heart the idea that people want a place to call home, where they can live their best life at any age. As such, the key inspiration behind the concept of BBC is intergenerational living.

At BBC you'll find 191 market-rate apartments alongside a wing of 34 age-restricted apartments with integrated and restricted …

The Trailhead, Tigard, Oregon, Freddie Bulzan, Melvin Sharp, Aurora Charouhas, Alex Lovre, Zoe Johnson, Tyler Reeves

Real Estate Development Workshop Projects

The Trailhead Team (“Sponsor”) is pleased to present qualified individuals (or entities) the opportunity to invest $8,124,231 (“Equity”) in a Qualfied Opportunity Fund, which will purchase membership interests in Urban Flight LLC (“UFL”), a Qualfied Opportunity Zone Business, for the development of two speculative mixed-use buildings located in the industrial core of Tigard, Oregon (“The Trailhead” or “Project”).

Total Project costs will be $35,731,297 with the remainder of the Equity being contributed by the current property owner (“Property Owner”) in the amount of $3,381,723.1 The Sponsor will also invest $1,000,000 of Equity. UFL will secure $23,225,343 in construction debt, at …

Biggi Commons, Beaverton, Oregon, Adela Berrio, Dexter Parry, Hannah Radziewicz, Thomas Aquinas, Victoria Kirkland, Xiaofei Ren

Real Estate Development Workshop Projects

Biggi Commons is the next premier real estate development being delivered to the rapidly growing Beaverton, Oregon region, directly in front of the most trafficked transit center in the area.

The project consists of retail, medical office, food trucks and apartments, and hosts activities such as a farmer’s market and cooking classes. Biggi Commons caters to the suburban resident who prioritizes urban amenities, health, accessibility, and attractive design.

Local demand for apartments is strong, therefore the development team envisioned this 168,526 square foot apartment building, with light retail along the first floor. The unit mix varies from studios to three-bedroom, …

The Lighthouse, Bellevue Washington, Jennifer Dillan, Andrew Goodman, Tim Lawler, Elton Yuan, Michael Lowes, Dirks Mathias

Real Estate Development Workshop Projects

Sustainable Venture Partners (SVP) is seeking Investment Committee approval for The Lighthouse, a mixed-use multifamily and retail building to be located in downtown Bellevue.

The Lighthouse sits at the northeast corner of the intersection of NE 8th Street and 102nd Avenue NE. The parcel is currently owned by McAusland Real Properties LLC. The Lighthouse is proud to be the first cross laminated timber building (CLT) in downtown Bellevue. The Lighthouse has one core theme: to be the beacon in Bellevue of innovative, sustainable and memorable design. The Lighthouse is a 221,942 GSF nine-story mixed use residential project with 121 residential …

The Woodworks: At The Convention Center Portland, Chase Bennington, Angie Lyman, Jay Reedy, Abby Taylor, Geoffrey Taylor, Joe Taylor

Real Estate Development Workshop Projects

The subject site is situated on the northeastern corner of the Portland Convention Center, between NE Martin Luther King Blvd and NE Grand Ave. Both parcels of land are owned by Prosper Portland, who is interested in establishing stable income streams from this land. The Woodworks building will provide 132,059 SF of creative office space, 27,880 SF of retail space on the ground floor, and 67 underground parking stalls. The first floor retail amenities will capitalize on traffic from the adjacent convention center and will include local small business retailers, women-and-minority owned businesses, a childcare service, and organic eateries. The …

Lloyd Urban Village (Luv), East Portland, Shellee Mccullick, Cait Olds, Eriko Shimada, Damon Tidwell, Eric Zechenelly, Nikki Zhao

Real Estate Development Workshop Projects

The LUV consists of 4 buildings with a central public gathering space. This new development has two primary goals:

1. Create a pedestrian friendly urban village in Lloyd that will draw the public to this burgeoning entertainment district.

2. Build a marketable and profitable development that will provide the highest and best use for the site.

The Drive-Inn: Producer Space For Visionaries, Portland, Corey Cabrera, Melissa Meagher, Clayton Crowhurst, Jacob Pavlik, Jarrod Howard, Spencer Stegmann

Real Estate Development Workshop Projects

Consisting of retail, industrial office, production space and a one-of-a-kind tenant amenity rooftop cinema space, the Drive-in experience metaphorically hints to the production process with space for collaboration, creation & illustration. Say goodbye to one-size-fits-all creative office space that has inundated Portland for the past five years. The Drive-in caters to a missing niche of visionary tenants with unprecedented design and shiny owner returns. Take a seat and relax. This is the Drive-in.

