No Cap by CRE Daily

Cliff Booth on Building Westmount and Navigating 40 Years in Real Estate

Season 4, Episode 6: Jack Stone and Alex Gornik sit down with Cliff Booth, founder and chairman of Westmount Realty Capital, for a straight-talking look at four decades of success in industrial real estate. Cliff shares how he built one of the most resilient portfolios in the game and what it really takes to stay ahead when the market turns volatile. He reveals the lessons learned from navigating market cycles, rising interest rates, and fierce capital competition, all while avoiding the hype around single-tenant Amazon assets. Expect insider insights on cold storage, flexible industrial, and how relationships still matter in a crowded landscape.TOPICS0:00 Introduction4:15 From antiques in Montreal to Dallas industrial real estate9:45 Building Westmount before e-commerce15:30 Avoiding Amazon single-tenant hype22:10 Market cycles and rising rates28:55 Cold storage and infill industrial33:40 Capital flood and competition38:15 Relationships and integrity in deals43:00 Industrial market outlook and leadershipShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.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.

Special Feature: In The Loop – Green is the New Gold Standard with Jordan Goldstein

Today we’re featuring our friends at LoopNet’s In The Loop, a podcast spotlighting the people, ideas, and innovations shaping the future of work. Check them out wherever you listen to podcasts.

Behind Fundrise’s Vertical Integration Strategy In Real Estate

Season 4, Episode 5: Jack Stone and Alex Gornik sit down with Ben Miller, CEO and Co-Founder of Fundrise, to reveal how technology is transforming commercial real estate investing and changing how retail investors access private markets.Ben shares the story behind Fundrise’s rise to over $7 billion in real estate assets, why commercial real estate investing is all about macro trends now, and what drives the build-to-rent housing wave. He breaks down the latest on private credit, multifamily, and AI in real estate investment management. Plus, find out how Fundrise’s digital platform is making real estate crowdfunding accessible to millions.TOPICS00:00 Meet Ben Miller04:45 How Fundrise democratized real estate investing12:30 Macro trends driving commercial real estate returns19:55 Build-to-rent strategies and platform innovation26:40 Private credit and multifamily market shifts34:10 Securitization and institutional investor trends41:45 AI’s impact on CRE investment and management49:10 Fundrise’s outlook for private markets in 2025Shoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.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.

Is Traditional CRE Falling Behind Alternatives? w/ Brian Pieracci

Season 4, Episode 4: Jack Stone and Alex Gornik sit down with Brian Pieracci, Head of North American Private Real Estate Equity at Heitman, to examine why alternatives are reshaping commercial real estate portfolios and outperforming traditional core assets.Brian shares how Heitman pioneered allocations towards self-storage, medical offices, senior housing, and single-family rentals. He breaks down what drives demand in these sectors, the challenge facing office real estate, and how institutional investors are changing their strategies in response. Brian also explains Heitman’s global approach to alternative assets and the importance of diversification in today’s market. TOPICS00:00 Meet Brian Pieracci05:15 Early bets on alternatives13:00 Office real estate vs alternatives21:40 Self-storage and senior housing29:30 Strategies for global expansion into alternative sectors37:00 Balancing core, value-add, and alternative assets 44:30 What institutional investors demand from alternative investments52:10 The future of CRE beyond the officeShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.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.

Revolutionizing Real Estate Syndication Through InvestNext w/ Kevin Heras

Season 4, Episode 3: Jack Stone and Alex Gornik sit down with Kevin Heras, CEO of InvestNext, to explore how a Detroit-built platform is reshaping how real estate firms raise and manage capital.Kevin shares his path from Spain to Michigan Tech to the early Handshake days, then explains the first InvestNext prototype and why standardizing subscriptions, funding, and reporting matters for both GPs and LPs. He breaks down sponsor best practices, the case for partnerships over vertical integration, and where proptech is heading as data and building connectivity unlock better decisions. He also previews what’s next at InvestNext and how potential accreditation changes could expand access to private real estate.TOPICS0:09 – From Spain to Detroit and Early Influences3:06 – Handshake Lessons and Startup Bug5:57 – Corporate Consulting to Entrepreneurship9:21 – What InvestNext Is and Who It Serves11:02 – Standardizing Subscriptions, Funding, Reporting12:01 – One Portal for LPs Across Sponsors17:32 – What Makes a Good Sponsor vs a Bad Sponsor21:02 – Partnerships Over Vertical Integration29:37 – Proptech Outlook and Market Discipline35:24 – What’s Next for InvestNext and Access to CapitalShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.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.

