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Watch out Canada, Here Comes Blackstone

Daniel Drimmer, left, CEO of Starlight Investments, and Olivia John, managing director at Blackstone Group, at the Canadian Apartment Investment Conference.

Blackstone Group’s $ 3.8 billion deal for Canada’s largest industrial property financial investment trust was most likely enough to shake the Canadian residential or commercial property market by itself. Today it seems the world’s biggest realty personal equity company is all set to provide the country another shock.

Speaking at the Canadian Apartment Or Condo Financial Investment Conference in Toronto on Wednesday, Olivia John, a handling director at Blackstone, made it clear the New York-based firm, with $119 billion of U.S. dollars in real estate under management, has Canada on the radar for multifamily financial investment.

” We asked ourselves why we aren’t more active in Canada with our neighbours to the north,” said John, after the business had completed its purchase of Pure Industrial Property Trust through an affiliate. Montreal-based Ivanho√© Cambridge later obtained a 38 percent stake from Blackstone as part of the deal. “We purchase a great deal of nations worldwide that are a lot less like the United States than Canada is.”

John said Blackstone had been the biggest purchaser of industrial property worldwide and said the company now has gotten 500 million square feet of commercial area around the globe.

” We’ve just seen significant e-commerce penetration in several nations and felt that Canada was previously in that e-commerce adoption,” she stated. “We believed it was inevitable that was going to change.”

It didn’t take wish for Blackstone to rely on multifamily, which through an affiliate partnered with Toronto-based Starlight Investments in June on a deal for a 746-unit apartment portfolio in Toronto and Montreal.” We’ve been extremely active in the U.S. getting multifamily, and we’ve gotten 120,000 suites, which are valued at about $21 billion U.S. dollars,” stated John. “We were so motivated by the trends here. You’ve got the population development. The same migration patterns impacting U.S. population growth, you people are on the opposite side of that, especially in urban centres. You’ve got greater populations in metropolitan centres than the U.S. We felt there was excellent chance, specifically because supply is so restricted at rent levels that are cost effective.”

Daniel Drimmer, the chief executive and founder of Starlight, was participating in the very same panel as John on future-proofing portfolios. He stated he’s searching for more long-term investments with a 10-year method.

” The No. 1 requirements we take a look at is the price per square foot,” stated Drimmer. “We put in the time and if we don’t have the info to measure the structure to learn how much realty are we actually purchasing. When individuals speak about price per suite, it’s a bit of a misnomer because I have no idea if I’m buying bachelor homes or five-bedroom townhouses.”

In-place rents are Starlight’s second criteria with lower predicted rates of return only understandable because of the long-lasting vision. “We don’t do a today accretion design, however an internal rate of return design and don’t have any internal cash flow forecasts in the very first two years,” said Drimmer, who together with John did not attend to the collaboration the 2 firms now have.

Garry Marr, Toronto Market Reporter CoStar Group.

'' The Simpsons ' preferred corner store comes to life

(Photo by Paul Mounce/Corbis via Getty Images)
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/ > (Picture by Paul Mounce/Corbis via Getty Images). By Jay Croft CNN (CNN)– Cowabunga!

Fans of “The Simpsons” now can slurp a Squishee, munch a Heat Lamp Hot Dog, and gulp Lard Lad Donuts– Mmm, donuts!– at the world’s very first permanent real-life Kwik-E-Mart shop.

It’s created like a preferred location from the long-running animated TELEVISION series, and it opened Friday in Myrtle Beach, South Carolina. Other items for sale include memorabilia related to Bart Simpson, his parents, Homer and Marge, sis Lisa and Maggie and the rest of the globally understood characters from the town of Springfield.

Those consist of Apu, owner of the program’s convenience store, Kwik-E-Mart, who is of Indian descent. The show got criticism just recently from viewers bothered by the stereotypical characterization, like Apu’s accent supplied by star Hank Azaria.

” The Simpsons” is known for its lots of catchphrases, consisting of one from Apu that is painted on a wall inside the store:

” Thank you, come again!” it says.

Mark Cornell, of SimEx-Iwerks Entertainment, among the developers, said the first visitors consisted of three generations of a family, all arguing playfully about who was the larger “Simpsons” fan.

” To see three generations walk through the door that love ‘The Simpsons,’ how can you say that about anything else?” he told CNN affiliate WBTW.

