No Cap by CRE Daily

From 0 to 29K Units: Janet LePage on Building One of North America's Largest Private Apartment Firms

Season 3, Episode 7: Janet LePage, CEO of Western Wealth Capital, joins the show to share how she scaled from flipping homes in Phoenix to managing over 30,000 units across the Sunbelt, with $4B in real estate transactions under her belt.In this episode, Janet opens up about the pressure of navigating one of the fastest interest rate hikes in modern history and how her firm managed to stay aggressive in the Sunbelt while others pulled back. From installing washers and dryers to unlock millions in value to vertically integrating WWC in just 26 days during COVID, Janet breaks down how bold decisions and operational precision kept her portfolio alive when others were sinking.We discuss:– Her journey from flipping homes to building WWC– The moment she felt “truly wealthy” (hint: it involved a pickle sandwich)– How her 83-point checklist drives fast, repeatable value-adds– Why she vertically integrated WWC during COVID in just 26 days– The first deal she’s bought in three years—and why it's 43% below replacement costTOPICS00:00 – Janet’s Start: From Coder to First Flip05:00 – Flipping Homes While Working a 9-to-512:00 – Buying 23 Units 26 Days Before Birth18:00 – Scaling Through Systems and Syndication25:00 – Raising Millions and Launching WWC32:00 – The Washer-Dryer Strategy That Changed Everything38:00 – Breaking Into Texas and Going Institutional45:00 – Vertical Integration and COVID Shifts51:00 – Lessons from Rate Hikes and Bridge Debt55:00 – New Opportunities: Buying 43% Below ReplacementShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Why Dying Malls Might Be the Best CRE Opportunity Today

Season 3, Episode 6: Andy Weiner, CEO of RockStep Capital, joins the show to explain why the retail apocalypse was overhyped and how his firm is turning overlooked malls into long-term cash-flow plays.With 50+ shopping centers under management, Andy walks through the real risks, the CMBS fallout, and why Class B markets still offer upside, if you know how to operate.We discuss:– Why “retail is dead” doesn’t hold up in the data– The problem with chasing national tenants– How to convert retail boxes into healthcare and entertainment– Why CMBS debt caused lasting damage to retail.TOPICS00:00 – Cold Open and Retail Misconceptions02:20 – Andy’s Path and RockStep’s Strategy07:00 – The Retail Apocalypse Was Overblown10:30 – Picking Markets and Making Malls Work15:45 – Why Big Boxes Can Hurt NOI20:10 – CMBS Mistakes and Risk Discipline26:00 – Repurposing Retail Into Healthcare and Entertainment32:00 – Leasing Timelines and Tenant Credit Today37:50 – Anchor Replacements and Nontraditional Uses44:30 – Pricing Gaps, Cap Rates, and Lender Pullback50:00 – What’s Next for Retail in 2025Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Self-Storage vs. Other CRE Assets – What's the Better Bet?

Season 3, Episode 5: Brian Cohen, CEO of Andover Properties, joins the show for a candid deep dive into how he scaled a self-storage empire and why the best buying opportunities today are in the asset classes no one wanted a decade ago.From distressed storage deals and long lease-ups to launching a credit platform with Angelo Gordon, Brian breaks down what makes Andover different and why data, automation, and institutional discipline give them a lasting edge.We discuss:– Why self-storage outperformed during the GFC– How lease-up timelines have doubled post-COVID– What most operators miss about private credit– Wild stories from inside storage unitsBrian also shares why he avoids third-party management, what makes below-replacement-cost deals so compelling, and how Andover uses AI to make smarter decisions across all verticals.TOPICS00:00 – Intro and Sleep Tech Rant02:00 – From Tishman Speyer to Self-Storage06:00 – Lack of Sophistication in Early Storage Industry10:00 – Lease-Up Timelines and Developer Distress14:30 – Loan Acquisitions and Launching a Lending Platform19:00 – Why They Avoid Third-Party Management22:30 – Drug Busts, Guns, and Other Storage Finds26:00 – The Car Wash Thesis and Token Economics30:00 – AI Tools and Andover’s Data Strategy34:00 – Buying 50% Below Replacement Cost38:00 – Cycle Outlook and What’s Next for AndoverShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Why Principal's $100B Real Estate Strategist Is Bullish on Office While Others Panic

