St. John Properties | Partner in Training Program

PARTNER IN TRAINING PROGRAM

“We don’t just believe in a commitment to excellence. We practice it every day.” Edward St. John Founder & Chairman

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CONTENTS

INTRODUCT ION COMPANY HIGHLIGHTS....................................................................4

COMPANY MILESTONES ...................................................................5

ABOUT THE PARTNER IN TRAINING PROGRAM........................6

ABOUT THE PROGRAM GRADUATES ..........................................7

DEPARTMENT TRA INING UNI TS PROPERTY MANAGEMENT...............................................................9

TENANT IMPROVEMENT....................................................................10

LEASING..................................................................................................11

CONSTRUCTION..................................................................................12

DEVELOPMENT.....................................................................................13

LEGAL & ACQUISITIONS....................................................................14

PROGRAM WORK FLOW FOUR YEAR WORK FLOW..................................................................15

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COMPANY HIGHLIGHTS

Established in 1971 by Edward St. John, St. John Properties has evolved from a small, local real estate developer into one of the largest and most successful privately held commercial real estate firms in the Mid-Atlantic region. The company was recently recognized as the 2018 national Developer of the Year by NAIOP – the Commercial Real Estate Development Association’s highest honor. We continue to expand our portfolio, explore new markets and constantly evaluate new business opportunities.

WISCONSIN Regional Office,

MARYLAND Corporate Headquarters, Baltimore, MD Regional Office, Frederick, MD 15 Million SF PENNSYLVANIA Regional Shopping Mall, Harrisburg, PA 1 Million SF

Hartland, WI 1.5 Million SF

NEVADA Hospitality, Boomtown, NV 451,000 SF

UTAH Regional Office, Pleasant Grove, UT 1.2 Million SF

VIRGINIA Regional Office, Ashburn, VA 1 Million SF

COLORADO Regional Office,

LOUISIANA Regional Office, Gonzales, LA 445,000 SF

Golden, CO 1 Million SF

$3.5 BILLION REAL ESTATE VALUE

20+ MILLION SQUARE FEET

ZERO LOAN DEFAULTS

2,200+ CLIENTS

150 LOCATIONS

190+ EMPLOYEES

48 YEARS IN BUSINESS

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COMPANY MILESTONES

1967 1971 1972 1987 1989 1996 2000 2001 2005 2009 2009 2012 2016 2014 2017 2018

Edward St. John and Leroy Merritt construct their first building, the Stafford Business Center in Baltimore, MD

Edward St. John independently organizes as Maryland Industrial Enterprises (MIE)

MIE constructs its first building totaling 130,000 square feet at Columbia Center in Columbia, MD

MIE expands business to Colorado with a new regional office in Golden, CO

MIE expands business to Wisconsin with a new regional office in Hartland, WI

MIE expands business to Northern Virginia and Central Maryland with a third regional office in Frederick, MD

MIE expands to Louisiana with a fourth regional office in Gonzales, LA

MIE purchases Maryland Science and Technology Center, later renamed Melford Town Center, in Bowie, MD

MIE Properties is renamed to St. John Properties, and relocates their headquarters to Windsor Corporate Park in Windsor Mill, MD

St. John Properties secures development rights to 413 acres at The GATE in Aberdeen Proving Ground, MD

St. John Properties partners with Greenebaum Enterprises to construct 1.5 million square feet of space at Maple Lawn in Fulton, MD

St. John Properties acquires Harrisburg Mall in Harrisburg, PA adding one million square feet of retail to the portfolio

St. John Properties expands to Utah with the opening of a fifth regional office in Pleasant Grove, UT

St. John Properties breaks ground on the next phase of development at Greenleigh at Crossroads in Middle River, MD

St. John Properties breaks ground at Valley Grove – a 62-acre mixed- use community in Pleasant Grove, UT

St. John Properties named Developer of the Year by NAIOP, the Commercial Real Estate Development Association

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A B O U T T H E PARTNER IN TRAINING PROGRAM

Since our founding in 1971, St. John Properties has expanded beyond the Baltimore Metropolitan area to eight states across the country. Our Regional Partners work closely with the executive leadership team in Baltimore to maintain consistency in product offerings, capabilities, and management throughout the portfolio. The purpose of the St. John Properties Partner in Training program is to prepare trainees to become Regional Partners. Selected training program candidates are entered into an intensive four-year long program at our Baltimore headquarters. During this time, the Partner in Training (PIT) will learning the fine points of site selection, acquisition, development, design, construction, leasing, marketing, and property management. During the training period, the PIT will be compensated with a competitive salary, benefit package and other in- centives. At the completion of the training program, the PIT graduate will be eligible for equity participation, a competitive salary, benefit package and other incentives once their new office location has been selected.

