Huntsman School of Business Students Win Utah Real Estate

A team of four Utah State University students from the Jon M. Huntsman School of Business recently learned it won first place at the 2007 Utah Real Estate Challenge, a distinction that comes with a $20,000 first prize.

Forty seven teams from four academic institutions registered to compete in the challenge that was sponsored by Zions Bank, the David Eccles School of Business at the University of Utah and other corporate sponsors from around the state.  More than two dozen teams from the U of U and more than a dozen teams from Brigham Young University registered to compete.

 

The students on the winning team, all from professor Alan Stephens’ USU real estate finance class, were Morgan Cox, Katie Cox, Jamie Lucky and Brad Ethington. The team, “Aggie Developers,” was one of two USU teams that competed.

 

The students were asked to create a proposal for the development of an actual piece of real estate, Stephens said. They asked a market professional, Steven Stokes, and Stephens to assist them as advisors. They prepared a proposal for the Pine Crest Shopping Center in Logan that is just off 1400 North and Main. It’s the shopping mall that is home to Little Caesar’s Pizza, Café Rio and Checker Auto.

 

“This is a project that took academic instruction and applied it to the real world,” Stephens said. “The idea was for the students to gain practical experience in something that is very important to our economy, real estate development.”

 

The students did a market study and came up with a proposal that would draw in shops that target people under the age of 29, which they said is half the population of Cache Valley. Their recommendations also included knocking out part of the L-shaped building to make it easier for traffic to get to and come from Wal-Mart which is behind the building. They also suggested they shift some tenants around the building to make room for a larger national tenant to anchor the development. They proposed giving the building a face lift to make it more attractive to customers and tenants, Morgan Cox said.

 

Steve Stokes, one of the owners of the property, called the student’s work “extensive and sophisticated.”

 

“As we progress, through the development phases, the ‘Aggie Developers’ team’s analysis substantiates our assumptions,” he said. “Clearly one benefit to their victory will be an increased awareness of this site’s potential to commercial leasing agents, state-wide.”

 

Stokes said the students were professional as they tackled the project.

 

“We are also impressed with their kind consideration shown to us as owners of this project, and to our project development team from the Woodbury Corporation,” he said. “The fact that they are Aggies, only sweetens this victory.”

 

Market professionals judged the proposals after the students made presentations. 

 

“The fact that market professionals outside the classroom reviewed their proposal and recognized it as they did, is a significant validation of their work,” Stephens said.

 

The students get to split the money four ways and most plan to use it for tuition and other expenses. Morgan and Katie Cox, who recently were married, said they also have their eye on some kayaks they’d like to buy.

 

Lucky said she found an immediate need for her winnings.

 

“It was so ironic,” she said, “because my laptop died the day before and we went down the next morning and won $20,000. So, I got a new laptop on the way home.”

 

The students said the experienced help that Stephens and Stokes offered was key to their success. Morgan Cox said students were grateful that Blacksheep Land Company, LLC and its designated manager The Woodbury Corporation, allowed them use the property for the proposal. The company provided them with building plans that the students adapted for the proposal.