Season 3, Episode 4: Rich Hill, Global Head of Real Estate Strategy at Principal Asset Management, joins the show for a candid deep dive into the state of CRE in 2025, from CMBS and construction lending to the hype around AI data centers.With over $100B in real estate under management, Rich explains why office isn’t dead, where multifamily pricing is off, and how investors are recalibrating their return expectations.We discuss:– Why debt is suddenly back in favor– What’s fueling (and threatening) the data center boom– Where office sentiment is quietly shifting– The truth behind the “housing shortage” narrativeRich brings clarity to the chaos, offering a rare look at how one of the industry’s largest real estate platforms is navigating 2025.TOPICS00:00 – Intro & Birthday Surprise03:00 – Rich’s Career Path + Joining Principal06:00 – How Principal Allocates Capital in Today’s Market10:30 – Debt, Construction Lending, and CMBS Strategy15:40 – Data Centers, AI Demand, and Market Caution22:30 – Office Outlook and Why Originations Are Ticking Up28:00 – Living Strategies, Seniors Housing, and Multifamily Mispricing33:50 – US vs. Europe: Capital Sentiment and Cross-Border Strategy39:20 – Tariffs, Onshoring, and Resilient Cash Flows43:00 – Return Expectations for CRE in 2025 and Beyond47:00 – Final Thoughts on Alternatives and OutlookShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

The Deal Architect: Inside Trammell Crow’s $22B Capital Strategy with Tommy Lee

Season 3, Episode 3: Tommy Lee, Global Head of Capital Markets at Trammell Crow Company, joins No Cap podcast for a deep dive into the return of institutional capital—and what it signals for commercial real estate in 2025.Under Lee’s leadership, Trammell Crow has raised and deployed over $22 billion since 2018, fueling large-scale development across major U.S. markets. In this episode, he breaks down how global capital is reentering the space, what risks are being mispriced, and why some deals just don’t pencil—no matter how they look on paper.We discuss:– The return of institutional investors and what it means for deal flow– Execution risk and capital stack dynamics in today’s market– Why distressed deals might not be the opportunity everyone thinks– The illusion of “risk-free” Treasuries and potential cracks in the systemThomas doesn’t hold back—and his perspective offers rare insight into how one of the industry’s top players is navigating the current CRE landscape.TOPICS00:00 – Introduction05:00 – CRE Pipeline Activity and Investor Sentiment10:00 – Managing Relationships and Finding Real Opportunity15:00 – Office Skepticism and Repositioning Challenges20:02 – What the Capital Markets Team Is Seeing Nationwide25:00 – Risk, Return, and Raising Capital in Today’s Climate30:00 – Creative Structuring and Non-Traditional Capital35:00 – What LPs Care About in 202540:00 – Regional Plays, Execution Risk, and Exit Timing45:00 – What Makes a Deal Worth Saying No To50:00 – Advice for the Next Generation of Real Estate LeadersShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

How Crowd Street Turned $63M Fraud Crisis Into Private Equity Growth Opportunity

Season 3, Episode 2: In this episode of No Cap Podcast, co-hosts Jack Stone and Alex Gornik sit down with John Imbriglia, CEO of Crowd Street, and Anna-Marie Allander Lieb, Investment Director, to discuss the company’s remarkable recovery from the $63M fraud scandal that rocked its platform. John and Anna-Marie dive deep into how they turned a crisis into one of the biggest expansions in private equity.The duo reveals their shift from crowdfunding to private equity, how they're leveraging AI for smarter due diligence, and why more Americans are moving away from traditional financial advisors in favor of self-directed investing.TOPICS00:00 - Introduction05:00 - The Nightingale Fraud Scandal10:00 - John's Background and Expansion Vision15:00 - Due Diligence and Sponsor Vetting20:00 - Technology Updates and Brand Strategy25:00 - Building Trust Without Financial Advisors30:00 - AI Integration and Portfolio Management35:00 - Multifamily and Retail40:00 - Conservative Leverage and Credit Approach44:00 - Fall Launch Timeline for Private MarketsShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

