"Shark Tank" at ULI Los Angeles

I had the opportunity last week in Los Angeles to lead off the first ever “Shark Tank” session at a ULI Fall Meeting. While planning it over the last few weeks, we were not sure what to expect. Would we have enough content? Would anyone show up? Would the sharks really be interested in these deals? What will it be like to present real deals to different people with different criteria all while sharing all of our strengths and weaknesses? Well, if the immediate response is a good indicator, it was a wildly successful session in front of about 500 people. The concept (the brainchild of Lynn Carlton at Sasaki) was modeled after the popular TV show where entrepreneurs present their product or service to a group of investors. ULI is not typically a large format “deal-making” sort of meeting, but rather an educational and networking organization focused on developing leaders in the real estate industry. However, for 105 minutes in LA, four real estate investment pros poked and prodded their way through two different real estate opportunities while the presenters (and the audience) were educated on what these ladies and gentlemen are looking for in a deal today. Moderating the session was Steve Furnary, CEO of Clarion Partners. The sharks included Cia Buckley, Partner at Dune Real Estate Partners; Arthur Fefferman, President of AFC Realty Holdings; Trish Healy, Principal of Hyde Street Holdings; and Charles Burd, CIO of Bentall Kennedy. The result: I pitched a 380-unit redevelopment project in Indianapolis and asked the sharks for $15M in equity on a $42.6M project; two of them voted to do the deal. Well, actually three if you count Trish Healy's hedge. Thanks to them all and to Lynn and my co-presenter Craig Cherney of American Land Fund for helping to make a great idea come to life.