The store is next door to a “Simpsons”- themed Aztec Theater anticipated to open later this year.

TM & & © 2018 Cable Television News Network, Inc., a Time Warner Business. All rights scheduled.

The Retail World Comes Down on Las Vegas searching for Some Optimism

Retail Apocalypse? The Crowd Venturing to ICSC’s Huge Yearly Convention Prefers to Think ‘Change’

Pictured: Miracle Mile Shops, a 475,000-square-foot, 1.2-mile enclosed shopping center on the Las Vegas Strip.If there is optimism in the retail world these days, it is here in Sin City – and not just because some 37,000 industrial property and retail professionals are set to collect for the annual Super Bowl of the market, the annual convention of the International Council of Shopping Centers referred to as RECon.

It is because Las Vegas is among the couple of places not feeling the stinging pain of big-box shop closures and dark shops. While much of the remainder of the country has indulged rumors of the retail industry’s certain demise, the Las Vegas market appears to be on an upward trajectory with growth in population, labor force, development jobs, entertainment places and sports franchises, and most importantly, the city’s financial meal ticket – traveler sees.

The retail industry can discover some lessons from Las Vegas, a city that has made it through a variety of recessions in the 77 years since the very first casino opened on the Strip. It has shown an impressive capability time and once again to reinvent itself, to adjust to social and technological modifications. What economic crisis? What recovery? And exactly what about those millennials?

“We were the last to come from the economic crisis, and we’re like a quick freight train right now,” stated Hayim Mizrachi, president of MDL Group, a Las Vegas-based industrial property firm.This post is

the first in a series CoStar will be supplying live from the floor of Reconnaissance, the International Council of Shopping Centers’worldwide retail real estate convention in Las Vegas. Check for regular updates starting on Monday. This desert city is commemorating the stunning success of hockey’s Golden Knights ‘very first year as an NHL growth team, while waiting on the 2019 NFL season when the Raiders officially transfer here. There are some $10 billion worth of tasks under construction in Vegas, from the remake of the former Fontainebleau hotel into the 4,000-room The Drew, the Strip’s very first JW Marriott, to the $2 billion as-yet-named football arena to the Las Vegas Convention and Visitors Authority’s $1.4 billion expansion of the convention center, all to be open by late 2020. Vegas does not let previous difficulty-say a 9.6 percent home foreclosure rate in the metropolitan area in 2010- specify it.

Rather, it pans for nuggets of gold like major league hockey and football groups that help it reinvent itself for a larger and better future. The retail market is finally doing some of the exact same. Regardless of all the headings about significant insolvencies and shop closings at well-liked and tradition sellers, the significant players are out there working the issue instead of rejecting it does not exist. Retail property investment trusts are primarily bragging about robust quarterly outcomes as they demolish huge retail gamers like Westfield Corp. and GGP.

New specialized retailers and e-commerce sellers are growing like weeds, taking chunks-albeit small ones for some-at voids in shopping centers and shopping malls in some of the best places. Lots of owners and landlords are finally capturing on that this isn’t a retail armageddon – it’s a change. “Retail is refusing to fail,” said Anjee Solanki, nationwide director of retail services for Colliers International. That still might be difficult to swallow after numerous years of prominent shop closings. Currently this year, 95 million square feet of shop closures have actually been announced. That puts the market on pace

to exceed the record 105 million square feet that went dark last year, according to CoStar research.But it’s no secret that the United States retail industry has actually been overstored for some time. On a gross leasable area per capita last year, the U.S. had double the area that Australia did, 6 times that of France and 12 times that of Germany, according to the ICSC
Country Truth Sheets.”The truth is we need about 10 percent to 15 percent of retail property to go away and be something else, and we would have equilibrium in retail real estate, “said Garrick Brown, national director of retail sales at Cushman & Wakefield. Many blame Amazon and e-commerce as the perpetrators for the downfall of brick-and-mortar shops. However despite all the inroads online shopping has made, it still represents only 9.5 percent of all retail sales, inning accordance with the federal government. Sales are growing in double digits, however off a fairly small base

