You’re a REIT and thus are invested more in a stable flow of income for investors than in speculative investments. As a grocery-anchored shopping center owner, you acquired a marketplace located within a mixed-use property and in a tax increment financing district. The team is currently updating the strategic plan for the property. Should you sell now and get it off your books, hold for a short term or hold for a long term?

The fifth ICSC Foundation Case Competition cast nine teams of three to four students each in the roles of advisers to Phillips Edison & Co. as the REIT considers its plan for one of its grocery-anchored shopping centers. The students evaluated the demographics, current rent roll, competing marketplaces and the financial status of the property.

“This scenario differed from our usual cases in that it asked students to qualitatively judge the property based on a company’s stated strategy, rather than to determine solely the most financially advantageous path,” said ICSC Foundation director of University Partners and student engagement James Dulin. “We asked them to face a real-life situation in which the numbers are not the only factor.”

The teams had one week starting Nov. 6 to form a strategy and record their proposals. They submitted their video presentations on Nov. 13 and then joined a virtual Q&A with judges on Nov. 18. An all-women team from the University of Guelph emerged victorious, taking home $2,500 and an all-expenses-paid trip to ICSC LAS VEGAS in May 2025. Southern Methodist University took second place, earning $2,000, and Rutgers took third and $1,500.

1st Place: University of Guelph

Competing as Synergy Solutions, Vanessa Anzaldi, Tianna Barber, Anna Bernardi and Gracie Burris proposed a long-term hold, as frequent tenant turnover meant neither an immediate sale nor a short-term hold would align with Phillips Edison’s goal of stable income, the team said. Marcus & Millichap’s Daniel Taub advised the team.

2nd Place: Southern Methodist University

Competing as Cronus Capital, Andrew Clarkson, Buddy McGowin, Dhillon Patel and Cole Records also proposed a long-term hold. Their reasoning: The majority of the property’s lease expirations are farther than five years out, allowing time to lease up vacancies. That would facilitate access to new debt, part of which will finance renovations and thus lift rental rates. Pine Tree’s Jasmyn Sylvester advised the team.

3rd Place: Rutgers

Competing as Nova Vita, Sudharshan Balaji, Sahil Doshi, Keith Furtado and Hope Mullane also proposed a long-term hold, based on the strength of existing tenants and a plan to fill vacancies by answering a local need for experiential tenants and for a gathering place. Bedrock’s Catherine Clark advised the team.

Those Who Helped Make It Happen

Each team has access to an industry adviser for a maximum of two hours while they worked on their video presentations. Thanks go to the advisers of the winning teams mentioned above, as well as Wells Fargo’s Chanelle Barnes, who advised The University of Alabama; Brixmor’s Haig Buchakjian, who advised the University of Connecticut; Brixmor’s Evie Gross, who advised Indiana University Indianapolis; Phillips Edison & Co.’s Ran Meng, who advised Michigan State University; Target’s Nick Pearce, who advised Colorado State University; and Vestar’s Kean Thomas, who advised Indiana University Bloomington.

Infrastructure Ontario’s Jane Domenico, Peaceable Street Capital’s David Henry, Acadia Realty Trust’s Reginald Livingston and Colliers’ Anjee Solanki judged the competition. Henry sits on ICSC’s Executive Board, and he, Livingston and Solanki sit on the ICSC Board of Trustees. Domenico is a 2024 ICSC Trustees’ Distinguished Service Award Winner.

Louisiana State University Real Estate Research Institute executive director Brian Andrews wrote the scenario.

For more information on the ICSC Foundation’s programs, click here.