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Course Facilitator
John P. Blumer
Managing Director, Brokerage Services
CB Richard Ellis
John P. Blumer has been actively involved in the real estate industry for more than 28 years. Blumer also has experience owning and managing transportation and distribution companies. Early in his career, he completed a five year tour of duty in the U.S. Army Corp of Engineers after his graduation from the United States Military Academy at West Point, N.Y.
He previously served as Executive Vice President and Chief Operating Officer for NAI/KNLB in Baltimore. Under his management, the company expanded from 23 brokers in two offices to 52 brokers in four offices. Blumer joined CB Richard Ellis in the Fort Myers/Naples, Fla., office in 2003, where he served as Director of Asset Services. In addition, he was an active broker specializing in retail and investment sales transactions on the west coast of Florida.
He returned to Baltimore and assumed the position of Managing Director of CBRE's Baltimore office in April 2005. Under his leadership, CBRE's Baltimore office has been named as the top commercial brokerage firm in the Baltimore area by the Baltimore Business Journal, has increased revenue at a 32 percent compound annual growth rate over a three-year period and obtained more than five million square feet of landlord representation assignments by the end of 2007. In addition to his role with CBRE, Blumer serves on the Board of NAIOP's Maryland Chapter. He is an Adjunct Professor with the University of Baltimore's Real Estate Finance Program and an Advisory Board Member of the University's Real Estate Undergraduate Program. Blumer also serves as an Advisory Board Member with Johns Hopkins University's Real Estate Masters Program.
Tuesday, November 18
7:30 - 8:30 a.m.
Continental Breakfast and Registration
8:30 - 8:45 a.m.
Welcome and Introduction
John Blumer, managing director, Brokerage Services, CB Richard Ellis
8:45 - 9:45 a.m.
Module One: Leasing's Role in the Development Process
Jim Farrell, principal and founder, Madison Retail Group
In this module, we'll determine the leasing agent's role in the development process and establish a timeline for a project lease-up. We'll examine the leasing department's role in the determination of a development project's proforma and budget and explore how leasing contributes to the design and layout of a project.
9:45 - 10:30 a.m.
Module Two: Lease Types and Structures
Jim Farrell, principal and founder, Madison Retail Group
Learn to identify the various types of leases along with the different types of lease structures. This module will also illustrate what is included in Common Area Maintenance (CAM) and discuss the key provisions in CAM clause negotiations. We'll also address how real estate taxes are handled, what types of insurance may be passed through in a lease and methods of measuring space for lease purposes.
10:30 - 10:45 a.m.
Break
10:45 a.m. - 12:15 p.m.
Module Three: Lease Economics and Valuation
John Blumer, managing director, Brokerage Services, CB Richard Ellis
This module will explore how project rents are determined and how net effective rents are computed. Participants will learn to explain the key components of a percentage rent clause and define methods of determining the costs of landlord work. We'll also discuss negotiating tenant improvement allowances, structuring renewal options to maximize a project's value and writing landlord delivery and tenant acceptance clauses. In conclusion, we'll examine how early termination provisions may affect lease value.
12:15 - 1:45 p.m.
Lunch with Invited Speaker: Trends in Commercial Leasing
Join Shannon Sentman, LEED AP, a sustainable development expert whose legal practices focuses on all aspects of green development, as he discusses the latest trends in commercial leasing and the demand for sustainable properties.
Shannon Sentman, LEED AP, real estate attorney, Holland & Knight LLP
1:45 - 2:30 p.m.
Module Four: Tenant Evaluation and Underwriting
John Blumer, managing director, Brokerage Services, CB Richard Ellis
We'll indentify the key components of a tenant business plan, learn to determine if a tenant has enough solid business experience and distinguish crucial measures of a tenant's liquidity and net worth. This segment will also explore how various types of tenant uses can impact a development project. In addition, we'll identify key aspects of a lease guaranty agreement and define the various types of legal entities a tenant may utilize.
2:30 - 3:30 p.m.
Module Five: Property Control Issues in Leasing
Jim Farrell, principal and founder, Madison Retail Group
In this module, we will illustrate the importance of use clauses and define their key components, with a particular focus on the assignment clause. We'll discuss the difference between assignment and subleasing and analyze anchor and co-tenancy clauses relevant to retail leasing. This segment will also address the importance of a tenant opening requirement along with tenant go-dark provisions and recapture rights. Course participants will define the primary elements of a tenant relocation provision, learn to handle no-build and tenant control area requests and discuss the importance of defining trade names within a lease.
3:30 - 3:45 p.m.
Break
3:45 - 4:30 p.m.
Module Five (continued)
Jim Farrell, principal and founder, Madison Retail Group
4:30 - 4:45 p.m.
Homework Assignment
John Blumer, managing director, Brokerage Services, CB Richard Ellis
6:30 p.m.