Hio Landing, Hillsboro, Oregon, Alex Annand, Melissa Beh, Marcus Bush, Marcela Harden, Kelly Redden, Ryan Winterberg-Lipp

Real Estate Development Workshop Projects

At CAVU Partners, our name explains our approach: the ceiling and visibility are unlimited. We see past the clouds to limitless potential.

CAVU Partners recognizes the Hillsboro Airport has a rich history in local aviation, and we want to celebrate that history. Our design strategy will incorporate aviation-inspired themes throughout the site. Our adaptive reuse of existing buildings will bring new while ensuring HIO’s historical roots will never be forgotten. Our mix of uses transforms the site into an inviting location for business-es, airport patrons, and the community.

HIO Landing’s concept introduces logical, flexible development parcels with an enhanced street …

The Marquee, Tacoma, Washington, Kristina Benson, Nate Dick, Thomas Eldridge, Riley Henderson, Becky Hewitt, Amber Hoke, James Lee

Real Estate Development Workshop Projects

Viking Development Group is pleased to present the following program in response to The City of Tacoma’s Request for Proposal (RFP) for the development site located at 728 Market St. Located adjacent to City Hall and inside the Theatre District; this site is currently serving as a surface parking lot and is owned by The City of Tacoma. This program outlines Viking Development Group’s strategy for delivering a profitable, creative living community that aligns with the City of Tacoma’s goals.

The Aero District, Hillsboro, Oregon, Lataunynia Campbell, Teresa Davis, Jesse Pollard, Kelsey Trostle, Brandon Willingham

Real Estate Development Workshop Projects

What follows is a proposal to redevelop the southern portion of the Hillsboro Airport located in Hillsboro, OR. The airport is owned by the Port of Portland. Currently, some of the property proposed for redevelopment is located “behind the fence”, in airport secure locations. The Port looks to open up and active land on the south end of the airport for commercial development.

The redevelopment plan must consider the needs of the Port of Portland, Washington County – neighbors and owners of the new Fairgrounds Master Plan development just south of the Hillsboro Airport, and the City of Hillsboro.

The Portland Innovation Center, Rully Adisuryo, Melissa Beh, Yan Zhang, Jamison Loos, Ben Summers, Andrew Crampton, Conner Dowling

Real Estate Development Workshop Projects

The following report is our development program for the 2.17 – acre site in the Central Eastside Industrial District currently owned by Prosper Portland. Our proposal consists of three half blocks housing a CLT building and dual-block office hub named Portland Innovation Center. We believe this unique site can be molded into a next-generation “factory” becoming ground zero for creative collaboration and product development on the Eastside while producing solution-oriented ideas and citywide connections.

God-Willing Development Plan, Willing Company & St. Michael The Archangel Blocks, Paul Hutchins, Daniel Mandel, Dawson Marchant, Scott Miller, Ryan Sturley, David Wilkes

Real Estate Development Workshop Projects

This development plan is the product of the Real Estate Development Workshop and represents the culmination of all knowledge gained by the authors while students in the Master of Real Estate Development program at Portland State University. Three months of work involving research, expert consultations, and extensive discussion were performed to determine the best use for two subject parcels in Downtown Portland.

The Exchange At Coquitlam Central, Brock Argyropoulos, Jennifer Arnold, Analise Baarstad, Kalin Berger, Alex Joyce, Samuel Leeding, Christine Pellissier, Lisa Young

Real Estate Development Workshop Projects

The Exchange at Coquitlam Central is be a transformative and innovative development project involving over 14-acres of prime real estate located in the heart of the Tri-Cities submarket. As a major transportation hub for the Millennium Line, newly-opened Evergreen Line, and regional bus mall, the site is well positioned to become an amenity-rich community with robust opportunities for residents and commuters to live, work, and play.