. Customers still head out to shops for nine of every 10 purchases they make. That’s the silver lining genuine estate executives like Joe Cosenza, vice chairman of Chicago-based The Inland Realty Group.”I like all the unfavorable remarks that are being made on retail,”he said, noting that retail homes represent$27 billion worth of Inland’s$46 billion portfolio.” Have individuals stopped consuming at house or bringing lunch

to work? No. Have individuals stopped getting a bottle of wine or a six-pack on their method house? No.”Numerous entities paint that unfavorable remark with an immensely broad brush,”he added.”I’m saying,’ Please get out of my way and let me buy up those places. ‘”So are a lot of other retail real estate investors who, like Cosenza, are clamoring for prime retail locations. Unibail-Rodamco, with its pending$15.8 million purchase of shopping center company Westfield Corp., and Brookfield Property Management, with its$ 9.5 billion purchase of U.S. shopping center owner GGP on the table, appear to see it in similar way as MDL’s Mizrachi -“Great property readies real estate

is good realty,”he said. But not all retail real estate is equal. And as this retail improvement takes hold, the good, the bad and the awful will assume their rightful positions in the search for stability. The bad and the unsightly could lose out, however the great, so-called Class A retail shopping centers and malls, are as pretty as they’ve ever been. “The problems are at B and C shopping centers, and not having the ability to change those lost tenants extremely easily,”Cushman & Wakefield’s Brown stated.” All the

old guidelines of the game are getting thrown out the window.”In Chicago, for instance, shopping centers suffered another record year of available anchor area, now amounting to 12.3 million square feet, according to CBRE’s current anchor retail report. But at the exact same time, leasing activity is”very active, “inning accordance with the report’s author Joe Parrott, a senior vice president. “The conventional regional shopping center with 4 outlet store anchors and all the rest & of the stores facing inward is ending up being an uncommon scenario,” he stated.”However the effective shopping centers are evolving

and generating other anchors to diversify their traffic base. We’re seeing a drastic modification in the advancement of malls.” How are they doing it? With cinema, big-box warehouse store, fitness centers, healthcare and health centers, home entertainment users and experiential principles, and even call centers.

Add in food halls and dining, and there are lots of little, often eccentric retail themes that revive memories of Saturday Night Live’s Scotch Tape Boutique. “There’s a new retail rhetoric that is being developed by the requirements of the community, “Colliers’Solanki said.”We’re beginning to see these expertises

in a variety of small-shop tenants that is a mix between customized service-oriented to experiential. How are you engaging with your consumer? “Often in extremely simple ways. Previously this month, Japan’s BAKE Cheese Tart Store opened its very first U.S. store in San Francisco’s Westfield Shopping center. It offers nothing however cheese tarts that come in a number of tastes.”The line was twisted around this 600-to 700-square-foot shop,”Solanki stated.”It has to do with that engagement, why something so basic is creating such a buzz.”Cushman’s Brown narrows the transformative plays filling dead space down to three aspects: worth, benefit and experience. Value as in discount stores; benefit as in online and innovation that is

likely to make concepts like Amazon Go’s checkout-free stores more common; and experience as in pressing ideas like Leading Golf and iFly to Apple’s”town square”stores or the Nordstrom Local, which doesn’t stock clothes or shoes, but offers medspa services, personal stylists, tailors and a bar that serves beer, wine, coffee and juice.”Worth is kicking butt,”Brown stated, and most retail property owners and experts agree. Off-price apparel and home-fashion chains like Ross Stores are broadening quickly. Ross just recently opened 23 Ross Dress for Less stores and six dd’s Discounts stores with plans to open 75 more Ross stores and 22 dd’s Discounts this year. On The Other Hand, TJ Maxx has strategies to open 85 HomeGoods shops this year and hopes to present 15 Home Sense stores, a larger, more advanced version of HomeGoods shops, and sees 400 of them in the offing. Definitely, these fill-ins don’t come without obstacles of their own with which the industry is still grappling.

Zoning, for instance, can be a huge one based on where the empty store is located. Lots of cities won’t let property owners re-tenant shops with health care centers. The very same holds true for shopping mall that have covenants with other stakeholders that might not want to see a gym across from their apparel and devices store.”We’re definitely in an evolution,” Mizrachi said.”And there is still space for some things to be reimagined.”

Police: Cable television tech knocks on incorrect door, comes across slaying

Kevin Spacey says sorry after star accuses him of past harassment, comes out as gay

LOS ANGELES (AP) – Star Kevin Spacey said Sunday he is “beyond horrified” by claims that he made sexual advances on a teen kid years back.