Optional Networking Dinner
Network with fellow attendees and discuss the day's course materials during dinner. You are encouraged to register in advance for the optional dinner (additional registrations may be available onsite). Each attendee is responsible for his or her own dinner at the restaurant.
Wednesday, November 19
7:45 - 8:15 a.m.
Continental Breakfast
8:15 - 8:30 a.m.
Day Two Introduction
John Blumer, managing director, Brokerage Services, CB Richard Ellis
8:30 - 9:15 a.m.
Review of Homework Assignment
John Blumer, managing director, Brokerage Services, CB Richard Ellis
9:15 - 10:15 a.m.
Module Six: Legal Issues in Leasing for Non-Lawyers
Karolyn Blumer, associate, Real Estate Group, Arent Fox
Viktor V. Pregel, associate, Real Estate Group, Arent Fox
This module will cover the multitude of legal issues involved in a lease transaction, including subordination and non-disturbance agreements, tenant and landlord insurance requirements, elements of a casualty provision, lien waivers and tenant estoppel certificates, among others. We'll also discuss the pertinent language that is required in a letter of intent and address the various lease issues which arise from condemnation.
10:15 - 10:30 a.m.
Break
10:30 a.m. - 12:15 p.m.
Module Seven: Real Estate Project Marketing
Karolyn Blumer, associate, Real Estate Group, Arent Fox
Jim Farrell, principal and founder, Madison Retail Group
Viktor V. Pregel, associate, Real Estate Group, Arent Fox
We'll explore the steps needed to successfully market a real estate project and answer the following questions: What marketing materials will you need before you begin project leasing? What information is needed for your marketing materials and are there specific legal issues to be considered in preparation for marketing the project? We'll also explore the various methods available for reaching your target audience, including online resources and discuss how your marketing approach should vary with different tenant and use types. In conclusion, we'll determine how to best measure the effectiveness of your marketing efforts.
12:15 - 1:30 p.m.
Lunch on Your Own
1:30 - 2:30 p.m.
Module Eight: Managing Real Estate Brokers and Leasing Agents
Jim Farrell, principal and founder, Madison Retail Group
In this module, we will define the role of a project's listing broker along with that of an in-house leasing group or representative when using an outside listing broker. In addition, we'll provide an understanding of real estate broker licensing requirements and discuss the many issues associated with broker commissions including: key elements of commission agreements, how to address the timing of commission payments and determining when the broker has earned the commission. The relationship between broker and the development team will be examined and we'll detail the types of project feedback you should expect from a broker.
2:30 - 3:30 p.m.
Module Nine: Leasing Sales Skills
Jim Farrell, principal and founder, Madison Retail Group
We'll share the skills required to successfully close a lease deal including qualifying a tenant prospect, cold-calling techniques, overcoming price and other objections, tracking leads and prospects, showing space and the importance of preparation.
3:30 - 3:45 p.m.
Break
3:45 - 4 p.m.
Introduction to the Negotiation Module
John Blumer, managing director, Brokerage Services, CB Richard Ellis
4 - 5 p.m.
Work Group Meeting Time
Each group will meet to discuss their roles and strategies for the following day's role-play negotiations.
Thursday, November 20
7:45 - 8:15 a.m.
Continental Breakfast
8:15 - 8:30 a.m.
Introduction to Day Three
8:30 - 10:15 a.m.
Module Ten: Negotiations
Karolyn Blumer, associate, Real Estate Group, Arent Fox
Jim Farrell, principal and founder, Madison Retail Group
Viktor V. Pregel, associate, Real Estate Group, Arent Fox
In this final module, we'll discuss the various styles of negotiations and identify traits of successful negotiators. Some of the other aspects of the negotiation process that will be covered include: the importance of determining desired outcomes before negotiations begin, who should negotiate on behalf of a landlord, the importance of preparation prior to a negotiation and the differences between telephone and face-to-face negotiations.
10:15 - 10:30 a.m.
Break
10:30 - 11:15 a.m.
Role-Play Negotiations
John Blumer, managing director, Brokerage Services, CB Richard Ellis
Karolyn Blumer, associate, Real Estate Group, Arent Fox
Jim Farrell, principal and founder, Madison Retail Group
Viktor V. Pregel, associate, Real Estate Group, Arent Fox
11:15 a.m. - noon
Group Reports on Negotiation Results
John Blumer, managing director, Brokerage Services, CB Richard Ellis
Noon
Course Concludes
Continuing Education Units
NAIOP will apply for Continuing Education Units for course attendees. Bring your real estate broker's license number and record your name and license number each day of the course.
NAIOP will apply for continuing education units toward renewal of real estate licenses in Georgia along with AIA Learning Units.*
*Applying for credit does not constitute approval.
The following have approved CEUs:
AIA - 16 Learning Units
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