When Sergeant Pepper taught the band to play
Twenty-five years ago, I was hunkered down in the basement office of my old home in Montclair (an Oakland suburb), staring at the tiny flickering black-and-white screen of my little Macintosh Plus, waiting for what seemed to be an interminable amount of time between screen builds, as I switched from full screen to page view and back again.
What was I doing? I was putting the finishing touches on the premier edition of The Institutional Real Estate Letter — the Vol. 1, No. 1, January 1989 issue. That very first edition would have a cover story about the retail property markets and an interview with Roger Franz, then a real estate investment officer with the California Public Employees’ Retirement System (at the time, a $49 billion fund). And my goodness, it was a dreadful, amateurish piece of work, replete with poor grammar and typographical errors. One of the columns of numbers didn’t even add up properly. But it was fresh, it wa