Thomas Musil

Assistant Professor, Finance

tamusil@stthomas.edu

(651) 962-5847

2110 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 my articles and publications

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 740 - 601 Corporate Real Estate - - - R - - - 1800 - 2100 TMH 354
Description of course Corporate Real Estate : CRN: 22127
Corporate real estate adminstration and strategy is comprised of multiple interrelated functions. This course explores the following areas of corporate real estate: real estate as a strategic asset, real estate and corporate competitive advantage, valuation, financing corporate real estate, performance and lease analysis, facilities management, outsourcing, sustainability, development, private/public sector relationships, and negotiation practices.

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,

Major Works
  • 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),

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
  • "Community influence and public policy initiatives in determining highest and best use" ARES - American Real Estate Society, San Diego, California, April 01, 2014
  • "A model of highest and best use analysis for urban development and redevelopment" OCB Faculty Research Symposium, Minneapolis, Minnesota, April 01, 2013
  • "Community benefits and community development: Evaluating the outcomes of community benefit agreements in real estate development" ARES - American Real Estate Society, Kona, Hawaii, April 01, 2013
  • "Using academic research in the classroom" ARES - American Real Estate Society, Kona, Hawaii, April 01, 2013
  • "Industry experts roundtable" Healthcare and Medical Properties, Golden Valley, Minnesota, March 01, 2013
  • "Hospitality and market overview" Hotel and Hospital Conference, Golden Valley, Minnesota, January 01, 2013
  • "Housing markets" Minnesota Economic Association Conference, St. Paul, Minnesota, October 01, 2012
  • "How to effectively work with municipalities" Land Development Conference, Golden Valley, MN, May 11, 2012
  • "Regulation of real estate development through the use of community benefit agreements: An examination of development regulatory control and community environmental justice goals" ARES - American Real Estate Association, Tampa, FL, April 01, 2012
  • "Community benefit agreements: Tools for improving public health" Minnesota Pollution Control Agency - Collaborative on Health and the Environment, December 15, 2011
  • "An owner's perspective: Industrial development opportunities and future trends" Industrial Real Estate & Economic Development Conference, Golden Valley, MN, November 18, 2011
  • "Evaluating the economic impact of shopping malls" Industrial Real Estate and Economic Development Conference, Golden Valley, MN, November 18, 2011
  • "Community Benefit Agreements: Shaping the Future of Real Estate and Economic DevelopmentCommunity benefit agreements: Shaping the future of real estate and economic development" Big Green Conference, Bloomington, MN, November 10, 2011
  • "Keys to a successful project" Hospitality Entertainment Summit, Golden Valley, MN, September 30, 2011
  • "The Sleeping Giant: Community Benefit Agreements and Changing Community Power in Real Estate Developmenthe sleeping giant: community benefit agreements and changing community power in real estate development" ARES - American Real Estate Society, Seattle, Washington, April 15, 2011
  • "Assurance of learning: Assessment and the association to advance collegiate schools of business" ARES - American Real Estate Society, Seattle, WA, April 01, 2011
  • "Economic forecast: What to expect in 2011." Minnesota Dakotas Chapter of the Commercial Investment Real Estate Institute, St. Louis Park, Minnesota, December 09, 2010
  • "Subprime lending, mortgage foreclosures, and house price changes: An investigation of two-hundred U.S. metropolitan statistical areas" ARES - American Real Estate Society, Naples, Florida, April 01, 2010
  • "Using Economic Models to Explain, Define and Forecast the Benefits of Industrial DevelopmentUsing economic models to explain, define and forecast the benefits of industrial development" Industrial Real Estate and Economic Development Conference, Real Estate Communication Group, Golden Valley, Minnesota, November 01, 2009
  • "Mortgage lending, mortgage foreclosure and house price changes: A pilot investigation exploring relationships with community and economic characteristics by metropolitan statistical area" ARES American Real Estate Society, Monterey, California, April 01, 2009
  • "Industrial and business park outlook" Industrial Real Estate and Economic Development Conference, Real Estate Communication Group, Bloomington, Minnesota, August 01, 2007
  • "Multifamily: New and creative solutions" Midwest Commercial Real Estate Summit, Chicago, Illinois, August 01, 2007
  • "Commercial developers forecast" Minnesota Land Development Conference, Real Estate Communication Group, Bloomington, Minnesota, May 01, 2007
  • "Capital market strategies for financing condominium projects" Condominium Summit, Real Estate Communication Group, Bloomington, Minnesota, April 01, 2007
  • "Adjusting the great American dream: New home builders and developers outlook" Residential Real Estate Summit, Real Estate Communications Group, Bloomington, Minnesota, December 01, 2006
  • "The correlation of commercial/industrial development regulations with municipal composition and community attributes" ARES American Real Estate Society, Santa Fe, New Mexico, April 01, 2005
  • "Integrating Business School Curricular Resources into Real Estate Practitioner Professional Development" ARES American Real Estate Society, Captiva Island, Florida, April 01, 2004
  • "Development Impact Fees and Exactions: Evaluating Real Estate Developer Negotiation Strategies in the Determination and Settlement of Capital Facilities Charges and Community Environmental Costs" ARES American Real Estate Society, Monterey, California, April 01, 2003
  • "Effectively Negotiating Development Incentives and Exactions" National Association of Industrial and Office Properties, Nashville, Tennessee, October 01, 2002