The two-time Oscar winner published on Twitter that he does not keep in mind the encounter.”However if I did act then as he describes, I owe him the sincerest apology for what would have been deeply improper drunken behavior, and I am sorry for the feelings he describes having brought with him all these years,” he stated.

In an interview with BuzzFeed, actor Anthony Rapp said Spacey befriended him while they both performed on Broadway programs. Rapp was 14 when he went to a celebration at Spacey’s apartment in 1986, he stated. At the end of the night, an inebriated Spacey chose him up, placed him on his bed, and got on top of him, Rapp said.

Rapp said the 26-year-old was holding him down firmly, but he had the ability to get away and left the apartment.

Rapp, who is now 46 and starring in the TELEVISION show “Star Trek: Discovery”, stated he came forward after allegations against Harvey Weinstein triggered conversations about sexual assault and harassment in the show business.

Spacey, who is now 58, spoke openly about his sexual preference for the first time Sunday on Twitter.

“As those closest to me understand, in my life I have had relationships with both males and females,” he said. “I have actually liked and had romantic encounters with guys throughout my life, and I select now to live as a gay man.”

Spacey, who has actually fiercely secured his private life, had actually never ever disclosed his sexuality before however said Rapp’s story encouraged him to speak.

“I want to deal with this truthfully and honestly which begins with analyzing my own behavior,” he said.

___

AP author Michelle A. Monroe in Phoenix contributed to this report.

Copyright 2017 The Associated Press. All rights reserved. This product may not be released, broadcast, rewritten or rearranged.

E-Commerce Comes to Food Shopping: Amazon-Whole Foods Mix Seen as Game-Changer for Grocery Stores

Part I of Two: Amazon and Customer Brands Introduce Major Incursions into the Grocery Company

Credit: Whole Foods Market
Credit: Whole Foods Market Supermarket, as soon as thought about more immune to risks from online competition compared to its clothing and outlet store equivalents, might not be as durable as many have long idea– and still think. After Amazon (Nasdaq: AMZN )dropped the bombshell news that it prepares to buy Whole Foods Market Inc. (Nasdaq: WFM) for$ 13.2 billion, some investors and experts are reassessing the prospect for e-commerce to make more fast incursions into the food retail service.

” Once Amazon/Whole Foods’ complete frontal attack on this space begins, I have no doubt that there will be at least a couple of grocery banners that disappear,” Garrick Brown, who manages Cushman & & Wakefield’s retail research, commented.

Other skirmishes in between grocers and online sellers have actually been growing for the previous couple of years and are likewise now heightening. National name-brand food product makers are redirecting millions of dollars into e-commerce efforts to increase sales straight to consumers.

This month, Campbell Soup Co. (NYSE: CPB) revealed strategies to accelerate the company’s digital and e-commerce capabilities by forming an e-commerce system in The United States and Canada and setting a goal of creating $300 million each year in e-commerce sales over the next 5 years.

” E-Commerce is a significant growth opportunity for Campbell, and it represents the future of food commerce,” stated Mark Alexander, president – Americas Basic Meals and Beverages, for Campbell Soup “Only those who arrive in a quick and clever way will win, and Campbell intends to do just that. We have an accelerated method to invest and grow in this space.”

Editor’s Note: While there will constantly be need shops, the type and format of future physical markets are being changed by the growing benefit and cost-savings of online shopping. In this very first of a two-part report, we take a look at the quick changes occurring in the grocery market and their possible influence on retail realty. Part 2 examines the prospective impacts of these changes on retail property. Mark Alexander, president- Americas Basic Meals and Beverages, for Campbell Soup. The relocation is also seen as an action to dropping natural sales in the United States Campbell’s sales, which reduced 1% over the last nine months, driven by a 1% decline in natural sales, showing higher advertising costs and lower volume. In its Americas Simple Meals and Drinks division, the most current sales numbers were down 2%.

In truth, equivalent weighted equivalent grocery store sales development within the market is reducing across the industry. Year-over year grocery sales were increasing a little bit more than 4% each year 3 years ago; that flattened to about 0.3% in fiscal year 2016, according to analysis by CoStar Portfolio Strategy. It deserves keeping in mind that some grocery heavyweights, consisting of SuperValu Inc. (NYSE: SVU) and Whole Foods, recently posted negative exact same shop sales growth.

