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University of Washington Tacoma
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Mon, 08 Dec 2008 12:50:00 PDT
Contact: Beth Luce, Office of Public Relations & Communications, 253-692-4881

Commercial real estate course fills South Sound need, advances careers

At the height of the real estate market a few years ago, two Tacoma businessmen saw a professional education gap in their industry. "There were plenty of programs that focused on residential real estate, but none in the South Sound focused on commercial real estate," said Layne Alfonso, development market director for Seattle-based GeoEngineers. So Alfonso and Terry Fenton, a commercial broker at Coldwell Banker, proposed a continuing education course at UW Tacoma.

A survey of professionals in the industry affirmed that there was a need and overwhelming support for such a program. Two years ago, with the help of many local professionals, the UW Tacoma's Continuing Education office began offering a certificate in Commercial Real Estate. The three-course program was a hit and, even in current leaner times, attracts participants eager to learn about this specialized market.

"It's important to have a good understanding of commercial real estate now because of the volatile market," Alfonso said. The course relies on a group of experienced professionals to teach various segments, led by Anthony Gibbons, lead instructor. Gibbons is a founding partner in RE-SOLVE, a company providing real estate appraisal, counseling, mediation and arbitration services. With 25 years in commercial real estate, Gibbons describes the program as "a multidisciplinary course for somebody wishing to know more about commercial real estate from folks that practice it every day."

Alfonso teaches the segment on due diligence. "There is no other program in our area where students can talk to leading developers, brokers, lenders and owners," he said.

"There are so many things to know and so many things to learn in commercial real estate that you never know what your day holds," said Dominic Accetturo, a commercial real estate broker for GVA Kidder Mathews, one of the largest independent commercial real estate firms on the West Coast. To further his career and become more conversant in the field, he completed the Commercial Real Estate program offered by the university's KeyBank Professional Development Center. In every class, Accetturo noted, he learned something beneficial to his job.

"I would take a few valuable things home each day that have helped me reach the next level in my career," Accetturo said. "Commercial real estate has so many moving parts (development, leasing, sales, property management, construction) that it never gets boring."

Gibbons adds that being an alumnus of the course is prestigious and opens doors because many of the region's top firms participate.

The first of the three commercial real estate courses offered by UW Tacoma Continuing Studies, Introduction and Static Analysis of Commercial Real Estate, begins Jan. 5. The subsequent courses, Development Process and Project Sensitivity Analysis and Legal and Taxation Issues and Interdisciplinary Decision-making in Real Estate, begin in March and May, respectively.

In the introductory course, participants form teams and create a simulated project, including site investigation and developing a property prospectus that they pitch to a group of potential equity "investors" (played by members of the real estate community). The course covers trends in commercial development, commercial property vocabulary, static analysis of the four principal property types, and principles of leasing and income maximization.

Applicants for the program must have completed at least two years of college and have at least two years' experience in real estate (preferably commercial) or a related field, such as architecture, construction, law or planning.

The experience requirement can be satisfied if the applicant is currently employed in real estate or a related field. Those who do not have two years of experience in commercial real estate must describe their related business experience in the application letter. An interview may be required.

Class size is limited to 30. Applications are being accepted until Dec. 19. After that date, applications will be accepted on a space-available basis.

For more information about the Commercial Real Estate course and to register, visit the University of Washington Tacoma KeyBank Professional Development Center's website, or call 253-692-4618.