Market Intel

The Matthews ™ Podcast — Dr. Noah St. John

Dr. Noah St. John on Breaking Revenue Plateaus and Performing Under Pressure In this episode of the Matthews™ Podcast, host Matthew Wallace is joined by Dr. Noah St. John, founder and CEO of SuccessClinic.com, to discuss the mindset, habits, and mental frameworks that help top performers achieve lasting success. Drawing on more than three decades of experience coaching executives, entrepreneurs, athletes, and business leaders, Dr. Noah explains why success isn’t simply about working harder. Through his Power Habits Framework and Zero Friction Method, he shares how identifying unconscious habits, eliminating self-imposed limitations, and approaching challenges with greater clarity can unlock higher levels of performance in business and life. Success Starts Below the Surface Many professionals focus on improving visible behaviors while overlooking the unconscious habits that shape daily decisions. Dr. Noah argues that sustainable growth begins by addressing the beliefs operating beneath the surface. Most Habits Are Unconscious: Lasting change comes from addressing the subconscious patterns that influence decision-making and performance. Questions Shape Results: Replacing limiting internal dialogue with empowering questions helps shift mindset and create better outcomes. Permission Comes Before Performance: Many high achievers unknowingly hold themselves back until they give themselves permission to pursue greater success. Eliminating Friction to Unlock Growth Rather than adding more strategies or working longer hours, Dr. Noah encourages leaders to identify the internal friction preventing progress. Hidden Barriers Create Plateaus: Self-doubt and limiting beliefs often become the biggest obstacles to growth. Remove the Brake, Don’t Just Add More Gas: Solving internal challenges produces greater results than simply increasing effort. Small Mindset Shifts Compound Over Time: Addressing mental friction creates long-term improvements in confidence, productivity, and performance. Performing Under Pressure Commercial real estate and other competitive industries demand consistent execution in high-stakes environments. Dr. Noah explains how mindset directly influences performance during negotiations and leadership decisions. Claim Your Power: Enter important conversations with a clear understanding of your own objectives. Seek Mutual Wins: Effective negotiations begin by understanding what the other party values, not by treating every interaction as a competition. Confidence Is Built, Not Inherited: Strong habits and intentional preparation create composure under pressure. Building Sustainable Success High performance should create freedom, not burnout. Dr. Noah believes the most successful leaders develop systems that support both professional achievement and personal fulfillment. Consistency Outperforms Intensity: Long-term habits produce stronger results than short bursts of motivation. Growth Doesn’t Require Burnout: Sustainable success comes from reducing unnecessary friction rather than constantly working harder. Mindset Drives Every Outcome: Improving internal habits creates lasting improvements across business, relationships, and leadership. Key Takeaways for CRE Professionals Identify the unconscious habits influencing your performance. Replace limiting self-talk with empowering questions. Remove internal friction before simply increasing effort. Approach negotiations by creating value for both sides. Build systems that support long-term performance without burnout.

The Matthews™ Podcast — Mark Leverette

Mark Leverette on Navigating Risk, Operations, and the Role of AI In this episode of the Matthews™ Podcast, host Matthew Wallace is joined by Mark Leverette, Managing Partner of Client Accounting & Advisory Services at BPM, to discuss how artificial intelligence, automation, and better data management are changing the future of commercial real estate. Drawing on more than 20 years of experience advising institutional investors, private equity firms, family offices, developers, and operators, Leverrette explains why firms that invest in clean data, integrated technology, and operational efficiency will have a significant advantage over competitors. From improving financial reporting to preparing organizations for AI, he shares practical insights into what real estate companies should be doing today to stay ahead. From Data Overload to Better Decisions Real estate has traditionally lagged behind other industries in adopting technology, but that is rapidly changing. Leverrette explains that success isn’t about collecting more data, it’s about organizing, validating, and using it effectively. Data Quality Matters More Than Data Volume: Owners often struggle with delayed reporting, inconsistent information, and disconnected systems that slow decision-making. Modern Systems Create Competitive Advantages: Firms adopting integrated accounting, property management, and reporting platforms are improving efficiency while reducing operational bottlenecks. Start Small, Then Scale: Rather than replacing everything at once, companies should identify their biggest reporting challenges, solve them incrementally, and build momentum through early wins. AI Is an Accelerator, Not a Replacement Artificial intelligence is changing how real estate firms analyze information, but Leverrette emphasizes that strong data foundations must come first. AI Depends on Clean Data: Even the most advanced AI tools are only as effective as the information they’re given. Automation Speeds Decision-Making: AI can help process financial, operational, and property-level data much faster than traditional workflows. Humans Still Need to Stay in the Loop: While AI will increasingly support underwriting, reporting, and operational decisions, critical investment decisions should continue to include human oversight. Building the Infrastructure for Smarter Operations Many institutional owners are pursuing what Leverrette calls the “holy grail” of real estate data, a centralized environment where information from multiple systems can be accessed, analyzed, and acted upon in real time. Enterprise Platforms Matter: Systems like Yardi, MRI, RealPage, NetSuite, Sage Intacct, and AppFolio provide the infrastructure needed for scalable data management. Open Integrations Create Flexibility: Software with strong API capabilities allows firms to connect multiple systems while preparing for future AI applications. Operational Efficiency Drives Value: Faster reporting and more reliable information enable owners to make better investment, underwriting, and portfolio decisions. Protecting Data While Creating Value As firms collect more proprietary information, data governance becomes just as important as analytics. Protect Proprietary Information: Internal operating data and investment insights increasingly represent valuable intellectual property. Prioritize Security: Owners should rely on trusted enterprise platforms and maintain strong controls around data access and usage. Expect Evolving Standards: Regulators and institutional investors will continue raising expectations around data quality, transparency, and reporting. Key Takeaways for CRE Professionals Treat clean, organized data as a competitive asset. Modernize systems before fully embracing AI. Focus on operational efficiency as much as technology adoption. Keep humans involved in critical investment and underwriting decisions. Invest in relationships alongside technology; your professional network remains one of your greatest long-term assets.

