Real Estate Associate Program marks 20 years with reception at ICSC RECon 2018 Las Vegas

REAP alumni from across the nation celebrate REAP’s 20th anniversary.

Las Vegas, NV “Today marks a rite of passage – 20 years of existence, 20 years since our founding” said Real Estate Associate Program (REAP) board chair Lamont Blackstone, CRX, principal, G. L. Blackstone & Associates LLC, addressing over 150 REAP alumni, retail real estate industry executives and other supporters at the May 20th REAP reception at the International Council of Shopping Centers (ICSC) RECon 2018 Global Retail Real Estate Convention held May 20 – 23. The reception celebrated the 20th anniversary of one of the nation’s leading real estate diversity initiatives, whose over 1,000 graduates are helping to build the bridge between talented minority professionals and commercial real estate.

Angele Robinson-Gaylord (REAP Chicago ’09, president of US Property at IKEA Group, elected to Board of Trustees, ICSC) and REAP founder Michael Bush.

Since its initial program in 1998, REAP has implemented a multi-layered program of education, mentorship and strategic networking in nine key urban centers: New York City; Chicago; Washington, D.C.; Cleveland; Columbus; Los Angeles; Dallas; Kansas City; and Atlanta.

Blackstone outlined REAP’s goals to reach by 2020 including having a REAP alum or volunteer member join the board of directors of a major real estate company; facilitating connections between REAP’s nine markets; and becoming financially sustainable for the next 20 years and beyond. He said that his fourth goal was met this year when one of REAP’s most notable alumni, Angele Robinson-Gaylord, (REAP Chicago ’09), president of U.S. property at IKEA Group, was elected to the board of trustees of ICSC.

Blackstone paid tribute to REAP’s founder, Michael Bush, noting that REAP would not exist if not for his vision. Bush told the audience that “the industry needs our talent” and pointed out that over 500 REAP graduates hold management positions in leading real estate companies today. He congratulated REAP alumni on “your achievements, your perseverance and your courage.” He applauded and thanked REAP interim executive director Ken McIntyre and REAP associate program director Osayamen Bartholomew.

At RECon, REAP also hosted a panel discussion on Women in Commercial Real Estate, moderated by Starlett Quarles, managing director, The Bedford Group, LA. Speakers were REAP alumni: Robinson-Gaylord; London Kemp, director, studio real estate & facilities–worldwide operations, Netflix, LA; and Tamela Thornton, founding partner and principal, ESmith Advisors, a Dallas-based, CRE company, who was profiled by Bisnow as one of the women changing the face of CRE in Dallas.

The ICSC Partners in Diversity & Inclusion panel discussion featured ICSC president and CEO Tom McGee; NFL Hall of Famer Emmitt Smith, CCIM and chair, ESmith Advisors; Jocelyn Moore, sr. VP public policy & gov’t affairs, NFL (a REAP alum); John Gates, CEO, Americas Markets, JLL; Wendy Mann, CAE, CEO, CREW Network; Lyneir Richardson, CEO, Chicago TREND (also the keynoter at REAP’s recent NYC 2018 graduation). REAP was also represented at a Diversity Reception hosted by the ICSC Partners in Diversity & Inclusion and the ICSC Foundation where Kim Williams of Starbucks, VP of store development for South Central, Mid America and Western Mountain regions spoke.

For more information on Project REAP visit www.projectreap.org.

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Zillow expands new business of buying and selling homes to its second market: Las Vegas

Zillow CEO Spencer Rascoff. (GeekWire Photo / Kevin Lisota)

Zillow Group has expanded its new business of directly buying and selling homes to Las Vegas, its second market after kicking off in Phoenix in April.

Some homes on Zillow in Las Vegas will now have a big button that says “get an offer.” The seller fills out a short questionnaire and sends in a couple photos. About 48 hours later, Zillow comes back with an offer and an agent to work with. The seller and Zillow set up a call to walk through the offer and schedule an inspection. Then Zillow sends a revised offer after seeing the house. If both sides are happy with the situation, the seller signs forms digitally and picks a closing date. Zillow takes care of the rest.

Contractors working for Zillow do a small renovation project to prepare the home for sale. Zillow works with local agents — in Las Vegas Berkshire Hathaway HomeServices Nevada Properties and Coldwell Banker Premier Realty — to list and sell the homes.

The entrance into direct buying and selling represents an expansion of Zillow’s Instant Offers program. The move marks a risky bet, but one that CEO Spencer Rascoff says could be especially lucrative.

The company says it is going for sales volume over making a bundle on each and every sale. Rascoff explained the company’s pricing strategy in Zillow’s most recent earnings call, saying that right now, the main goal is just to come out ahead on homes at the beginning of the new program. Rascoff expects the margin on each home to rise as the home sales business grows.

For 2018, Zillow expects to hold 300 to 1,000 homes in inventory related to the new Homes financial reporting segment, from which it expects $125 million to $255 million in new revenue.

Zillow’s entrance into direct buying and selling of homes makes what was already a competitive market even more crowded. Another Seattle real estate heavyweight, Redfin, jumped into the market last year. Opendoor just today announced it has reeled in $325 million in fresh funding, a few weeks after Offerpad landed a $150 million debt and equity round.

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Aces lose lead late in 5-4 loss to Las Vegas

Reno, NV. – A hot start for the Reno Aces wasn’t enough to secure the victory on Saturday night. Anthony Vasquez got the start for Reno, tossing six innings of two-run baseball while striking out six. The Aces offense was led by Kristopher Negron and Christian Walker who both finished with two hits. Negron’s triple in the bottom of the 5th inning ties him for sixth all-time in Aces history with 13 triples. The 5-4 loss brings Reno to a record of 24-33 on the season, 10 games back of the first-place Fresno Grizzlies.

Anthony Recker got the Aces offense going in the bottom of the first inning. After Negron singled, Recker delivered his team-leading 26th RBI of the season on a sharp line-drive double. Las Vegas Former Aces outfielder Zach Borenstein responded in the top of the second with a two-run home run to give Las Vegas a one-run lead. In the bottom of the third, Ildemaro Vargas ran into a Corey Oswalt fastball for his fourth home run of the season. The Aces added their fourth and final run in the bottom of the fifth inning, but a three-run seventh for the 51’s was too much for the Aces to overcome.

Top Performers – Reno
• Kristopher Negron (2-for-5, 2 R)
• Ildemaro Vargas (1-for-5, R)
• Christian Walker (2-for-4, RBI)

Top Performers – Las Vegas
• Todd Frazier (2-for-3, R, 2 RBI)
• Zach Borenstein (1-for-3, 2-run HR)
• Dominic Smith (1-for-5)

Tomorrow’s Matchup
DAY DATE OPPONENT PROBABLE PITCHERS TIME (PT) (PT) RADIO/TV
Sunday June
3 Las Vegas 51’s RHP Joel Payamps vs.
RHP Drew Gagnon 1:05 p.m. KPLY 630 AM

Notes & Information
Sold It Out: There were 8,080 fans in attendance at Greater Nevada Field Saturday night. This crowd was the second sell out of the Aces 2018 campaign. Their last came on May 9th when 9,152 Aces fans poured into the stadium downtown. Tonight, marks the 34th sellout in Aces history.

Three Bags: With a triple in the bottom of the fifth inning, Kristopher Negron moved up to sixth place all-time with 13 triples for the Aces. Current 51, Zach Borenstein, is tied with Negron despite 106 more games. The veteran utility man has 54 career triples and tallied 11 in 2017 with Reno.

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