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Real Estate
Christy Fields, Managing Director
Portland, OR
Ms. Fields rejoined PCA in 2007 as Managing Director of Real Estate Consulting Services. Ms. Fields has extensive experience in structuring and analyzing real estate transactions, developing investment strategy, analyzing manager fees and performance, evaluating manager reporting practices, and supervising and negotiating workouts.
Previously, Ms. Fields spent four years at Westwood Consulting Group, where she was dedicated to the CalSTRS’ and CalPERS’ real estate portfolios. Prior to Westwood, Ms. Fields spent five years with PCA’s prior real estate consulting practice, working closely with clients including the Kansas Public Employees’ Retirement System, Oregon Public Employees Retirement Fund, the Western Conference of Teamsters, and the UFCW. Earlier in her career, Ms. Fields was a Senior Consultant with PriceWaterhouseCoopers’ Real Estate Consulting Services Group where she specialized in real estate investment analysis, lease negotiations, property and small business appraisal, property-level acquisition due diligence, and tourism and master planning studies. While at PwC, Ms. Fields was actively involved in several large RTC restructurings, including the 1,000+ asset Circle K portfolio.
Ms. Fields received her Bachelor of Arts from Cornell University’s School of Hotel Administration and her Masters in Business Administration from Yale University’s School of Management.
David Glickman, Managing Director
Chicago, IL
Mr. Glickman joined PCA in 2009. He has more than 36 years of institutional investing experience in the U.S. and Europe, with an emphasis on commercial real estate debt and equity for pension and retirement system clients. He founded Ambassador Capital Management, Inc., a registered investment advisor in 1999, specializing in publicly traded real estate related securities.
From 2001-2005, Mr. Glickman was a Partner and Investment Committee Member of Apollo Real Estate Advisors, a sponsor of opportunistic comingled funds. From 1998-99, he was Vice Chairman of Advisory Research, Inc., a registered investment advisor specializing in small cap value equity stocks and taxable and tax-exempt fixed income securities. From 1994-98, he was Chairman, CEO and CIO of Ambassador Apartments, Inc. (NYSE: AAH), a public, value-added REIT, whose IPO he led and which merged with AIMCO (NYSE:AIV) in 1998. From 1972-92, he was Executive Vice President and Member of the Board of Directors and Investment Committee of Heitman Financial, and President of Heitman Advisory Corporation, a Registered Investment Advisor, specializing in core real estate asset management for institutional investors in separate accounts and comingled funds.
Mr. Glickman is a Guest Lecturer in Real Estate at Kellogg Graduate School, Northwestern University. He is an Illinois and Nevada licensed real estate broker, a former Director/Trustee of the National Multifamily Housing Council, Pension Real Estate Association, NAREIT, F.W. Parker School, Menomonee Boys and Girls Club, and is on the Advisory Board of Institutional Real Estate, Inc.
Mr. Glickman received his Bachelor of Arts in English from the University of Illinois-Chicago.
Paul Mouchakkaa, Managing Director
Irvine, CA
Mr. Mouchakkaa re-joined PCA in March 2009 as a Managing Director of Real Estate Consulting Services.
Prior to joining PCA, Mr. Mouchakkaa served as a Portfolio Manager for Real Estate at the California Public Employees’ Retirement System (CalPERS). As a Portfolio Manager, Mr. Mouchakkaa oversaw the research, operations and analytics for CalPERS’ entire real estate portfolio. While at CalPERS, Mr. Mouchakkaa served as a key member of senior management and oversaw fifteen members of CalPERS’ internal real estate staff.
From 2005-2007, Mr. Mouchakkaa served as a Vice President with PCA. In this capacity, Mr. Mouchakkaa performed due diligence on real estate opportunities, conducted investment and market research and prepared strategic investment plans and policies for leading institutional investors.
Prior to that, Mr. Mouchakkaa served as a Senior Manager with RBC Financial Group in Toronto, Canada. While there he had responsibility for approving the annual budget and monitoring expenses for all of RBC retail banking head office network. In addition, Mr. Mouchakkaa was a key member in evaluating feasibility of strategic investment proposals pursued by the RBC Banking platform.
Mr. Mouchakkaa received a degree in Economics from Carleton University with Highest Honors and also holds a MBA from the University of Oregon.
Lindsey Sugar, Vice President
New York, NY
Ms. Sugar joined PCA in 2008 as Senior Analyst of Real Estate Consulting Services. Ms. Sugar has worked in the investment real estate industry for the past eight years.
Prior to PCA, Ms. Sugar was an Investment Associate at Arch Street Capital Advisors, a private equity company, in Greenwich, CT. Her responsibilities included analyzing real estate portfolios and development opportunities for acquisition, supervising due diligence, structuring transactions, and providing asset management services. Previously, Ms. Sugar worked as a Leasing Analyst for Foot Locker Realty, Inc., in New York. While at Foot Locker, Ms. Sugar oversaw the integration of Footaction stores into the Foot Locker portfolio, negotiated leases with the three largest retail investment managers in the United States, and supervised special projects for the CFO. Prior to Foot Locker, Ms. Sugar was an Investment Analyst in the New York office of Norgo Group Inc., a privately held real estate investment company with a focus on opportunistic transactions in New York and Chicago. Ms. Sugar assisted with acquisition due diligence, financial analysis, and asset management.
Ms. Sugar holds a Bachelor of Arts from the University of Chicago and a Masters of Real Estate Finance from New York University.
Dillon Lorda, Vice President
Portland, OR
Dillon Lorda joined PCA in 2008 and covers Real Estate. Mr. Lorda has acquisitions and investment experience covering all real estate asset classes in Mexico and the United States.
Prior to joining PCA, Mr. Lorda worked as a development associate for Del Mar Development in Los Cabos, Mexico. He was responsible for all aspects of development including sourcing and underwriting new acquisitions, overseeing due diligence, preparing investment memorandums, sourcing and structuring debt and equity, negotiating JV agreements, coordinating design, as well as overseeing construction, marketing, and sales. Mr. Lorda covered hospitality, retail, urban infill, and master planned communities in the US and Mexico. Prior to joining Del Mar Development, Mr. Lorda worked at Time Equities, Inc. on an acquisitions team with a focus on residential and retail properties in the New York metropolitan area.
Previously Mr. Lorda spent six years in international agricultural trading with Bunge Global Markets and ED & F Man. He was directly responsible for managing logistics operations in the Caribbean and Europe. Mr. Lorda traded in South America, Asia, and the Middle East.
Mr. Lorda earned a Bachelor of Arts from Hamilton College and a MS in Real Estate Finance from New York University.
Austin Carmichael, Vice President
Portland, OR
Mr. Carmichael re-joined PCA in January 2010 as a Vice President of Real Estate Consulting Services.
Prior to joining PCA, Mr. Carmichael served as an Assistant Vice President at Partners Group, an alternative asset manager, from 2007-2009. At Partners Group, Mr. Carmichael served within the private real estate group and his primary responsibilities included client portfolio management, investment monitoring, market research and due diligence on new investment opportunities.
From 2005-2007, Mr. Carmichael served as a Senior Investment Analyst with PCA. In this capacity, Mr. Carmichael performed due diligence on real estate opportunities, conducted investment and market research, and oversaw reporting for leading institutional investors.
Prior to that, Mr. Carmichael worked for Morgan Stanley for four years. His responsibilities included providing investment advice, managing client relationships, and conducting research. He worked for retail clients primarily in traditional investments and ensured clients maintained balanced portfolios.
Mr. Carmichael received a degree in English Literature from Seattle Pacific University and also holds a MBA from the University of Oregon.