Campbell’s objective to reach $300 million in e-commerce sales would represent 3.6% of the brand’s annual sales – a low penetration compared with a current report from a Food Marketing Institute/Nielsen Holdings report. That research study projects that online grocery costs might grow throughout the 2016-2025 forecast duration from 4.3% of the overall U.S. food and beverage sales to as much as a 20% share, or reaching more than $100 billion, based on the most upbeat situation. In 2015, online grocery sales were about $20.5 billion.

While such sales forecasts for e-commerce are modest compared with the total store-based sales, any additional decreases in store-based sales is viewed as having actually an amplified impact on grocery revenue margins, which are currently razor thin – one to two cents per dollar according cuts to industry estimates. Food wholesalers, on the other hand, post margins closer to 13 cents on the dollar, according to these same industry estimates.E-Commerce Impact Differs by Goods, Area Julie Calcao, a senior credit analyst in Stone, CO

. For the previous numerous years, grocers have basked in thinking their business model was largely insulated from the impact of e-commerce. Julie Calcao, a senior credit expert at a bank in Stone, CO, is a good example of why it has actually taken longer for e-commerce to make its mark on the grocery service.

” I am a big online buyer when it comes to non-perishable items,” Calcao stated. “However, I want to pick my produce and meat as I am really particular. So, given that I cannot purchase all my groceries online as I want to choose my own, I will continue to drive to the store.”

Nevertheless, U.S. grocery shoppers are warming to online retail as 28% now choose to acquire groceries online regularly, as reported in Acosta’s most current Hot Topic Report, Bricks & & Clicks survey.


Colin Stewart, senior vice president at Acosta. “Amazon’s acquisition of Whole Foods is the perfect example of how the CPG [customer packaged goods] landscape is changing and how innovation and online retail have created a shift in the method people shop for groceries,” stated Colin Stewart, senior vice president at Acosta, a full-service sales and marketing firm.

However, the Acosta report found the effect from online grocery shopping varies depending on where in the country shoppers live and their age.

E-commerce grocery buyers are multi-faceted, though unsurprisingly, they alter towards Millennial age groups and individuals living in densely inhabited urban areas: 23% of older Millennials (ages 30-34), and 14% of younger GenXers (ages 35-39) are thought about regular CPG e-commerce shoppers, indicating they purchase groceries online approximately 50% or more of the time.


Ben Conwell, senior handling director and practice leader for Cushman & Wakefield.” Last year, over 52 % of all online grocery sales in the United States came from just eight states. More specifically, they originated from thick city markets within those states; New york city City, San Francisco, Chicago, Philadelphia, Miami,” said Ben Conwell, senior handling director and practice leader for Cushman & & Wakefield’s e-commerce and electronic satisfaction specialized practice group. “We have still yet to see any large scale successes in the e-grocery area when it comes to sprawl markets or more sparsely inhabited areas.”

And, like the shopping patterns of Calcao, online sales have grown – specifically in dry-goods categories, nonfoods and health and charm care – however brick-and-mortar retail continues to be preferred when grocery shoppers wish to personally choose their fresh meats, fruit, veggie, cheeses and other cooled categories.

” Whether a consumer is clicking online for groceries or browsing the supermarket aisles, it is essential for brand names and merchants to recognize the value and distinct advantages provided by both purchase pathways,” Acosta’s Stewart continued. “E-commerce does not suggest the end of brick-and-mortar shops, but it offers brand-new and various development chances for merchants, which requires them to form a new method tailored to how grocery buyers prefer to buy their foods.”

Not Simply Online, Grocery Stores Confronting More Competitors from Each Other.

While Amazon’s entry into the grocery organisation holds the possibility of brand-new competitors from a free-spending goliath set on blending e-commerce with a physical shop network, more competitors is also coming from a broad range of other grocery business that have actually devoted to considerable store expansions.

The patterns are putting pressure on traditional grocers, specifically the country’s 2 largest– Kroger and Albertsons Cos.– to make some sort of tactical moves.


Kroger’s influence includes $115 billion in grocery sales
per year in 4,000 properties. Rodney McMullen, Kroger chairman, informed analysts last month that it is taking a more hawkish look at expense cutting– one that will “de-emphasize” brand-new shop growth in favor of facilities and digital costs.

