Stephanie Sarkar

 

THE AUTONOMOUS REAL ESTATE PROJECT

Journey to Self-Driving Real Estate

“In my interviews with 25 influential real estate executives involved in innovation, I discovered how AVs are predicted to change real estate, and how they plan to remain one step ahead.”

Real Estate Investment Analyst

Mrs. Sarkar is an Investment Analyst at TriGate. Prior to joining TriGate, Mrs. Sarkar worked as the founder and managing partner of RRC Holdings in New York City, where she focused on sourcing and underwriting multi-family value-add investments.

Prior to this role, she worked as an Associate for Deloitte’s Real Estate Consulting practice, where she supported real estate private equity funds with asset valuations and consulting services.

Additional experiences include founding a fitness studio chain that was acquired in 2009 and working as a Venture Capital Analyst for Tri State Ventures in New York.


Mrs. Sarkar has a B.A. in Economics from the University of Central Florida and an M.S. in Real Estate Finance from New York University. She also completed studies as a Visiting Undergraduate Student at Harvard University.

Speaking Engagements

LocationEventDescriptionDate
Harvard Business SchoolReal Estate Weekend 2016Speaker & PresenterApril 9, 2016
New York UniversityGraduate Student Presentations“Dallas’ Impending Luxury Apartment Oversupply: Strategies to Allocate Capital when the Market Turns”May 11, 2016

Publications & White Papers

InstitutionTypeDescriptionProfessor
Harvard UniversityWhite Paper Globalization in India and China: Structure, Process, and Support Subramaniam Swamy, Indian politician & Member of the upper house of the Indian Parliament
Harvard UniversityWhite Paper SWOT Analysis of Globalization in India and China Subramaniam Swamy, Indian politician & Member of the upper house of the Indian Parliament
Harvard UniversityWhite Paper Dimensions, Measurements, and Adjustments of Globalization Subramaniam Swamy, Indian politician & Member of the upper house of the Indian Parliament

Recent Selected Transactions

YearTypeTransaction SizePrice per SF/unitDescriptionMarket
2017Retail & Office$40,000,000 $300 psfRe-development play for a struggling retail center at a great locationLos Angeles, CA
2017Office & Manufacturing$31,000,000 $161 psfPE fund Golden Gate Capital purchased PacSun and is interested in a sale leasebackLos Angeles, CA
2017Office$29,000,000 $165 psfOpportunity to replace single-tenant building and increase lease-up in multi-tenant buildingLos Angeles, CA
2017Office$27,000,000 $200 psfJV equity opportunity for lease-up of Class A office builting with 22% vacancyLos Angeles, CA
2017Retail$45,000,000 $150 psfHistorically high-occupancy retail at prime intersection in OKCOklahoma City, OK
2017Office$49,000,000 $125 psfOffice portfolio owned by partnership; partner’s estate wants to liquidate and is driving the saleRaleigh/Durham, NC
2017Retail$11,500,000 $320 psfStabilized retail center with strong tenant sales and leasing history. Proforma rents underwritten at or below current market ratesDallas, TX
2017Retail$40,000,000 $190 psfStabilized retail center with strong tenant sales and leasing history. Proforma rents underwritten at or below current market ratesDallas, TX
2017Office$70,000,000 $143 psfTIC owner with ARD in July 2017; group needed to sell before accelerated repayment beganDallas, TX
2017Office/Flex$29,000,000 $125 psfLease-up of 65,000+ vacant SF as back office space (formerly R&D space for Sanyo Electronics)Los Angeles, CA
2017Industrial$20,000,000 $20 psfSpecial servicer portfolio of industrial space proximate to the airportMemphis, TN
2017Retail$32,700,000 $122 psfRetail Center with leasing issues; opportunity to split it and sell boxes in multiple phasesSacramento, CA
2017Office$20,000,000 $65 psfJV equity opportunity for value-add office with heavy physical renovationsPhoenix, AZ
2017OfficeOff-market office value-add opportunity. Seller has requested confidentialityPhoenix, AZ
2017Multifamily$46,000,000 $92 psfJV equity opportunity for a large strategic purcahse of six residential communitiesBrunswick & Topsham, ME
2017Office$24,000,000 $215 psfTA was the seller and was not achieving the pricing they had hoped; TriGate bid in second roundLos Angeles, CA
2017Retail$14,750,000 $137 psfOpportunity to sell the pad to lower project basis and roll rents to market at expirationNashville, TN
2017Retail$54,750,000 $225 psfValue-add opportunity for the renovation and lease-up of vacant spaces; potential building modifications to open the space upLos Angeles, CA
2017Industrial$18,500,000 $90 psfRe-development or teardown & build new analysisPhoenix, AZ
2017Office$15,000,000 $105 psfOver-levered TIC seller, financed with CMBS debt. Opportunity to re-lease largest tenant space at a higher ratePhoenix, AZ
2017Retail$12,000,000 $100 psfStabilized Class A shopping cventer; Proforma rents underwritten at or below current market ratesHouston, TX
2017Retail$9,000,000 $250 psfStabilized Class A shopping cventer; Proforma rents underwritten at or below current market ratesHouston, TX
2017Retail$20,000,000 $275 psfStabilized Class A shopping cventer; Proforma rents underwritten at or below current market ratesHouston, TX
2017Retail$35,000,000 $300 psfStabilized, Sprouts-anchored retail center developed in 2016.Phoenix, AZ
2017Retail$16,000,000 $195 psfValue-add through leaseup and bringing rents to marketCarlsbad, CA
2017Office$10,000,000 $26 psfVacant former HP building in need of massive capital renovations (including demising the building) and repositioningDallas, TX
2017Office$18,000,000 $134 psfInteresting seller opportunity: failed marketing process in 2016. Seller is now selling on auction platformSan Diego, CA
2017Grocery-Anchored Retail$16,000,000 $140 psfPotential to replace a dark Whole Foods (former Wild Oats) in a grocery-anchored centerDenver, CO
2017Multifamily$50,000,000 $70,000 per unitOff market, residential condo deconverting project in PalatineChicago, IL
2017Office/Flex$22,000,000 $88 psfFromer R&D space could be repositioned to back-office for additional lease-upLos Angeles, CA

