Held last month during ICSC LAS VEGAS, the 2026 ICSC & UNC Retail Real Estate Case Competition once again challenged top university teams to think like real-world Marketplaces Industry professionals. This year’s case focused on repositioning a well-established shopping center with a strong existing customer base, requiring teams to build on current demand rather than rely on future population growth.
Sixteen university teams from across North America competed in the annual competition. After a preliminary round, four teams moved on to a final round with presentations judged by industry leaders. The team from South Carolina’s Wofford College — a new ICSC Foundation University Partner and a school with no formal real estate major or minor — notably emerged as the winner. The University of Alabama came in second place, while Colorado State University and The University of North Carolina at Chapel Hill were named finalists.
Kenneth Lamy — a judge for the final round and founder, president and CEO of both The Lamy Group and DPI Exeter — said Wofford’s presentation was the one in which all essentials worked together:
- clear structure with introduction, strategy, execution and conclusion/recommendation
- bold, engaging visuals that used images, charts, financial analysis and graphics
- effective, confident delivery from body language and tone to pace and presence
- engagement with judges and interaction with each other that enabled calm responses to judges’ questions
Wofford’s financial modeling impressed another final-round judge, ICSC chair JP Suarez. “They really dug into the different aspects of potential returns on the investment and also proposed a very realistic retenanting and new development plan,” he said. “I could have seen this proposal in any industry real estate committee.”
Wofford College’s first-place team presents during the final round of the 2026 UNC & ICSC Retail Real Estate Competition.
A Complex, Real-World Assignment
This year’s case, written specifically for the competition by The University of North Carolina at Chapel Hill in collaboration with Asana Partners, centered on The Arboretum, a well-located shopping center in Austin, Texas. Student teams were cast in the role of an internal underwriting team advising fictional private investment fund Austin Capital Partners on whether and how to acquire and reposition the property for long-term value creation.
The assignment required participants to evaluate an all-cash acquisition and develop a five-year business plan that maximized risk-adjusted returns while minimizing downside exposure.
From there, teams addressed four key challenges:
- Retenanting a flagship anchor space: A two-story suite nearing lease expiration presented an opportunity for a new anchor tenant or creative reconfiguration of the space.
- Reimagining the tenant mix: With multiple leases expiring through 2030, teams needed to determine which tenants to retain and which to replace to elevate the center’s positioning.
- Exploring outparcel development: Excess surface parking created an opportunity for as much as 15,000 square feet of new development, requiring careful analysis of use, cost and integration with the broader merchandising plan.
- Enhancing placemaking: A large, adjacent green space raised the possibility of programming, events and physical improvements to drive traffic and improve the customer experience.
Underpinning these considerations was the broader question: how to reposition The Arboretum over a five-year hold period into a highly desirable retail destination for higher-income Austin consumers — one offering a curated tenant mix, strong merchandising variety and a frictionless customer experience, including convenient access, intuitive circulation and minimized parking constraints compared with nearby competitors.
In addition to developing strategic visions, teams were required to build detailed financial analyses, including projected cash flows, internal rate of return and equity multiple for the five-year hold period. The assignment was structured as an all-cash, pre-tax investment, requiring teams to evaluate how capital allocation — from tenant improvements to placemaking and development — would impact overall returns.
The Top Teams
Wofford College, competing as Palmetto Capital Partners, won the first-place $10,000 prize: Thomas Epps, Jack Jordan, Jake Bailey and Mark Brown, advised by the college’s Boyce Lawton
The University of Alabama’s second-place team, Evergreen Growth Partners, won $6,000: Lindsey Brewer, Asa Moran, Andrew Mannion and Faith Turner, advised by the university’s Wes Herring
Colorado State University’s finalist team, The Key Collective, took home $2,000: Evelyn Luevano, Kian Loughrey, Max Wolpert and Alex Domek, advised by the university’s Patti Chapman
The University of North Carolina at Chapel Hill’s Atlas Capital also earned a finalist nod and $2,000: Tyler Hutchins, Walker Wilson, Thomas Smith and Payson Brugge, advised by the university’s Lynn Tocci
The competition field also included teams from Baruch College, California State University Northridge, Indiana University, Lehigh University, Marquette University, Pennsylvania State University, Sauder School of Business at the University of British Columbia, The University of Alabama, University of Colorado Boulder, University of South Alabama, The University of Texas at Austin, The University of Texas at El Paso and Villanova University.
Judged by Industry Leaders
Participants presented their strategies to panels of industry professionals across both preliminary and final rounds.
Finals judges:
JP Suarez, ICSC chair
Ivy Greaner, Levy Legacy Group
Kenneth Lamy, The Lamy Group/DPI Exeter
The competition’s final round was judged by The Lamy Group/DPI Exeter’s Kenneth Lamy, Levy Legacy Group’s Ivy Greaner and ICSC chair JP Suarez
Preliminary round judges:
Peter Borzak, Pine Tree
Michael Carroll, RD Management
Rod Castan, Metro Commercial
David Henry, Peaceable Street Capital
Sarah Johnson, JLL
Ran Meng, Phillips Edison & Co.
Jared Nutt, Citi
Daniel Radek, First Washington realty
Gary Rappaport, Rappaport
Danielle Richardson, KPR
Beverly Ricks, Retail Property Solutions
Christopher Smitherman II, McDonald’s
Dina Stetler, CBRE
Carrie Trongone, JLL
Max Unger, Structure
A group of 15 Marketplaces Industry professionals judged the competition’s preliminary round
2025 ICSC & UNC Retail Real Estate Case Competition: Does This Property Have Long-Term Value-Creation Potential?
The ICSC Foundation holds two student case competitions each year: the ICSC & UNC Retail Real Estate Case Competition in May at ICSC LAS VEGAS and the virtual ICSC Foundation Real Estate Challenge in November. For more information on the ICSC Foundation’s programs, click here.
By Katie Kervin
Managing Editor, Commerce + Communities Today