Orange County State of the Market

William O. Passo is a true professional in the real estate investment industry. He completed his first purchase of a multifamily investment project in Anaheim, California in 1976. During his career, which has spanned nearly four decades, Mr. Passo has directed the formation of more than 200 private and public limited liability companies, Tenant in Common programs, limited partnerships and Delaware Statutory Trusts. He has also directed the acquisition, entitlement, management, leasing and/or disposition activities of over 250 retail, office, multifamily and land properties, raising more than $1.4 billion in investor funds. He was the first to present to the IRS the concept of the Tenant-In-Common (TIC) investment structure through which individuals were given the opportunity to complete a tax deferred exchange under IRC section 1031 by acquiring an undivided interest in Real Estate. Following that presentation the IRS in 2002 validated the business, which became an industry by the passage of Revenue Procedure 2002-22, which specified the requirements for obtaining a Private Revenue Ruling on an individual Tenant in Common/1031 offering. As Founder and Chief Executive Officer of Passco Companies, he is responsible for the creation of a firm that is now recognized nationally as a leading real estate operating company that has acquired, managed, and/or developed well in excess of $3 billion in real estate investments with properties in 21 states. Mr. Passo holds a Juris Doctorate degree from the University of California, Los Angeles (UCLA). He practiced law from 1967 to 1985, specializing in real estate syndications and related tax and securities matters. He also holds a Bachelor of Arts Degree with honors from California State University, Long Beach. A registered representative and principal of Passco Capital, Inc., Mr. Passo has been a member of FINRA since 1998. He holds registered representative and general principal licenses, and has been a licensed California Real Estate Broker since 1974. Mr. Passo is a member of the International Council of Shopping Centers (ICSC), the Alternative & Direct Investment Securities Association (ADISA) and the Building Industry Association (BIA), and is a former Director of Catholic Charities Retirement Homes, Segerstrom Center for the Performing Arts and Western Medical Center Satchel Group.

Bruce Fischer is the Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the firm's Orange County office. He focuses his practice on working with real estate funds and real estate investment trusts (REITs) and their advisors in connection with the origination and purchase of, and participation in, senior and subordinate "mezzanine" loans and the purchase and sale, development and financing of commercial properties (including multi-property and multi-state portfolio sales and acquisitions), directly or through the formation of joint ventures with local operators and/or developers. Bruce also represents institutional lenders and institutional owners in connection with workouts involving complex loan restructuring, foreclosures, deeds in lieu of foreclosure, and the appointment of receivers. Additionally, his practice includes the representation of institutional lenders and borrowers regarding the origination of construction loans, permanent loans and credit enhancement involving commercial projects, multi-phase residential projects, and affordable housing projects.

Russ Parker has been a managing partner of Parker Properties since 1994. Parker Properties is a “best in class” asset services and development company specializing in office campus projects and commercial real estate services projects in Southern California. For the last 22 years, Parker Properties has developed and managed over 2,700,000 sf in 14 significant office projects. Our developments include the 150,000 sf build to suit for Advanced Bionics in Santa Clarita, the 167,000 sf QLogic Campus and the nine story Pacific Life Insurance building in Aliso Viejo. Parker Properties is currently under construction on the final phase of Summit, a 205,000 sf build to suit for medical device maker MicroVention/Terumo Corporation. Russ Parker is the design, entitlement, new projects, and marketing partner in charge for Parker Properties.

Jeffrey Cole is Vice Chairman for Cushman & Wakefield. With over 37 years of commercial real estate experience, Mr. Cole has represented over 82 million square feet of commercial, office and industrial space, and has executed over 250 sales transactions with a total consideration in excess of $9.2 billion. A multiple recipient of C&W’s prestigious national “Top Producer” Award, Mr. Cole is considered one of the top institutional office and industrial investment sales specialists in Southern California. In 2010, he was C&W’s top producer in the Western United States region and the top capital markets broker in 2016 and 2017. Prior to joining Cushman & Wakefield, Mr. Cole was a Principal with the Trammell Crow Company (TCC) and its predecessor Tooley & Company where he led the Orange County Office Leasing and Management Group for 22 years starting in 1985. In 1998 Mr. Cole co- founded and co-directed TCC’s Southern California Investment Services Group. While at TCC, Mr. Cole received the prestigious national “Top Producer” designation continuously from 1998 to 2006. Mr. Cole is a graduate of the University of Southern California, where he received his B.S. degree in Business, with an emphasis in Finance and Real Estate. Mr. Cole is the former Chairman of the City of Newport Beach Planning Commission. In 2017 he was named one of Orange County’s Most Influential Business Leaders by the Orange County Business Journal. He was also named by CONNECT Media as a California Top Broker Award recipient for 2017. He has taught Real Estate Graduate and Extension courses at the University of Southern California (USC) and University of California, Irvine (UCI), and is a current member of the ULI and NAIOP.