The Matthews™ Podcast — Adam Bell

How Fiber Infrastructure Drives NOI in Multifamily with Adam Bell In this episode of the Matthews™ Podcast, host Matthew Wallace is joined by Adam Bell, CEO of Internet Subway, to discuss how connectivity is reshaping multifamily real estate and why the internet is quickly becoming one of the most important drivers of property performance. With a background spanning telecom, IT services, and asset management, Bell shares how owners can rethink the internet not as a third-party utility, but as an integrated part of the building that impacts resident experience, operations, and long-term value From Utility to Infrastructure For years, the internet has been treated as a retail service layered onto multifamily properties. Bell explains why that model is outdated and where the opportunity lies today. Resident Expectations Have Changed: Connectivity is now as essential as water or electricity, and friction in setup or performance directly impacts satisfaction and retention. Owner Controlled Networks: By shifting to managed, property-wide systems, owners can standardize service, improve reliability, and eliminate dependence on fragmented providers. Seamless Experience: From move-in day activation to customizable speeds and controls, modern connectivity mirrors the flexibility of a single-family home experience. Unlocking NOI Through Connectivity One of the most compelling aspects of Bell’s model is its direct financial impact. Hands-Free Onboarding: Bulk internet models allow owners to convert a basic service into a consistent income stream. Value Creation: Increased NOI translates directly into higher asset valuation, often with strong returns relative to installation cost. Acquisition and Repositioning Strategy: Connectivity is becoming a lever that can influence pricing, underwriting, and exit value. A Massive and Underserved Market Despite growing adoption, Bell notes that most of the industry has yet to make the shift. Horizon South Realty Group: A large portion of multifamily assets still rely on traditional retail agreements. New Development Adoption: Forward-thinking developers are beginning to integrate connectivity from the ground up. Retrofit Opportunity: Existing properties can still be upgraded, creating a wide runway for value creation across the market. Key Takeaways for CRE Professionals Treat the internet as infrastructure, not a vendor service Look for operational efficiencies alongside revenue gains Consider connectivity during acquisition and development planning Recognize digital infrastructure as a long-term value driver

The Matthews™ Podcast — Bo Kemp

Bo Kemp on the Strategic Advantage in Regional Development In this episode of the Matthews™ Podcast, host Matthew Wallace is joined by Bo Kemp, CEO of the Southland Development Authority, to discuss how regions compete for transformative projects in an era where infrastructure, power, and coordination determine where capital can actually deploy. With a focus on aligning municipalities, investors, and long-term infrastructure planning across Chicago’s Southland, Kemp shares why economic development today is less about incentives and more about execution at scale. The Rise of Powered Land as the New Competitive Edge For decades, location and labor drove site selection. Today, Kemp explains, the defining variable is power. Data Center Demand: Next-generation industrial users, particularly data centers, require massive, reliable power loads that few regions can deliver immediately. Infrastructure Readiness: It’s not just acreage that matters, but contiguous, develpment ready land with utilities, water access, grid connectivity, and workforce support. Grid Access Advantage: Chicago’s Southlands benefits from access to two electrical grids, including PJM, creating flexibility and capacity that many competing markets cnanot offer. Long Horizon Development in a Short-Term World Kemp emphasizes that the hardest part of large-scale development isn’t attracting interest but aligning stakeholders around projects that require 50- to 100-year thinking. Public-Private Alignment: Successful projects demand trust between municipalities, utilities, developers, and capital partners. Political and Community Buy-In: Without local-level cohesion, even well-capitalized projects can stall. Strategic Patience: Regions that plan infrastructure ahead of demand are the ones positioned to capture generational investment. Capital Meets Infrastructure Looking ahead, Kemp discusses new initiatives designed to bridge real estate investment with energy and infrastructure strategy. Horizon South Realty Group: A platform focused on unlocking development opportunities across the Southland. The $100M Monarch Fund: A vehicle designed to pair equity with infrastructure and energy initiatives to accelerate large-scale projects. Key Takeaways for CRE Professionals Think Beyond the Dirt: Land value increasingly depends on power and access to infrastructure, not just location. Follow the Utilities: Grid capacity and energy strategy are becoming primary drivers of capital allocation. Alignment is the Asset: Regions that can coordinate across public and private sectors will win the next cycle of industrial growth.

