A team of University of British Columbia students won the third annual ICSC Foundation Case Competition with a smart plan for creating value in a retail development.

Seven teams, each made up of three to five students, had one week in early November to form a strategy and film a presentation in response to a hypothetical case prompt written by Stirling Properties vice president of finance and capital markets Justin Landry and PMAT Cos. founder and CEO Bob Whelan.

Teams determined whether to buy and hold a poorly managed grocery-anchored center in a high-traffic location, buy it and redevelop portions, or take a pass on the deal altogether. Each team had access to two hours of an industry advisor’s time to help refine the strategy and presentation. Teams met with judges — Acadia Realty Trust senior vice president and head of acquisitions Reggie Livingston, Nelson Mullins partner Anitra Androh, Colliers senior vice president and national lead of Retail Services Jane Domenico and Brixmor director of acquisitions and dispositions Michael Leanse — on Nov. 12, to respond to their questions.

The Competitors and Winners

The University of British Columbia, advised by Vestar associate director of finance Kean Thomas, won for its strategy to buy the poorly managed property and hold it for three years while leasing it up:

The team earned $2,500 plus an all-expenses-paid trip to ICSC LAS VEGAS 2023.

Second-place University of Guelph, advised by Rappaport director of leasing and brokerage Thomas Bolen III, received $2,000:

Third-place Indiana University, advised by Edens senior vice president of investment Nicole Shiman, took home $1,500:

Also competing were:

IUPUI, advised by Vestar project director Ryan Ash:

NYU, advised by PGIM Real Estate executive director Alison Hallberg:

PennState, advised by Grace Lewin, vice president of development at Brookfield Properties Development:

Toronto Metropolitan University, advised by Simon CRE founder and Josh Simon: