PPD 499 Midterm

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Author:
pajowajo
ID:
175471
Filename:
PPD 499 Midterm
Updated:
2012-10-04 02:32:35
Tags:
real estate
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Description:
Chapters 1-3
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  1. Neighborhood Center
    Daily Needs Component; 30-100,000 GLA, Supermarket, geographic location most important factor
  2. Pad
    Freestanding Building w/ parking lot and one tenant
  3. Soft Goods
    Other than a department store, but clothing
  4. Regional Mall
    At least one Department store; 300-800,000 GLA
  5. Super Regional Mall
    3 or more department stores, 600k GLA+
  6. Lifestyle Center
    No large stores, highly branded national tenants, out door, design-oriented, spend time there
  7. Market Analysis
    Identify who your customer is and what characteristics are.  Attempts to match location, size, and compostion of center to needs of trade area
  8. Adsorption
    How fast you lease a space
  9. Psychographics
    Group of people with similar buying patterns
  10. Steps of Market Analysis
    • 1. Demographics and pychograpics
    • 2. Identify Trade Area
    • 3. Compar with Competition
  11. Trade Are for Neighborhood Center
    • 10-15000 people
    • 5-10 min drive time
    • 1.5 mile radius
  12. Community Center
    • 40-150,000
    • 8-10 min drive time
    • 30 mile radius
  13. Steps of Compar with Competition
    • 1. Tenant Mix
    • 2. Size
    • 3. Rents
    • 4. Occupancy Costs
    • 5. Parking ration
  14. Typical Parking Ratios for Retail and Restaurants
    • Retail: 5
    • Restaurants: 10
  15. Elements of Site Selection
    • 1. Size and Shape
    • 2. Access
    • 3. Topography
    • 4. Utilities
    • 5. Zoning
  16. Surface coverage average
    1 acre land for 9-10,000 sq ft of retail
  17. Government Regulations in Development
    • 1. Zoning
    • 2. General Plan
    • 3. Building Codes
    • 5. National Codes
    • 6. Flood Zone
    • 7. National Regluations
    • 8. Traffic
    • 9. Design Paraments
    • 10. Water Quality
  18. Professons that Aid Developers
    • 1. Land Planner
    • 2. Structure Enighers, Archtiect, MPE
    • 3. Traffic Enginners
    • 4. Civil Enginners
    • 5. Legal
    • 6. Planning
  19. Concers of Civil Enginners
    • 1. Horizontal Control
    • 2. Gradining
    • 3. Hydrology
    • 4. water Quality
  20. Types of Costs in Development
    • 1. Direct Costs
    • 2. Contingency
    • 3. INdirect Costs\
    • 4. Financing
    • 5. Operating
  21. What is Direct Costs and Examples
    Brick and Mortor

    Builidng, TI, Builiding Shel, land preparation, offsite, FFE( Fixtures, furniture, equipment payed by tenants)
  22. What does TI include
    Lighting, celine AC
  23. Examples of Indirect Costs
    • Design and Enginnering
    • Impact Fee
    • Permits
    • School Fee
    • Insurance
    • Marketing
  24. Example of Financing Costs
    • Construction Loans
    • Legal
    • Financing Costs
    • Lease-up Reserves
  25. Lease Up Reserves
    What developers pays while center is being leased up
  26. What is comprised in Annual Operating Costs
    • Non Recoverable Expenses
    • Re-leasing costss
  27. Three Ways at Arriving at Loan Types
    Debt Service Coverag eRatio

    Loan to Value

    Loan to Costs

    Banks take lowests of Three
  28. Whats the excel formual for IRR
    IRR(Yr0-->YrEnd)
  29. Partnership
    No corporate income tax

    limiated partners

    general partner has personal liability (can place liablity on corporation)
  30. Tax Adv of REITS
    Investors pay taxes , not the REIT corp
  31. Ten Items of a Financing Package
    • 1. Info on Developer, Consultants, (bios)
    • 2. Personal Balance Sheet
    • 3. Demographic/market analysis
    • 4. Anchors
    • 5. Pro-forma
    • 6. leasing Plan
    • 7. Entitlments
    • 8. Construction Costs
    • 9. Marketing and Leasing Plan
    • 10. Exit Strategy
  32. Construction Loans
    Interest only; short period during constuction; often recourse
  33. permanent financing
    amortizing
  34. Minimum Rental Revenues
    Rents -Leasing commission and occ. costs
  35. Recoverable Operating Expenses
    Extra charges upon tenatns such as CAM, property tax, and insurance
  36. Cap rates
    indication of current market conditions for avaliablity of captial and project's perceive price apprecation
  37. PreDevelopment Costs
    Costs incurrend before constuction. Most at-risk expenidture because amde before project is approved by government and before lender/ investor fund constuction
  38. Trade Area
    Geographic area containing people who are likely to purchase class of goods
  39. Community Center
    100-400k GLA,  neighborhood center plus funiture, building goods
  40. Power Center
    Costco, Walmart
  41. Town Center
    Open-ari, with public space, streetfront retail on at least two pedestrian streets
  42. Trends in Centers
    open air

    • renovating over building new malls
    • incorporating non retail uses
    • focal point of community
  43. Gravity Model of Sales
    People will travel to the largest shopping center most easily reached, assuming same goods offered
  44. What are in Leasing Plans
    • 1. Placement of tenatns
    • 2. building depths
    • 3. tenant mix
    • 4. pricing
    • 5. rent schedules
    • 6. tenant finshies
    • 7. lease form
  45. What does CAM include
    Property Tax and Insurace
  46. What is typical loan to value and loan to cost
    • ltv: 60-80%
    • ltc: 65-80%

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