The first cohort of ICSC Launch Academy interns are wrapping up a busy summer learning about the marketplaces industry. The Launch Academy, part of the ICSC Foundation’s Talent Incubator Project, recruits and prepares racially diverse undergraduate students for careers in the industry. Each intern participated in a 30-hour pre-internship course, plus a paid internship at an ICSC member company.

The first class included 29 interns from such schools as Colgate University, Florida International University, Howard University, Morehouse, Rutgers, SMU, The University of Mississippi and The University of North Carolina at Chapel Hill.

The interns worked for 18 ICSC member companies: AmCap, Brixmor, Cedar Realty Trust, Centennial, Colliers, Core Properties, Cypress Equities, DLC Management Corp., Evergreen Devco, Heitman, JLL Retail, Kimco Realty, Macerich, Philips Edison & Co., Regency Centers, ShopCore Properties, SRS Real Estate Partners and VEREIT.

According to Portland State University senior Daniel Kim, who interned at Cypress Equities for eight weeks: “One thing I learned quickly when I entered the office: I was the only Asian-American in the room,” noting that the lack of diversity is not particular to his company but exists across the commercial real estate industry.

As part of his internship, Kim analyzed a Texas mall and presented the best case for redevelopment. “I hope to learn more about the research and due-diligence process that goes into finding a profitable investment deal,” he said.

His mentors advised him to network. Cameron Aderhold — then senior vice president of development at Cypress Equities and now vice president of commercial development for Hanover Property Co., according to his LinkedIn page — advised Kim never to eat lunch alone. Daniel said Chris Maguire, who is CEO of Cypress Equities and of SRS, told him, “Quantitative skills are very helpful and important, but the qualitative skills like building trust and relationships will bring more opportunities and wealth.” Kim said their advice will be fundamental building blocks as he develops a career in commercial real estate.

University of Texas at Austin junior Yasmeen Said shadowed Evergreen Devco development director Erica Vester this summer. “Before meeting Erica, I didn’t fully understand the role of a development manager or how it interacts with the others,” Said explained. “After gaining this understanding, I find the role incredibly interesting, as it provides opportunities to build relationships with others, opportunities to problem solve and make projects more efficient, and the ability to see a physical representation of your hard work at the end of every project.”

Marquette University senior Jalen Fox was among the five Launch Academy interns who worked at Macerich. He finds the development side of the business the most compelling. “It can be a complex field, but it has the greatest payoff when seeing a development project in its completed stage,” Fox said. “This is something I want to experience a lot in my career: seeing a property and knowing that I was a part of a team that was able to bring it into the flesh.”

Kennedy Marable, who graduated from the University of Cincinnati’s Carl H. Lindner College of Business in May and is beginning Master of Business Administration studies at the university, similarly discovered an interest in development while interning with ShopCore Properties this summer. “I love real estate development because of the creativity, collaboration and extensive problem solving that is required,” she said. “I have the goal of working for a retail real estate company in a development or asset management role. The Launch Academy has been an invaluable opportunity that has allowed me to explore all of the different avenues within retail real estate. My participation in this program has only solidified my interest in retail and provided me with long-term skills that I will utilize during my career.”

Allison Agbayani, a junior at the University of San Diego, learned about asset management during her internship at Kimco. “The market is ever-changing, and there are always new ways to create and increase value,” she said. “Being on the asset management team has been really exciting because I got to learn about all of the interesting tenants and redevelopment projects Kimco is prospecting and how those projects would impact the value of the sites as a whole. Even learning about how the pandemic has monumentally changed the future of the industry has been such a great experience, and it just makes me excited to use my creativity to tackle the challenges that come along with this new environment.”

The interns agreed that the program provided a helpful view into the business and how it works. “Launch Academy provided me with a unique, inside perspective on a field I had previously only been exposed to in the classroom,” Said told C+CT.

And the Launch Academy has fueled interns’ desires to build careers in the marketplaces industry. “Right now, I am most interested in making a professional name for myself and having my own real estate business,” Fox said. “The Launch Academy has allowed me to intern and get my foot in the door within the commercial real estate world [and] to sit down with ICSC’s CEO, Tom McGee, and establish a relationship with him. I have even more drive to pursue my goal of being the new face of commercial real estate and simply being a great leader overall.”

Kim said the Launch Academy helped him determine his career path. “Through this immersive, eight-weeks internship at Cypress Equities, I was able to see myself thriving in the commercial real estate industry. I see many graduates work in a career field for several years to find out if it’s for them. This program has really opened the opportunities for people from diverse backgrounds to try and see themselves working in the industry, while saving a lot of time.”

For more information on the Launch Academy and how to become a participating company, visit ICSC Launch Academy online or email Amy Reinharz at areinharz@icsc.com.