Mr. McEvoy co-leads the assets management and operations team for the company. Prior to joining Harbor Associates Rich was Vice President – Portfolio Director for EQ Office, the U.S. office portfolio company wholly-owned by Blackstone’s real estate funds. During his time at EQ Mr. McEvoy oversaw the firm’s portfolio operations in South Los Angeles and Orange County including all asset management, leasing, construction, and marketing for more than twenty-four office projects equaling over 6.5 million square feet. Prior to joining EQ Office Mr. McEvoy was a senior leasing executive for Douglas Emmett Inc. in West Los Angeles and a Senior Vice President and Partner with Lee & Associates in Irvine, California. Over his 22+ year career in commercial real estate Mr. McEvoy has led property repositions and maximized investment returns through the strategic deployment of over $175 million worth of capital improvements. Along the way Rich has completed numerous property sales in excess of $1B in value and more than 900 commercial lease transactions exceeding 5 Million square feet leased. Mr. McEvoy holds a Bachelor’s degree from the University of Southern California (USC). He is also a recipient of the Certified Commercial Investment Member (CCIM) designation and has been a regular member of NAIOP and LACRA.

In January of this year Kristine became the third City Manager for the City of Laguna Niguel since its incorporation in 1989. Kristine has a 29-year distinguished public service career. With the last 24 years holding multiple executive level positions in the largest city in Orange County, where she demonstrated success in managing complex programs, extensive understanding of fiscal management, ability to manage large projects, and commitment to transparent government and continuous improvement. In her most recent role prior to joining Laguna Niguel she was responsible for coordination of many municipal initiatives and serving as a liaison for all major developments while overseeing strategic planning. Kristine began her career as financial auditor. She possesses a Bachelor of Science Degree in Accounting from Arizona State University and Masters in Organizational Leadership from Chapman University.

Ella Shaw Neyland serves as President and affiliated director of Steadfast Apartment REIT III. She also serves as President and an affiliated director of Steadfast Apartment REIT and Steadfast Income REIT, positions she has held since October 2012. From October 2011 to September 2012, Ms. Neyland served as an independent director and Audit Committee Chair of Steadfast Income REIT. Ms. Neyland has considerable experience in real estate investment, development and finance. Most recently, while with Montecito Medical Investment Company, she advised the company in the acquisition of 43 medical properties with over two million square feet in 13 states, as well as the acquisition of 8,300 apartments in 29 communities. From 2001 to 2004, Ms. Neyland served as Executive VP, Treasurer and Investor Relations Officer of United Dominion Realty Trust (“UDR”), where she was responsible for capital market transactions, banking relationships, and presentations to investors and Wall Street analysts. Ms. Neyland also was a voting member of UDR’s Investment Committee, which oversaw the repositioning of over $3 billion of investments. Prior to 2001, Ms. Neyland served as the CFO at Sunrise Housing, a privately-owned multifamily development company, and as the Senior VP of Finance and the VP of Troubled Debt Restructures/Finance for the Lincoln Property Company, a multifamily development and property management firm. In addition to her extensive real estate background, Ms. Neyland has held executive positions in the banking industry, including CIBC, BancOne and Frost Bank. Ms. Neyland is currently a Board member for the Investment Program Association (IPA) and she is a member of the Urban Land Institute (ULI). Ms. Neyland received a Bachelor of Science in Finance from Trinity University in San Antonio, Texas.

John Santry is the Executive Vice President of Acquisitions & Development and leads the Land Division within Shopoff Realty Investments. He has over 20 years of real estate development experience and his depth of experience includes all facets of residential development and acquisition including site selection, due diligence, market research analysis, contract negotiation, financial modeling and development analysis, as well as project entitlement, design consultant team management and project financing. His expertise also includes construction oversight, property management oversight, asset management, and property dispositions. Prior to joining Shopoff Realty Investments in 2013, Mr. Santry was a principal with Santry Development LLC, a company he founded in 2009, where he pursued acquisition and development opportunities, as well as assisted a variety of clients with real estate consulting needs and development project management. From 2008 to 2009, Mr. Santry was vice president of the apartment division for Intracorp, where he created the apartment development and acquisition platform for Intracorp’s Southern California office. From 2007 to 2008, Mr. Santry served as the regional partner for JLB Partners, establishing the Southern California office, which was one of seven regional offices. From 2003 to 2007, Mr. Santry was a regional vice president and development partner with Legacy Partners. Before moving to Southern California in 2003, Mr. Santry resided in Dallas, Texas and was the regional development manager for JPI Development’s Texas region. He has participated at various professional levels in the entitlement, development, construction, lease-up and disposition of approximately 15,000 residential units in Texas, Colorado and Southern California. Prior to his career in real estate development, Mr. Santry served four years on active duty as an infantry officer in the United States Marine Corps. Mr. Santry holds a B.A. in History from Southwestern University in Georgetown, Texas and an M.B.A from Southern Methodist University in Dallas, Texas.

