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Boardroom After Dark with Melinda Ellis Evers
ULI members had the pleasure of dining with Melinda Ellis Evers, Managing Principal and co-founder of Ellis Partners
To kick off the New Year, ULI San Francisco hosted John McNellis, of McNellis Partners, to discuss his recent book, “Making It in Real Estate: Starting Out as a Developer”. Mr. McNellis co-founded McNellis Partners in 1982, and has been developing retail and mixed-use properties in the Bay Area since. Mr. McNellis is also a monthly columnist for the Registry Magazine and guest lecturer for ULI, NAIOP and the ICSC.
On January 10th, around 100 ULI members gathered on a rain filled night to hear Mr. McNellis discuss the practical advice and wisdom he has gained in his 30-year career, and answer questions from the audience and moderator, Michael Jameson who had a distinguished career at Prudential.
Mr. McNellis spoke about the fundamentals of real estate investing, discussing how to add-value in a real estate transaction, protect yourself in a downturn, understand and work through local and regional politics (no Porsches and Rolex’s at City Council meetings), and finished with a case study for a retail development that he worked on for nearly 20 years. The case study was used to highlight the inherent risks in development that are derived from public opinion, local government politics and the changing economics of a deal.
The interview posed questions to Mr. McNellis ranging from how to choose the right deal and operating partner, to the best way to get started on your own. Mr. McNellis, who is always quick with a catchy one-liner, imparted on the crowd that “experience is something you acquire, right after you need it” and that starting small with “paint and petunias” value-add deals are a good way to get experience while minimizing your risk.
The event provided valuable anecdotes and insightful ideas. For all who attended, the event was a good way to meet the author and “wet” the appetite for the book. Everyone in attendance received a copy of John’s book, courtesy of Jeff Weber with Eastdil Secured.
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