3/31/2008

Five Questions with Marcus & Millichap's Lori Schneider

by

Ms. Schneider

Lori Schneider is first vice president of investments and senior director of the national retail group in Marcus & Millichap's Fort Lauderdale office. She joined the firm in 1999 after working with Prudential Commercial. She is a consistent top agent for the firm in both net leased and retail transactions and has sold properties nationwide. Earlier this year, Schneider brokered the $21 million sale of Covington Plaza in Fort Wayne, Ind., and the Home Depot sale to Grubb & Ellis Realty Investors.

CREF: How did you get into the real estate business?
LS: After beginning as a small investor myself, I felt that commercial brokerage was the natural choice. I enjoy being in a field that is analytical and allows me to see the results by assisting clients. I like the challenges produced by constant change.

CREF: In what commercial real estate industry do you specialize?
LS: I specialize in retail properties nationwide.

CREF: What notable deals have you been involved with?
LS: Although I usually get more recognition on the larger, more complex or high profile deals, in my mind, it is usually the more recent deals that are noteworthy. I have closed on Grande Promenade in Charlotte, the JC Penney Albuquerque portfolio, and other such properties, but the deals in progress now will more likely be notable due to the complexity of today's market.

CREF: How has the industry changed since you've been involved?
LS: The real estate market has changed many times since I've been involved in the industry, but its innate stability has always surfaced. The buyers of choice have changed over time, but the debt markets have driven the market quite consistently. Highest paying buyers have been REITS, 1031 buyers, TICS, foreign buyers or whoever had the lowest cost of capital and highest motivation at the time. We went from interpersonal contact to a mostly automated method of marketing and transacting. Cap rate flux, tenant credit, underwriting concerns, the general economy, regional popularity, etc. have all taken the forefront and will then make way for the next current topic.

CREF: How does the market look over the next 12 months?
LS: If I knew what the debt rates and availability would be definitely, I would have a more certain answer. A lot of assets will be put to market shortly and I am hoping we will be able to find reasonable and sufficient debt to keep sales prices appropriate. We will continue to see better opportunities for properties with existing debt in place. The industry is returning to the same fundamentals for underwriting that were used before it became such a strong sellers' market and that will affect pricing on deals profoundly. Risk will be assessed, as buyers are more cautious and discriminating. The retail sector will be greatly influenced by consumer confidence.

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