Summer internship showed CEM student how engineering and business strategy can create value in real estate
Real estate development runs on more than blueprints and building codes. Leasing strategy, financial performance and legal considerations all shape how a property gets used. This summer, Erik Papp got to see that firsthand as an intern with Brixmor Property Group.
Papp, a rising junior in UD’s Construction Engineering and Management (CEM) program, entered the summer with an understanding of how buildings are designed and built. At Brixmor, a commercial real estate investment trust, he learned how business strategy, real estate investment and construction work together to create value within existing properties.
During the internship, Papp saw how redevelopment teams evaluate properties through construction, leasing, legal and financial lenses to identify opportunities for growth.
“I learned that engineering decisions can have a major impact on an asset’s financial performance,” Papp said.
Changes such as improving a site’s layout, attracting new tenants or enhancing the customer experience can increase rents and boost a property’s overall value.
“Understanding how finance and engineering work together helped me realize that engineers can play a much larger role in the development process than I originally thought,” he said.
The experience strengthened Papp’s interest in working at the intersection of construction, real estate and finance. He plans to continue gaining experience across those fields as he explores his career options. During his senior year, he also plans to apply to deferred MBA programs to further bridge his construction background and business interests.
Papp spent two weeks in Hungary this summer reconnecting with family.
The summer also included time to reconnect with family. Papp spent two weeks in Hungary, where his parents emigrated from and where his extended family still lives. One highlight was watching Chelsea soccer matches with his uncle, a tradition that has helped the two maintain a close bond despite living an ocean apart.
Now, as Papp returns to campus for another year in the CEM program, he brings with him a broader perspective on how construction engineering can contribute to real estate development.