Thomas Musil

Assistant Professor, Finance

tamusil@stthomas.edu

(651) 962-5847

2115 Summit Ave
McNeely Hall 358
St. Paul, MN 55105

D.P.A., Doctorate in Public Administration, Hamline University
M.B.A., , University of St. Thomas
B.A., Political Science, Macalester College

See publications in UST Research Online

Tom Musil is a real estate professor in the Department of Finance. Formerly, he held positions as the director of the Master of Science Program in Real Estate and the Shenehon Center for Real Estate Education (1993-2009) at the University of St. Thomas, director of the Real Estate Education Program at the University of Minnesota (1980-1988) and director of the Minnesota Center for Real Estate and Housing Education at St. Cloud State University.

Musil has written several papers and articles on business, real estate and economic development topics, and is a member of professional and academic editorial boards for leading real estate journals including the Journal of Corporate Real Estate and the Journal of Real Estate Literature. During the past 30 years, Musil has served on numerous committees and boards in real estate related government, nonprofit and professional organizations.

Fall 2014 Courses
Fall 2014 Courses
Crs - Sec Title Days Time Location
REAL 360 - 01 Real Estate Property Mgmt - T - R - - - 0800 - 0940 MCH 118
Description of course Real Estate Property Mgmt : CRN: 42854
Owner, management and tenant relations within context budgeting, marketing and management planning is examined. Management for multi-family, office, retail and industrial property differentiated. Entrepreneurial roles of managers for finding tenants and conducting lease negotiations is explored. Offered in fall semester. Prerequisites: REAL 200 and junior standing

Schedule Details

Location Time Day(s)
REAL 461 - 01 Real Estate Appraisal - T - R - - - 0955 - 1135 MCH 118
Description of course Real Estate Appraisal : CRN: 42855
Valuation of residential and commercial real estate using the cost, market and income approaches to value. Professional ethics and standards of professional appraisal practice explored. Professional quality narrative appraisal with comparable sales, depreciated cost and discounted cash flow analysis required. Offered in fall semester. Prerequisites: REAL 200 and FINC 321, and BETH 301

Schedule Details

Location Time Day(s)
REAL 630 - 601 Real Estate Info Technology M - - - - - - 1800 - 2100 TMH 442
Description of course Real Estate Info Technology : CRN: 42857
This course is intended to provide the student with a comprehensive understanding of how to use technology in analyzing commercial real estate opportunities. The course begins with an overview of market analysis and how selected software applications can aid in decision making. Students will learn the role that market analysis plays in development, acquisitions, investment analysis, and site selection. This is followed by a comprehensive study of how software applications are used in analyzing commercial real estate opportunities and investment decisions.

Schedule Details

Location Time Day(s)
REAL 630 - 602 Real Estate Info Technology - - - - - - - -
Description of course Real Estate Info Technology : CRN: 43516
This course is intended to provide the student with a comprehensive understanding of how to use technology in analyzing commercial real estate opportunities. The course begins with an overview of market analysis and how selected software applications can aid in decision making. Students will learn the role that market analysis plays in development, acquisitions, investment analysis, and site selection. This is followed by a comprehensive study of how software applications are used in analyzing commercial real estate opportunities and investment decisions.

Schedule Details

Location Time Day(s)
REAL 770 - 601 Real Estate Development M - - - - - - 1800 - 2100 TMH 401
Description of course Real Estate Development : CRN: 42860
Comprehensive property development course integrating all functional areas of real estate for the production of housing, retail, commercial, corporate and industrial real estate. Use of market research, feasibility studies and market analysis in contract negotiation for project construction, marketing and management of new and redevelopment opportunities in stable and developing markets.

Schedule Details

Location Time Day(s)
J-Term 2015 Courses
J-Term 2015 Courses
Crs - Sec Title Days Time Location
Spring 2015 Courses
Spring 2015 Courses
Crs - Sec Title Days Time Location
REAL 470 - 01 Real Estate Development - T - - - - - 1730 - 2115 MCH 106
Description of course Real Estate Development : CRN: 22125
Capstone course integrating all functional areas of real estate for production of housing, commercial and industrial real estate. Use of market research, feasibility studies and market analysis in contract negotiation for project construction, marketing and management. Offered in spring semester. Prerequisites: REAL 460 or 461, and BETH 301

Schedule Details

Location Time Day(s)
REAL 600 - 601 Real Estate Decision Making - - W - - - - 1800 - 2100 TMH 351
Description of course Real Estate Decision Making : CRN: 22126
This course is part of the MS Degree in Real Estate. Enrollment is also open to all OCB graduate students. No Real Estate Pre-requisite required. (MBA students must be eligible to enroll in elective coursework in order to enroll in this course and must contact the MS degree in Real Estate office or their academic advisor to register.) This course provides an introduction to professional practices in real estate decision-making. The course focus is on real estate enterprise management, real estate finance, public sector relationships, property regulation, and investment decision making with particular emphasis on the activities, roles and participants involved. Topics include: real estate development, site selection, leasing and pricing strategies, finance options, investment analysis practices, real estate investment trusts, partnerships and asset management.