JP Morgan's Tom Kennedy On Where to Invest in Commercial Real Estate

Season 3, Episode 1: In this episode, co-hosts Jack Stone and Alex Gornik are joined by Tom Kennedy, Head of Research and Investment Strategy for Real Estate Americas at J.P. Morgan Asset Management. A "recovering central banker," Tom drops some of the boldest predictions we've heard, including a direct callout to the Federal Reserve.Tom reveals why your portfolio strategy might be in trouble, shares insider data impacting half of America, and tells you where to place your bets for 2025.TOPICS00:00 – Introduction05:47 – From Fed to JP Morgan12:15 – JP Morgan's Bold CRE Prediction18:32 – How Deglobalization Changes Everything25:16 – Multifamily: The Most Obvious Investment Play32:45 – Data Centers: Real Estate or Infrastructure?38:12 – The Death of 60/40 and Rise of Alternatives44:28 – Immigration, AI, and Labor Market Disruption49:15 – Interest Rates and Fed IndependenceShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

The Internet’s Favorite Strip Mall Guy Talks CRE, Capital & Deals

Season 2, Episode 13: In this episode of No Cap Podcast by CRE Daily, hosts Jack Stone and Alex Gornik sit down with Don Tepman, the man behind The Strip Mall Guy. Don shares the story of how a single Twitter post launched a thriving commercial real estate brand and led to millions in deals. He reveals how going public transformed everything, why he doesn’t believe in real estate courses, and how he’s built a business around value-add strip malls.Don also discusses his rise from broker to principal, his strategy for building strong broker relationships, and the role AI might play in shaping the future of real estate. Plus, get an exclusive look into his legendary annual gala and what makes it so special.Whether you’re into real estate, deal-making, or just love a great story, this episode is for you!CHAPTERS00:00 - Introduction 08:31 - Going Public & Deal Flow Explosion15:28 - From Broker to Principal22:33 - Value-Add Strategy & Market Challenges27:48 - Broker Relations & Fund Structure31:32 - Social Media Strategy & Real Estate Courses35:15 - Advice for Newcomers & Importance of Mentorship41:39 - Annual Gala Preview & Closing ThoughtsFor more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Meta’s in the Bayou, Morgan’s Buying the Midwest, and Investors Are Watching Closely

Season 2, Episode 12: In this episode of The No Cap Podcast, hosts Jack Stone and Alex Gornik break down the madness of the week’s biggest headlines, including Trump’s unexpected tariff drop, the resurgence of REITs, and Meta’s new data center. They also dive into why Shein and Temu may be facing serious troubles and what all of this means for the economy and real estate.From inflation to energy crises, the latest on the stock market to a birthday bobblehead discussion — this episode has it all.CHAPTERS:00:00 - Introduction 05:11 - Hooters’ Bankruptcy & Rebrand09:17 - REITs vs Developers14:56 - Treasuries, Tariffs & China21:15 - Long-Term Strategy25:10 - Inflation, Real Estate & The Dollar31:28 - Meta’s Data Center & Energy34:38 - Detroit, AI & Housing CrisisWe want to thank our sponsor Greysteel. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
 

Will Tariffs Kill Your Favorite Brands? We Asked the Insider Who Knows

Season 2, Episode 11: In this episode of No Cap by CRE Daily, hosts Jack Stone and Alex Gornik are joined by CNBC’s Senior Retail Reporter, Courtney Reagan, to discuss the fast-evolving retail market. From Q4 earnings to tariff shocks and the future of physical retail, Courtney breaks down the latest trends and challenges facing major brands like Walmart, Gap, and luxury retailers on Fifth Avenue.They dive deep into how the retail environment is shifting, with policy changes, economic uncertainty, and evolving consumer behavior at the forefront. Plus, Courtney shares insights on why some retailers are struggling, how e-commerce is reshaping the landscape, and what the future holds for in-store shopping.CHAPTERS:00:00 – Introduction04:52 – Wealth Perception & Consumer Spending14:55 – Groceries, Inflation, and the Future of Big Box Retail20:18 – Retail Stress: Fed’s Impact & Luxury Brands33:31 – Manufacturers & Nostalgia's Influence on Consumers41:55 – Persisting Tariffs & Evolving Retail48:31 – Retail Return Fraud & TJ Maxx's Dynamic InventoryWe want to thank our sponsor Greysteel. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.