Tom Bak is Senior Managing Director of Trammell Crow Company where he serves as a member of the firm’s Leadership Council. Under Tom’s leadership, the Southern California Development & Investment Group has completed, or is in the process of completing, the development of office, medical office, industrial and brownfield projects totaling over 25 million square feet and representing investments of over $2.0 billion. Tom began his career with Trammell Crow Company as a leasing agent. He has received numerous regional and national awards recognizing his achievements as a top leasing and development producer. In 1989, he became one of the youngest partners in the firm. In 1996, Tom became leader of the Southern California Development & Investment Group.

Jeff Moore is a 30-year veteran of CBRE with leadership responsibilities for both the Orange County, California region, as well as for Retail Services for all Southern California offices. As a Senior Managing Director for the Orange County Region, a role he assumed in 2007, Jeff is responsible overseeing operations, business development and client relations for all lines of business in the Newport Beach and Orange Central offices, which total over 360 people including 110 sales and leasing professionals in addition to the Property Management, Project Management, Valuation & Appraisal and Debt & Structured Finance groups. Under Jeff’s leadership, CBRE has maintained its long-time standing as the market leader in Orange County year after year. In 2016, the Orange County Region completed more than $7.6 billion in sale and lease transaction value, and is the leading commercial real estate services firm in Orange County in terms of revenue and marketshare. In September 2009, Jeff, who spent much of his commercial real estate career building one of the top producing retail teams in the country, also added responsibility for Retail Services for all Southern California offices. In this role, he is responsible for deploying CBRE’s platform of services to provide overall strategy and consultative real estate solutions for the firm’s retail clients. He also works closely with the business line leaders of Asset Services, Brokerage, Investment Properties/Capital Markets and Valuation & Appraisal to create client specific, integrated retail teams. Jeff’s initial transition from brokerage to management came in 2006 when he took on the role of Managing Director for the Anaheim office. The next year, he was promoted to Senior Managing Director for the Inland Empire Region, considered one of the fastest growing markets in the country at the time. During his leadership tenure, he successfully led the Inland Empire Region to new heights, growing the business by 20-25 percent annually. As a retail broker, Jeff consistently ranked among the Company’s best performing retail professionals nationally, specializing in tenant representation and shopping center development. He is a graduate of CBRE’s first Emerging Leaders Program, which identifies and develops future market and line of business leadership in the United States.

John Loshbaugh is a Vice President in the Real Estate Capital Markets Group of KeyBank and is based in Newport Beach, CA. John leads Key’s fixed and floating rate off-balance sheet commercial production in the Western Region. John has 20 years of experience in the industry, first as Director with LaSalle Bank in Chicago, later moving to Newport Beach to open its first west coast production office in 2003. He later led a production team in the Western Region for Freddie Mac Multifamily and subsequently served as Executive Director for CIBC. In his lending career, John has financed over $10 billion in commercial real estate. John earned a bachelor’s degree in business administration from the University of Iowa, majoring in Finance. He is a member of the ICSC and Mortgage Bankers Association (MBA).

Sandra Jacobson is a partner at Allen Matkins in the firm's Orange County office. Her practice involves all aspects of real estate transactions, including acquisitions and dispositions, real estate development and leasing of office, industrial, multi-family and retail properties across the United States. Sandy has extensive experience in representing sellers and buyers in complex and portfolio projects involving industrial and office properties. Sandy has helped her clients to develop more than one million square feet of office, industrial and retail assets, including the negotiation of construction contracts, development agreements, reciprocal easement agreements, CC&Rs and other related development agreements and has helped her clients in the disposition of multiple industrial and office condominium projects. In addition, Sandy has extensive retail experience. She has represented several "big box" tenants and other anchor tenants in their acquisition of real properties and with the negotiation of their leases, SNDAs and other related lease documentation. She has also represented landowners in the negotiation of leases and other related documents with a wide array of anchor and junior anchor tenants.