Before starting his junior year at Centre College, Alex Grove ’20 (Louisville, Kentucky) spent his summer interning at Molto Properties, an industrial real estate development firm based in Chicago with nation-wide holdings.
“I attended lease negotiations, environmental mitigation meetings, construction progress meetings, punch list walks and even investment committee meetings,” Grove said. “I got to prepare initial drafts of a letter of intent, pro forma underwriting, loan financing requests, and figures and charts for investment committee memos.”
Throughout the internship, Grove also wrote published press releases, developed a new website for the company, created an eight-page company information brochure and a standardized template for all of their listings using specialized branding accents.
“One of my primary responsibilities was coordinating the transition to a new property management company by providing information and necessary documents on Molto’s holdings,” he explained. “I performed research for potential acquisitions primarily for potential intermodal transportation projects and created a construction cost estimator that used historical data to provide average costs based on location and square footage.”
In addition, Grove attended various professional and networking events for developers, and he secured a sponsor to fund a successful intern networking event that he organized. He also negotiated a cost decrease on a forced relocation issue, worked on a contract to provide internet to one of their distribution centers and executed a professional photography contract.
As an economics and finance and politics double major and an international studies minor, a majority of Grove’s past experience has been in the legal and political field, while this internship expanded his horizons to the financial and business-like atmosphere.
“This job was very different from my previous positions at a medical malpractice firm, a city councilwoman’s office and at the cloakroom of the U.S. Senate; however, industrial development requires a lot of knowledge about legal contracts, navigating tax abatements and personal relationships that I had some related experiences with in past jobs,” he said.
“Additionally, I found that a lot of my experiences with writing in my classes at Centre assisted with writing press releases and other tasks I had to perform. My experience in Professor Rogers accounting class helped me be able to effectively prepare some of the financial documents I was responsible for drafting, as well.”
Grove said this internship was a very important opportunity for him, providing “an incredibly potent and enthralling dose of real world experiences.”
“For as long as I can remember, I wanted to be a lawyer, and while I still want to go to law school, this position helped me realize how much you can do with a law degree and that you don’t have to be limited to an office for your entire life,” he added. “A lot of things that I liked about law, like oral arguments in court, the personal interaction with the client and high level of intellectual engagement, all translated seamlessly in the industrial real estate world and opened my eyes to a whole new potential career path.”
by Kerry Steinhofer
September 26, 2018