Commercial Investment Real Estate March/April 2013 | Page 6

COMMERCIAL INVESTMENT IN THIS ISSUE Figuring out how to mitigate risk in today’s yield-chasing environment is a challenge for every commercial real estate professional. Fortunately for CCIMs, their education, networking, and technology resources have put them ahead of the game, providing the tools to analyze every situation. Senior Edi- “Lenders and investors tor Jennifer Norbut exam- ines how CCIMs apply their are fi nding a whole new expertise in tourist-oriented ball game in secondary markets on p.22, and Asso- and tertiary markets.” ciate Editor Rich Rosfelder p.30 gathers advice from the new CCIMs on the block on p.38. ¬ FEATURED WRITERS Hudgins Davies A business writer based in Austin, Texas, Matt Hudgins looks at distressed-asset opportunities on p.26. Malcolm Davies, senior vice president at the investment bank George Smith Partners, dis- cusses risk vs. return on p.30. Shelly B. LaGroue, CPA, with Forwood & LaGroue, and C. William Barnhill, CCIM, president of Omega Properties, in Mobile, Ala., explain how recent tax changes will af ect commercial real estate decisions on p.32. Carl D. Kuhn, CCIM, a broker at Jack White Com- mercial, and property owner Miles Schlosberg of Anchorage, Alaska, of er ideas for making sustain- able upgrades on p.34. Commercial Investment Real Estate, the member publication of the CCIM Institute, reports on market trends and analysis, current developments in the fi eld, and successful business strategies. CIRE Staff Executive Vice President/CEO Henry F. White Jr. Executive Editor Sara Drummond [email protected] Senior Editor Jennifer Norbut [email protected] Associate Editor Rich Rosfelder [email protected] Contributing Editors Dan Bernstein, Steven Heller, Esq., Warren Kirshenbaum, Dennis LaMantia, and Stephen Rangel Design Consultant McMurry/TMG, LLC Commercial Investment Real Estate (ISSN 1524-3249) is published bimonthly by the CCIM Institute of the National Association of Realtors, 430 N. Michigan Avenue, Chicago, IL 60611-4092. Periodicals postage paid at Chicago, Ill., and additional mailing offi ces. Postmaster: Send address changes to Commercial Investment Real Estate, 430 N. Michigan Avenue, Chicago, IL 60611-4092. Subscriptions: $45 for nonmembers in U.S.; $55 for nonmembers in Canada and Mexico. Call [phone]. For reprints, call [phone]. podcast Only @ www.ccim.com/podcasts Bill Millikin, CCIM, president of Millikin Realty Co. in Ann Arbor, Mich., discusses the importance of legislative advocacy and CCIM Institute’s 11th annual Capitol Hill Visit Day. 4 March | April | 2013 The CCIM Institute, an affi liate of the National Association of Realtors, confers the Certifi ed Commercial Investment Member designation to commercial real estate professionals who have extensive training and industry experience and complete a rigorous study program. The opinions expressed in signed articles and materials appearing in Commercial Investment Real Estate, including specifi c references to products and services, are those of the authors and not necessarily those of Commercial Investment Real Estate, the CCIM Institute, or the National Association of Realtors. © 2013 by the CCIM Institute. All rights reserved. Editorial address: 430 N. Michigan Avenue, Chicago, IL 60611-4092; [phone]; magazine@ccim. com; www.ccim.com/cire. Executive Offi cers President Wayne D’Amico, CCIM Essex, Connecticut President-Elect Karl Landreneau, CCIM Baton Rouge, Louisiana First Vice President Mark Macek, CCIM Great Falls, Montana Treasurer Charles C. Connely IV, CCIM Kansas City, Missouri Editorial Review Board Adrian A. Arriaga, CCIM Roger B. Broderick, CCIM Todd D. Clarke, CCIM David B. Eaton, CCIM Jeff Engelstad, CCIM Eric B. Garfi eld, CCIM Tony M. Guglielmo, CCIM Thomas E. Hankins, CCIM James L. Helsel, CCIM Soozi Jones-Walker, CCIM J. Howard King, CCIM Robert Knight, CCIM George C. Larsen, CCIM Kevin G. Lenze, CCIM Mark L. Levine, CCIM Albert S. Livingston, CCIM Charlie Mack, CCIM Michael T. McLean, CCIM James J. Piro, CCIM David L. Schank, CCIM Robert M. Stone, CCIM Reader Services: All dues-paying members of the CCIM Institute receive Commercial Investment Real Estate magazine six times a year as a mem- ber benefi t. Subscribe, purchase back issues, or order customized article reprints: www.ccim.com/cire or [phone] x4507. Make address changes: [email protected] or [phone] x4507. Request reprint permissions: rrosfelder@ccim. com. Submit articles and editorial ideas: [email protected]. For advertising information, contact: Rich Rosfelder at [phone] or [email protected] Commercial Investment Real Estate