What the New CRE Cycle Could Mean for Investors w/ Rick Schaupp

Season 4, Episode 2: Jack Stone and Alex Gornik sit down with Rick Schaupp, Managing Director at Clarion Partners, for an inside look at one of the country’s largest private real estate investment managers.Rick traces his path from architecture and urban design to managing Clarion’s $70B platform, shares what it was like to start his career during the tech bust and 9/11, and explains why Clarion is expanding into semi-liquid funds for retail investors. He also breaks down today’s biggest investment themes—from multifamily and warehousing to senior housing and industrial outdoor storage—and reflects on where we are in the real estate cycle.TOPICS00:09 – Rick’s Architecture Roots and Move to Clarion02:00 – Asset Management During the Tech Bust and 9/1106:10 – Shifting From Institutional to Private Wealth07:20 – Semi-Liquid Fund Structure and Daily NAV12:01 – Investment Themes Across Housing, Industrial, Healthcare15:30 – Office Reality vs. Winners and Losers20:30 – Alternatives Like IOS, Self Storage, Senior Housing25:51 – How Clarion Allocates Across Credit, Equity, Regions31:14 – Capital Strategy and New Products35:00 – Where We Are in the Cycle38:34 – Career Advice for Recent GradsShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.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.

BXP CEO on Office Comeback, Hybrid Work and Boosting Productivity

Season 4, Episode 1: We’re back with a brand-new season of No Cap — and we’re starting big. Jack Stone and Alex Gornik sit down with Owen Thomas, CEO of BXP and the largest office landlord in the United States, to launch Season 4 in style.From a Virginia dairy farm to Morgan Stanley, Lehman Brothers, and now leading the country’s largest office landlord, Owen shares the pivotal moments that shaped his career. He discusses succeeding Mort Zuckerman at BXP, the evolution of office demand, work-from-home and hybrid dynamics, BXP’s 343 Madison project, and how AI may reshape the future of office space.TOPICS00:10 – Introduction01:00 – From Virginia roots to Morgan Stanley Real Estate04:33 – Leading in Asia and the 2008 financial crisis06:15 – Lehman Brothers board and the largest bankruptcy in history14:36 – Rise of REITs and capital markets15:42 – Taking over as CEO of BXP and succeeding Mort Zuckerman21:05 – Office demand, work-from-home, and hybrid dynamics30:00 – Gateway markets, regional differences, and 343 Madison41:00 – Development challenges and suburban vs. urban performance47:32 – AI’s impact, leadership lessons, and the future of BXPShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.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.

Brookfield’s Strategy to DOMINATING Alternative Investments w/ Ben Brown

Season 3, Episode 12: In this episode of No Cap, Jack Stone and Alex Gornik sit down with Ben Brown, Co-President of Brookfield’s Real Estate Group and Head of the Americas, to talk about the pivotal moments that shaped his career and the strategies behind some of Brookfield’s biggest deals.From breaking into Brookfield during the financial crisis to leading $10B+ acquisitions like GGP and Forest City, Ben shares the lessons learned, the risks taken, and the culture that keeps Brookfield ahead in a shifting real estate market. He also opens up about where he sees opportunity today, from retail and housing to data centers and hospitality.TOPICS
00:10 – Introduction01:39 – Early career and first steps in real estate07:58 – Joining Brookfield during the financial crisis12:30 – Why 2018 became a record year of deals15:05 – Inside the GGP acquisition and retail strategy25:00 – How Brookfield structures capital29:33 – Forest City and investing in urban cores36:57 – Shifts in apartments, logistics, and strategy42:28 – Where Ben sees opportunity now49:00 – Hospitality plays in the US, India, and Europe53:42 – Brookfield’s edge in capital markets59:02 – Culture and teamwork at scaleShoutout 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 Podcast
Commercial 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 Art of Placemaking in NYC w/ MaryAnne Gilmartin, MAG Partners

Season 3, Episode 11: In this episode of No Cap, Jack Stone and Alex Gornik sit down with MaryAnne Gilmartin, Founder and CEO of MAG Partners, to talk about the pivotal moments, high-stakes decisions, and unconventional moves that have defined her career and shaped New York City’s skyline.From her Brooklyn roots to steering some of Manhattan’s most high-profile projects, MaryAnne shares what it takes to lead in real estate’s most competitive market, how she approaches affordable housing, and where she still sees opportunity when others hesitate.TOPICS00:09 – Introduction00:42 – Brooklyn roots and early career steps02:51 – Koch era New York and the public sector04:59 – Why retail matters to a project’s success10:21 – The West Side before Hudson Yards12:18 – Bruce Ratner and the Forest City years21:06 – Leading through high-stakes moments29:49 – Mentors and management lessons43:18 – Working with communities and affordable housing47:21 – Closing and thank youShoutout 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 DailyCRE 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.

Fannie Mae to Half a Billion: Jon Siegel on Surviving and Thriving in Multifamily

Season 3, Episode 10: In this episode of No Cap, Jack Stone and Alex Gornik talk with Jon Siegel—Partner and CIO at RailField—about building through one of the toughest market cycles, what went wrong after early success, and why staying active matters more than ever.They also get into the private credit boom, the myth of distress deals, and where real opportunities still exist.TOPICS00:09 – Opening and Jon’s Background04:22 – Starting RailField with $50M of Institutional Capital06:03 – Early Deals and Gaining Credibility10:18 – The Rise of Preferred Equity and Private Credit14:15 – Why Distress Hasn’t Hit and What Happens Next20:00 – Market Timing, Cycles, and Staying in the Game24:08 – Vintage Deals, Underwriting, and What Still Works27:00 – Portfolio Strategy and Working with Institutional Capital32:58 – Long-Term Bullishness on Multifamily36:41 – Final Thoughts and Outlook for 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.