Representative Assignments

Byrnes & Keller
Roy Schneiderman has been retained by Byrnes & Keller to provide expert witness testimony in a dispute between a real estate investment advisor and its pension fund client regarding the appropriateness of an investment in Bellevue, Washington.

California Public Employees’ Retirement System (CalPERS)
Bard Consulting was selected to be on CalPERS’ inaugural panel of Special Projects Consultants in 2005. In that capacity, we review investment opportunities, research real estate investment strategies, and undertake special projects on behalf of the CalPERS Real Estate Investment program. A brief description of a representative assignment follows:

Pacific Coast Capital Partners. Due diligence related to CalPERS proposed investment of in the California Smart Growth Fund. This fund focuses on infill development within California and will be part of the CalPERS’ California Urban Real Estate (“CURE”) allocation.

California State Teachers’ Retirement System (CalSTRS)
Bard Consulting was selected to be on CalSTRS’ panel of Independent Fiduciaries in 2002. In that capacity, we provide due diligence and independent analysis of real estate joint ventures and co-investments. A brief description of some of these assignments follows:

Regency Centers. Due diligence related to CalSTRS’ investment in a joint venture with this publicly traded REIT that specializes in grocery-anchored shopping centers. Click here to read more about this assignment
Residential Development Whitepaper. Preparation of a comprehensive analysis of the for-sale residential development investment arena. Recommended that CalSTRS include investment in for-sale residential development as part of its real estate allocation. The CalSTRS Board accepted this recommendation in September 2005. CalSTRS has since retained Bard Consulting to assist in identifying and underwriting investment opportunities in this area. Click here to read more about this assignment
Transamerica Building. Analysis of CalSTRS’ opportunity (with the Canyon-Johnson Urban Fund) to acquire this three-building, 1.15 million square foot mixed-use office project near downtown Los Angeles.
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Waterton Associates. Due diligence related to CalSTRS expanding its joint venture with Waterton Associates, a real estate investment firm that specializes in acquiring, financing and repositioning multi-family communities across the country.

California State Polytechnic University, Pomona
Bard Consulting has been working with Cal Poly Pomona since 2001 to facilitate development of Innovation Village, a 60-acre business park, on land adjacent to the University campus. Services have included 1) RFP preparation, 2) developer selection, 3) negotiation of business terms, and 4) financial analysis and modeling. Click here to read more about this assignment.

LNR Commercial Property Investment Fund
The Advisory Board of this institutional fund has retained Bard Consulting as an independent fiduciary to review certain assets controlled by the Fund manager that the Fund manager desired to transfer into the Fund. Bard Consulting has been charged with determining the acceptability of the proposed transfer prices. Click here to read more about this assignment.

Local Investor, Confidential
Bard Consulting provided a strategic review of the real estate holdings of a local investor and provided hold/sell recommendations for a portfolio with gross property values of approximately $50 million.

Malan Realty Investors/Malan Liquidating Trust
From 2001-2005, Bard Consulting has functioned as the primary strategist and general “trouble-shooter” for the Chief Executive Officer of Malan. Malan was a Detroit-based publicly-traded retail REIT that elected to undertake voluntary liquidation in 2002. Since August 2004, Malan has been a Liquidating Trust and is no longer publicly traded.
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San Francisco Bay Area Rapid Transit District (BART)
Bard Consulting studied the feasibility of building a headquarters building on a site owned by BART. The analysis included both the quantitative and qualitative aspects of the decision.

Seiler, Epstein, Ziegler & Applegate
Roy Schneiderman was retained by Seiler, Epstein, Ziegler & Applegate and provided expert witness testimony in a breach of contract dispute between partners related to a development deal “south of Market” in San Francisco.
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Unico Properties
Bard Consulting, in conjunction with Sedway Group/CB Richard Ellis, provided a corporate valuation of Unico Properties, a Seattle-based real estate management and investment firm. Unico has approximately six million square feet under management, comprised primarily of properties in which Unico also has an ownership interest.

Wall Street Investment Firm, Confidential
Bard Consulting valued a 650-acre single-family residential development in a New England state including a golf course and country club complex which was being considered for purchase by the firm’s principals as individuals.