This multi-phased development will feature a modern, full-service health club, state-of-the-art entertainment center, and first-class specialty grocer. These anchors, along with a thoughtfully-curated mix of smaller merchants, employment-generating office space, and best-in-class residential product …

Union Park, Kristina Benson, Tyler Dubois, Chad Encinas, Mackenzie Kisiel, Colin Kelley, Andrew Lords, Daniel Silvey, Deb Scott, Joseph Welliver

Real Estate Development Workshop Projects

The following report is our development proposal for the 14-acre site currently owned by the US Postal Service, as well as several surrounding properties owned by PDC including Union Station. Our plan builds off of the 2015 Broadway Corridor Framework Plan, produced by the Portland Development Commission (PDC). The report is intended to provide the PDC with inspiration and lay the groundwork for a future public master plan.

The Kelsey, Jennifer Arnold, Scott Holden, Lisa Wise, Cameron Brown, Alec Lawrence, Marc Strabic, Darrin Brightman, Alex Joyce, Kerry Steinmetz, Cameron Chester, Adam Seidman, Jeff Hubbard

Real Estate Development Workshop Projects

Master in Real Estate Development Program students produce a development plan for a property site in Bellevue Washington. They form a real estate development team and produce an original development plan, including the development concept, the market analysis, the conceptual design, economic analysis, capital and operations budget, and management plan.

The students' plan demonstrates and applies mastery of the development concepts and tools learned through their Master of Real Estate Development (MRED) coursework. The Center greatly appreciates the support of the National Association of Industrial and Office Properties (NAIOP), the Building and Owners Management Association (BOMA), and numerous private sponsors …

Understanding The Contribution Of Curb Appeal To Retail Real Estate Values, Julia Freybote, Lauren Simon, Lauren Beitelspacher

Business Faculty Publications and Presentations

The concept of curb appeal and its impact on property values has been largely neglected in the real estate literature. In the context of retail real estate, curb appeal represents the general attractiveness of a store viewed from the sidewalk or parking lot that is expected to affect consumer patronage decisions and consequently property values. We develop a measurement instrument for curb appeal and assess the validity of our measure using exploratory and confirmatory factor analysis. Our results suggest that curb appeal is multi-dimensional and consists of an atmospheric, architectural and authenticity dimension. Using transaction data and a spatial autoregressive …

Oregon College Of Art And Craft (Ocac), Scott Holden, Alex Joyce, Nate Raynor, Bob Sassa

Real Estate Development Workshop Projects

Students in the PSU Real Estate Development Workshop produce a development plan for the Oregon College of Art and Craft (OCAC). Their task was to produce an original development plan, including the development concept, market analysis, conceptual design, economic analysis, capital and operations budget, and management plan.

The Morrison Mercantile, Khalid Alballaa, Kevin Clark, Barbara Fryer, Carly Harrison, A. Synkai Harrison, Liz Hutchinson, Scott Kueny, Erik Pattison, Nate Raynor, Clancy Terry, Joel Thomas

Real Estate Development Workshop Projects

Students in the PSU Real Estate Development Workshop produce a development plan for 12 properties located on the Central Eastside Industrial District (CEID). These properties are owned by the Pelett Family. Their task was to produce an original development plan, including the development concept, the market analysis, the conceptual design, economic analysis, capital and operations budget, and management plan.

The Exchange, Adam Boehm, Jurie Lewis, Bryce Payne, Bob Sassa, Jason Wald

Real Estate Development Workshop Projects

For this proposal, we assumed the position of respondents to the RFP that PSU will be releasing for the subject property. This proposal begins with an overview of the context of the site historically, spatially. We analyze the neighborhood and features that will help make the development fit within the broader context. Then, we analyze the outlook for each property type and make assumptions about achievable rents, occupancies, etc. Then, we determine what the vision of the development will be based on the foregoing analysis. Finally, we apply that vision to create a development program and determine financial feasibility. We …

1631 Nw Thurman, James Wang, Jovan West, Jana Faro, Jason West, Maddie Mcmonies, Tom Remmers

Real Estate Development Workshop Projects

Students in the PSU Real Estate Development Workshop produce a development plan for a property site in Portland's Pearl District. Their task was to produce an original development plan, including the development concept, the market analysis, the conceptual design, economic analysis, capital and operations budget, and management plan.

The Eastside Central, Kent Wu, Jeff Schindler, Jana Faro, Geoff Falkenberg, Blas Delascio, Angela Guo, Elizabeth Heredia

Real Estate Development Workshop Projects

Students in the PSU Real Estate Development Workshop produce a development plan for Portland's Central Eastside District. Their task was to produce an original development plan, including the development concept, market analysis, conceptual design, economic analysis, capital and operations budget, and management plan.