Investment Analysis

Pro Bono Investment Analysis Excel Models Available for Download
Created for previous tutoring sessions, Argus classes, and NYU students

Investment Memo Output

Comprehensive investment summary designed to be pasted into an investment memo or other high-level document. Intended for retail, office, and industrial properties. 

Scenario Comparisons

Comprehensive investment summary designed to be pasted into an investment memo or other high-level document. Intended for retail, office, and industrial properties. 

Commercial Real Estate Finance Classes

Courses Taught:
Real Estate Finance
Capital Markets
Real Estate Private Equity
Future of Real Estate

Through teaching graduate students at NYU, I strive to provide them with an opportunity to:
  • broaden their understanding of capital markets, real estate finance, and real estate as an asset class;
  • better understand why certain real estate underwriting assumptions are used, and how those assumptions affect investment analysis and returns;
  • work, learn, and apply their knowledge and skills in an interdisciplinary environment;
  • engage in learning that is directly focused on career and interview skills, particularly for real estate finance careers;
  • refine their written and oral communication skills.
My teaching approach and strategies directly reflect my teaching philosophy. In all of my courses, I adopt the following teaching strategies:
  • To facilitate learning new concepts and gain an appreciation for the complexity of real-estate finance, I emphasize the use of excel models for understanding how different variables affect real estate cash flows and values. Students are exposed to financial models in conjunction with case studies to engage their thinking. These models are intended to represent tools to help financial and investment managers make decisions. In addition to modeling, I emphasize the need for personal conceptualization, analysis and synthesis of information, and dialog on the issue.
  • I strive to expose students to diverse views concerning real estate as an industry. Moreover, I strive to empower students in the learning process by encouraging them to share their own views, perspectives, opinions, and experiences with other students. Each student brings to the class a unique world view that has been shaped by their personal experiences, observations and unique educational background. By sharing this perspective, all of us develop a broader and richer world view and, as a result, develop a better understanding of how to apply critical thinking to solve complex real estate issues.
  • I prepare detailed notes and slide presentations of all lecture/lab material for distribution to the students via a course website. These notes/slides/data sets cover all of the critical material covered in lecture and lab and provide an excellent source of review material and as future reference material.
  • Lastly, I use several innovative strategies for evaluating student performance. I make use of peer-grading in all group projects. Although I evaluate the quality of the overall group project, these scores are adjusted based on peer evaluations. Each student evaluates the performance of each student in his/her group. This serves several purposes: it motivates students to work harder and also provides me the means to evaluate each individual’s contribution to the group effort. Finally, I make use of case studies and small group exercises in class that encourage students to work together, exchange views, and make presentations to the whole class.

Publications in Progress, 2017

Beginner’s Guide to Real Estate Private Equity

Easy-to-read guide for beginners which focuses on three core concepts: (a) real estate finance, (b) real estate fundamentals, and (c) private equity. I expect to complete the book by December 2017.

Future of Autonomous Real Estate

Global investment in self-driving car ventures (also called autonomous vehicles or AVs) tripled to $x billion in 2017, clearly signifying that the autonomous revolution has arrived in the automobile sector. It is still unclear whether this presents more of a challenge or an opportunity for real estate investors, but established real estate players are starting to take bold steps to engage with emerging innovations.

I wanted to map out the activities that established players believe could allow them to reimagine their portfolios in light of this trend. In my interviews with 25 influential real estate executives involved in innovation, I discovered how AVs are predicted to change real estate, and how they plan to remain one step ahead.

Self-Driving Real Estate

How will self-driving cars affect real estate, and what is self-driving “real estate” anyway?

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Reduced On-Site Parking

Cars will use drop-off and pick-up lanes instead.

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Retail On-Demand

Order something from a certain department at a certain retailer on an app. When the van pulls up to your location, purchase your items.

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Access to Suburbs

Living in the suburbs will have greater appeal, with the ability to relax, get ready, or work during previously-commuter driving periods.

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The “New” Mobile Home

Self-driving RVs where people actually live, park in a designated lot (or not), and ride to work for their commute.

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AVs as an Asset Class

AVs will compete alongside real estate and other financial products as an income-producing asset that passively earns income

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Main & Main Losing Importance

Convenience real estate on the “going to work” or “coming from work” side of the road will lose relevance; premiums for main & main real estate will lose importance

Contact

stephanie@rrcholdings.com

smcconnon@trigatecapital.com