The goal, McMullen said, is to get in touch with the customer directly in anyway the client wants to– whether it be in-store shopping, grocery pick-up or shipment. McMullen stated Kroger currently has enough scale to contend in this environment against the likes of Wal-Mart Stores Inc. (NYSE: WMT) and Amazon. Kroger racks up about$ 115 billion in grocery sales each year and owns or leases about 4,000 residential or commercial properties.


Albertsons development prepares consists of more like its 2015 acquisition of Safeway.

The next largest conventional supermarket chain, privately held Albertsons Cos., has invested the year constructing a digital marketing and e-commerce department under Narayan Iyengar, a former e-commerce executive with the Walt Disney Co. In his brand-new role at Albertsons, Iyengar is accountable for leading all elements of digital marketing including loyalty programs, buyer marketing and the general digital existence, as well as the e-commerce business, including house shipment.

” After being fairly untouched by digital for several years, the grocery industry is starting to see several parts of the customer journey being changed by digital. In this context, we have to continue to enhance our digital capabilities,” Iyengar stated.

Albertsons growth strategy is multi-faceted and consists of organic growth through new ground up shopping mall, as well as acquisition of existing operating or closed retail centers.

Publix is set to open 20 brand-new stores this year, with Wegmans preparing a similar growth, mostly in East Coast suburban communities. Kroger plans to open 55 stores and Sprouts is scoping for 40 brand-new places nationwide. German grocer Aldi has revealed a $3.4 billion remodel of its existing storefronts together with a U.S. expansion that will include 900 new areas by 2022. Another German chain, Lidl has started an aggressive entry into the U.S., with prepare for 100 East Coast places by the middle of next year, according to Aaron Martens, research analyst for Marcus & & Millichap Research Services.

Target Corp. (NYSE: TGT) is wanting to open 100 + brand-new small-format stores in city and dense suburban areas– a market penetration just like Whole Foods.

Walmart this year is slowing its brand-new store opening expansions in favor of growing comparable store and club sales and e-commerce. Still, in the very first quarter of this year it opened or expanded 305 shops. That compares to 588 in the same quarter a year ago.

[http://www.costar.com/News/Article/E-Commerce-Comes-to-Food-Shopping-Growing-Competition-for-Grocery-Sales-Altering-Outlook-for-Retail-Real-Estate/192841?rpt=1″ target=”_blank”> In Part II of this report, CoStar takes a look at how the competitive pressures in the grocery industry will play out in the retail property arena too. As goes the grocer, so goes the center.]

With a Degree Comes Self-confidence

John Guedry, business Alumnus of the Year, states his degree opened doors for changing the neighborhood

People| Apr 25, 2017|By

Brian Sodoma John Guedry, 2017 Lee Service School Alumnus of the Year. (R. Marsh Starks/UNLV Creative Services)

Editor’s Note:

The UNLV Alumni Association will celebrate the achievements of graduates at its annual reception and awards ceremony April 26. For a complete list of honorees and event information, visit the alumni awards website.

John Guedry, ’82 BS-BA Business Administration, Guedry joined Bank of Nevada in 2011 and presently acts as its CEO. He was formerly CEO and President of Service Bank of Nevada and later functioned as a handling partner for CB Richard Ellis Commercial Realty Solutions. He is the instant previous chairman of the Las Vegas Metro Chamber Board of Trustees.

Why I’m a proud graduate of UNLV …

As the middle child of a single mom who stressed the significance of education, completing my bachelor’s degree in service management verified for me, at a young age, that I might attain any objective I set. My degree from UNLV’s company college instilled in me a confidence that I formerly did not possess. It enabled me to start a profession in banking and finance that has actually led to many personal and expert successes in my 35-year profession.

I have often questioned where I would be today had I not finished my undergraduate education at UNLV. I think my profession as a banking executive would not have taken place, which means I would not have actually had the ability to work with my spouse, Debbie, to deal with obstacles related to public education. I also would not have had the ability to serve on lots of humanitarian boards. My UNLV degree prepared me for many chances in life and opened doors in Las Vegas that enabled me to make a distinction in my house city. Education is that a person property nobody can ever take from you. I’m glad for the education the many fine UNLV teachers supplied me; I am happy to be a Rebel!