Schedule Details

Location Time Day(s)
Academic and Professional Positions
  • Assistant Professor, University of St. Thomas - Opus College of Business, St. Paul / Mpls (2009 - present)
  • Director, Shenehon Center for Real Estate Education and Master of Science Degree in Real Estate Prog, University of St. Thomas, St. Paul / Minneapolis (1993 - 2009)
  • Director, Minnesota Center for Real Estate and Housing Education, St. Cloud State University, St. Cloud (1988 - 1993)
  • Assistant Professor, St. Cloud State University, St. Cloud (1988 - 1989)
  • Director, Real Estate Education Program, University of Minnesota, Minneapolis (1980 - 1988)
  • Real Estate Consultant, U.S. Postal Service, Bloomington (1986 - 1988)
  • Housing Courses Coordinator, University of Minnesota, Minnesota Extension Service, St. Paul (1978 - 1980)
  • Home Ownership Program, Minnesota Housing Finance Agency (MHFA), St. Paul (1977 - 1978)

Professional Memberships
  • American Arbitration Association Panel of Arbitrators
  • American Real Estate Society
  • Corporate Real Estate Network (CORNET)
  • Urban Land Institute
  • National Association of Certified Valuation Analysts and Urban Land Institute
  • Industrial Asset Management Council
  • International Council of Shopping Centers

Professional Service
  • Metropolitan Council/Metropolitan Transit Authority,
  • Smart and Sustainable Built Environment Journal, Reviewer
  • Appraisal Institute - University Relations,
  • Journal of Corporate Real Estate,
  • Minnesota Real Estate Journal,
  • Journal of Real Estate Literature, Editor
  • Shenehon Center for Real Estate,

Publications
  • Musil, T. A. (2014). Developer/community contracts: The emergence of community benefit agreements in real estate development. Real Estate Finance, (31)(1), pp. 31-40
  • Musil, T. A. (2012). The sleeping giant: Community benefit agreements and urban development. Urban Lawyer, (44)(4), pp. 827-852
  • Musil, T. A., & Halloran, J. (2012). Arbitrating real estate agency disputes: A diverse and changing landscape. Dispute Resolution Journal, (67)(4), pp. 85-97
  • Musil, T. A. (2011). Evaluating the economic impacts of corporate real estate activities. Journal of Corporate Real Estate, (13)(3), pp. 181-196
  • Musil, T. A. (2011). Evaluating development and community benefits of shopping malls. Journal of Financial Management of Property and Construction, (16)(2), pp. 111-125
  • Musil, T. A., Brooks, C., & Tsolacos, S. (2011). Review of real estate modeling and forecasting. Journal of Real Estate Literature, (19)(1),
  • Musil, T. A. (2010). Review of megaregions: Planning for global competitiveness. Journal of Real Estate Literature, (18)(2),
  • Musil, T. A. (2009). Review of financial shock: A 360 degree look at the subprime mortgage implosion and how to avoid the next financial crisis. Journal of Real Estate Literature, (17)(1),
  • Musil, T. A., & Halloran, J. (2009). Arbitrating multiple Peril Crop Insurance disputes. Dispute Resolution Journal,
  • Musil, T. A. (2008). Review of urban America growth, crisis and rebirth by John F. McDonald. Journal of Real Estate LiteratureJournal of Real Estate Literature, (16)(2),
  • Musil, T. A. (2007). What development regulatory variables say---or don't say---about a municipality. Journal of Real Estate Research, (29)(2),
  • Musil, T. A. (2006). Review of market analysis for real estate: Concepts and applications in valuation and highest and best use by Stephen Fanning. Journal of Real Estate Literature, (14)(2),
  • Musil, T. A. (2006). Critical issues in corporate real estate: Developing a better understanding of public sector project impact analysis practices. Journal of Corporate Real Estate, (8)(3),
  • Musil, T. A. (2005). Review of 275 corporate real estate mistakes and how you can avoid them, by Stephen Roulac. Journal of Real Estate Literature, (3),
  • Musil, T. A. (2005). Integrating business school curricular resources into real estate practitioner professional development. Journal of Real Estate Practice and Education, (8)(1),

Books and Chapters

Research Interests
  • Public Finance
  • Real Estate
  • Valuations

Awards and Honors
  • National Association of Industrial and Office Properties (NAIOP)., 2006
  • Board of Directors of Minnesota/Dakotas Chapter of the CCIM-Commercial Investment Real Estate Insti, 2004

Presentations