Adam Surico is double majoring in Finance and Entrepreneurship graduating in spring 2020. Last summer, Adam interned with CBRE as their Retail Brokerage Intern in Phoenix, AZ.
What was a typical day like? Every day in the CBRE phoenix office was different. I worked on a retail brokerage team where we worked on behalf of the buyer or seller for new retail listings, typically single-tenant, NNN, free-standing properties with reputable companies and long lease terms.
A typical day started at 8 a.m. and finished at 5 p.m. In the morning, I would usually open my inbox to find a few projects sent my way from my team as well as have a few others still ongoing from the previous days. Most of the daily projects I received consisted of data analysis for new listings, market demographic research, due diligence management, and Offering Memorandum development. Along with the projects, most days included networking events and/or all-intern seminars to break up the day.
What was your favorite part of the experience? Being able to learn something from everyone in the office. From the start of the program, interns are encouraged to network and pick the brains of every level of employee in the office. I was able to learn more about the industry than I ever could have thought while also creating relationship which are so vital in an industry like this.
If you worked on a big project, please describe it below: One of the largest projects I worked on was a listing for the first Dutch Bros Coffee here in Tucson. Not only am I a huge fan of the chain and loved to see it make it to my college town, but I was able to help develop the Offering Memorandum (OM) for the new location. Specifically, over a two week period, I worked on the market demographics surrounding the area, investment highlights, financial summary, and pricing the property using CAP rates and comparable sales. After rounds of revisions with my team, we sent the OM to potential buyers, and soon after my departure back to UA, my team found a buyer.
What did you find most challenging about your internship? Time management. One of the great things about this experience was being thrown right into the mix from the start. You quickly learn the ropes of the industry, but must manage your time carefully or the experience can be overwhelming.
What advice you have for other students looking for a similar internship? Network! Particularly in this field, it is all about who you know. Getting your foot in the door, getting established in your specialty, and closing a deal largely comes down to the relations you have built over the years.