EDWARD ST. JOHN FOUNDER AND CHAIRMAN

LAWRENCE F. MAYKRANTZ PRESIDENT

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A B O U T T H E PROGRAM GRADUATES

SEAN DOORDAN SENIOR VICE PRESIDENT, ACQUISITIONS

GREG FAX REGIONAL PARTNER, WISCONSIN

Mr. Doordan has been with St. John Properties since 2005. He is responsible for sourcing and evaluating potential land and building acquisition opportunities. Mr. Doordan earned his Bachelor of Science degree in Business Management from the University of Delaware and a Master of Health Administration from The George Washington University. He also earned a Master of Science degree in Real Estate from the Edward St. John Real Estate Program at the Johns Hopkins Carey Business School.

Mr. Fax has been with St. John Properties since 1987. He is responsible for all the company’s activities in Wisconsin and has developed nearly 1 million sq. ft. of commercial space across 13 business communities. He holds a B.B.A. degree and an M.S. in real estate from the University of Wisconsin.

BRANDON JENKINS REGIONAL PARTNER, COLORADO

DANIEL THOMAS REGIONAL PARTNER, UTAH

Mr. Jenkins has been with St. John Properties since 2014. As Regional Partner, he directs the comprehensive development, acquisition, construction, leasing, and asset/property management activities for the firm’s portfolio in Colorado. Mr. Jenkins earned his Bachelor of Science degree in Urban Planning from the University of Utah and a Master of Science degree in Real Estate from the Edward St. John Real Estate Program at the Johns Hopkins Carey Business School.

Mr. Thomas, who joined St. John Properties in 2009, is responsible for all operations of St. John Properties Utah and has developed more than 600,000 sq. ft. of retail and class ‘A’ office space at Valley Grove in Pleasant Grove, Utah. He holds a B.A. in Real Estate Finance from Portland State University and a M.S. in Real Estate from Johns Hopkins. He has instructed courses in commercial real estate at Johns Hopkins and the University of Baltimore, and is the past chairman of the University of Baltimore’s Real Estate & Economic Development Advisory Board.

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PROPERTY MANAGEMENT 2 MO N T H S

The Property Management Division training unit will introduce the Partner in Training (PIT) to the services the company provides to each building and tenant. The PIT will spend time performing property maintenance, lease administration and the duties of a Property Manager.

MAINTENANCE 1. General Maintenance 2. HVAC Maintenance 3. Full-service Building Maintenance

PROPERTY ADMINISTRATION

1. Documents and lease structures (FS, NNN, MG, % rent, ground lease, etc.) 2. Abstracting leases, collections, batches, water billing, CAM and RET billings 3. Collection calls 4. Learn an entire cycle of Lease Admin duties PROPERTY MANAGEMENT 1. Team up with different Property Managers 2. Walk parks and visit clients in portfolio 3. Attend collections, negotiations, arbitrations and court appearances 4. Respond to building inspection reports 5. Attend all move-in’s and move-outs for assigned portfolio 6. Create actual budget with comparison to last two years 7. Special projects as assigned

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1 0 M O N T H S TENANT IMPROVEMENT

The Interior Construction department initiates client build-outs/tenant improvements (TI). During this section of the PIT program the trainee will learn the details of building out the leased space for the client. The PIT will learn the steps to estimating, project management and permit expediting. The primary focus of instruction will focus on flex/R&D and single-story office space.

INITIAL ESTIMATING 1. Provide turnkey estimating using a combination of previously-bid unit pricing and competitive vendor proposals that are solicited from the market. 2. Complete turnkey take-off using estimating soft- ware and/or other conventional methods. Input all data into SJP estimate forms. 3. Review all estimates with SJP VP prior to forward- ing to leasing for their use. 4. Understand typical space service requirements. PROJECT MANAGEMENT The PIT is expected to run projects and complete esti- mates on their own while being shadowed by a Project Manager and the VP of Interior Construction department. The PIT will manage and estimate 6-8 projects of various sizes and dollar amounts from start to finish. 1. Review project estimates and vendor proposals and check each against projects’ Construction Docu- ments in order to make awards. 2. Set-up project budgets in a manner to track con- struction costs throughout each project’s schedule. 3. Complete a project schedule for each project and broadcast each schedule to the client and the team of subcontractors/vendors selected for each project. Update as necessary. 4. Conduct daily job site visits. 5. Process weekly invoices and validate costs against project budgets. 6. Attend one or more jurisdictional permit submissions with a construction coordinator.

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LEASING 2 4 M O N T H S

Our leasing representatives undergo extensive training with our construction, finance and maintenance departments to gain in-depth knowledge of the landlord-client relationship. This enables our leasing representatives to guide our clients through the process with great efficiency, from property showings and agreeing on lease terms to space planning, design and interior construction.

During their time with the Leasing department, the PIT will spend time with several Leasing Representatives to learn how the department functions including the following: 1. Sales styles, different submarkets and competition, building types and the various users of commercial real estate 2. The features and benefits of leasing a St. John Properties building and project 3. How to prepare and negotiate all Lease documents and renewal amendments 4. How to price buildings based on market information, use types and tenant improvements 5. How to best market the company and your projects including Costar, Brokers Real Estate events, direct mail, sales calls, existing clients, local media outlets, and other marketing channels including social media.

The art of making the deal

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6 MO N T H S CONSTRUCTION

St. John Properties utilizes value engineering and state-of-the-art construction techniques in creating all of its commercial and residential products. Our in-house teams allow St. John Properties to complete projects on schedule and at a competitive price. During this phase of the program, the PIT will work hands on with the onsite construction Superintendents as well as Project Managers and the SVP of Construction.

FIELD WORK Hands-on construction with the Superintendent

1. Understand fundamentals of construction (will work in trenches along with subcontractors to construct building) 2. Site work exposure 3. Construction sequencing

4. Building inspections 5. Budget management

WORK WITH PROJECT MANAGER

1. Assist with projects and daily activities 2. Introduction to preparing construction budgets and project estimating 3. Exposure to day to day on-site activities including site visits and problem solving WORK WITH SVP OF CONSTRUCTION This is where overlap with Development can occur. Reviewing design of buildings, site plans, landscaping, utilities, parking and LEED building 1. Exposure to what SJP does that may be unique 2. Advise on hiring vendors and personnel 3. Bigger picture issues 4. LEED design and sustainable building practices

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DEVELOPMENT

5 M O N T H S

The Development Department Training Unit will familiarize the PIT with the development and entitlement process, from site acquisition through the commencement of construction. The PIT will be given an overview of programs regulated at the various levels of government in addition to legislative and lobbying activities. Additional topics will include:

DEVELOPMENT TOPICS

TYPICAL PERMITS / APPROVALS REQUIRED PRIOR TO CONSTRUCTION 1. Wetlands 2. Access Permit 3. Notice of Intent 4. Airport Zoning Permit 5. Obstruction Evaluation / Airport Airspace

1. Zoning Matters 2. Land Use 3. Building Codes

4. Studies / Feasibility 5. Development Plans 6. Adequate Public Facilities 7. Fees 8. Construction Plans

6. Grading 7. Building 8. Signage

9. Design 10. Permits 11. Economic Incentives 12. Legislative / Government Relations

13. Community Outreach 14. SJP Design Standards 15. Research / Resources

BUILDINGL 16,320SF 1-STORYOFFICE FF62.5 HGT.= 18'±

DEVELOPMENT / ENTITLEMENT PROCESS OVERVIEW

BUILDINGM

16,320SF 1-STORYOFFICE FF63.5 HGT.= 18'±

1. Acquisition 2. Concept Plan 3. Community outreach

4. Development Plan 5. Construction Plans 6. Building Plans 7. Redevelopment / Renovations

CROSSROADSCIRCLE

C I R C L E

C R O S S R O A D S

TRANSFORMERS

4-STORYAPARTMENT LEVELB2 ELEV.= 38.68 HGT.= 66'+/- PROP.BLDG 2 #11550

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1 MO N T H LEGAL & ACQUISITIONS

St. John Properties manages all acquisition, partnership, investment, and contract activities internally. During this phase of the program, the PIT will be introduced to the various steps involved in the acquisitions process.

ACQUISITIONS

CONTRACTS

1. Introduction to means of finding and sourcing investment opportunities • Brokerage community / understanding offering memorandums • Lenders, auctioneers, web-based (CoStar / Ten-X) • Tax Maps, independent searches, assemblages 2. Preliminary Financial Modeling • Introduction to fundamental pro-forma modeling 3. Introduction to deal structuring • Fee simple, Joint Venture (JV), Ground Lease and SJP’s preferred methods

1. Basic understanding of a fee simple Purchase and Sale Agreement for improved and unimproved land. 2. Exposure to reviewing due diligence and under- standing the effects of title/survey/environmental/ zoning on acquisitions and financing. 3. Understanding easements, declarations and im- portance of creating or reserving rights at time of purchase and sale. 4. Setting up basic organizational structure

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PROGRAM WORK FLOW

F O U R Y E A R S

PROPERTY MANAGEMENT

MONTHS

Maintenance Tech Property Managers

.5

1

Property Administrators & CAM Recon

.5 TOTAL MONTHS 2

TENANT IMPROVEMENT

MONTHS

Training

1

Estimating

4.5

Project Management

4.5 TOTAL MONTHS 10

LEASING

MONTHS

Training

10

Training - Retail Independent

2

12 TOTAL MONTHS 24

CONSTRUCTION

MONTHS

On-site

3

Construction Manager

3 TOTAL MONTHS 6

DEVELOPMENT

MONTHS

Development Manager

5 TOTAL MONTHS 5

LEGAL/ACQUISITIONS

MONTHS

Acquisitions & Contracts

1 TOTAL MONTHS 1

GRAND TOTAL MONTHS

48

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2560 Lord Baltimore Drive Baltimore, Maryland 21244 410.788.0100 SJPI.COM

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01/2020

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