The Matthews™ Podcast — Jeff Enck

Jeff Enck on Southeast Shopping Center Trends In this episode of the Matthews™ Podcast, host Matthew Wallace continues the publication takeover series with Part 3 of the National Shopping Center Overview, breaking down the Southeast with Matthews™ Senior Vice President Jeff Enck. With 25+ years of retail investment sales experience and hundreds of transactions closed across the Southeast, Enck shares why strip centers have moved from underrated to one of the most competitive retail investment categories in the country, and what that means for both private and institutional capital. The Role of Strip Centers as a Primary Asset Class Traditionally, retail real estate was often viewed through the lens of grocery-anchored or power cents. However, Enck notes that over the last decade, and specifically the last two to three years, unanchored strip centers have shifted their strategies to exit grocery-anchored and power centers in favor of strips. Industrial Adoption: Major groups, including the first publicly traded REIT solely focused on strip centers (Curbline), have shifted their strategies to exit grocery-anchored and power centers in favor of strips. The “Apartmentization” of Retail: Investors are increasingly treating strip centers like “retail multifamily”. Because the bays are typically uniform (1,500 to 2,500 square feet), owners expect regular tenant turnover as an opportunity to reset and increase rents. Operational Efficiency: Re-tenanting smaller bays is more capital-efficient than filling large big-box spaces, often requiring less tenant improvement (TI) allowance. Essential Service Retail (ESR) and the Amazon Impact The narrative of the “retail apocalypse” has shifted as investors recognize the durability of “essential service retail”. Recession and Internet Proofing: Success in the space is driven by tenants that cannot be easily replaced by e-commerce, such as urgent care, hair salons, dentists, and local restaurants. The Amazon Synergy: Ironically, the rise of Amazon has helped strip centeres by creating a need for shipping hubs. Many centers now feature UPS or Pack Mail stores to handle the heavy volume of consumer returns. The Human Factor: COVID-19 revealed that local “mom and pop” tenants are often more resilient than national credit tenants because their personal livelihoods are tied to the business, making them more willing to collaborate with landlords during crises. Investment Dynamics of the Southeast Enck highlights the Southeast as a particularly attractive region due to its fundamental economic drivers. Growth Drivers: Tax-friendly states, job importation, and low cost of living have led to a massive influx of population, which in turn fuels the need for retail support. Market Concentration: Major metros like Charlotte, Tampa, Atlanta, Orlando, and Nashville are all performing solidly. Yield Opportunities: While core markets see heavily compressed cap rates, investors are increasingly looking toward secondary markets like Savannah, Knoxville, and Greenville to find better yield The Future of the Asset Class Early Innings of Institutionalization: The strip center market remains highly fragmented. Enck estimates that only about 1.5% to 2% of the approximately 68,000 unanchored centers nationwide are currently institutionally owned. Rent Growth Strategy: The primary attraction for large groups is “mark to market” opportunities—buying seasoned properties (10–30 years old) and raising below-market rents. Supply Constraints: New construction of traditional strips is limited due to high construction costs. Most new development is focused on small 2–4 tenant out-parcels (e.g., Chipotle and Starbucks) where rents are already at their peak, limiting future growth potential. Key Takeaways for CRE Professionals Stick to a Specialization: Enck advises young brokers to choose a property type and geographic focus and stay with it, rather than jumping between asset classes based on what is currently popular. Understand Risk from the Buyer’s Perspective: Learning how buyers evaluate risk, a lesson Enck learned from early struggles with difficult listings, is essential for long-term success Value of Professional Representation: Because 80% of strip center owners only own one or two properties, there is a significant opportunity for brokers to provide professional guidance to private clients.

The Matthews™ Podcast — Amy Rubenstein

The Operational Edge in Workforce Housing with Amy Rubenstein In this episode of the Matthews™ Podcast, host Matthew Wallace is joined by Amy Rubenstein, CEO and Founder of Clear Investment Group, to discuss what it takes to stabilize distressed workforce housing and turn operationally broken assets into durable, livable communities. While the multifamily sector often gets framed through the lens of new development, luxury amenities, and top-tier Class A product, Rubenstein focuses on a different reality. Across the country, millions of renters live in aging properties that have been neglected for years, where operational breakdowns, deferred maintenance, and instability have real consequences for residents and investors alike. Rubenstein believes that restoring these assets is not only a business opportunity but a responsibility. Drawing on decades of experience across ownership, investment strategy, and operations, Rubenstein shares how Clear Investment Group identifies underperforming market-rate workforce housing and turns it into stable, functioning communities through disciplined execution, data-driven decision-making, and operational rigor. The Operational Reality of Distress Workforce housing sits in a unique place in the market. It serves working families and individuals who often earn too much to qualify for subsidized housing, but not enough to absorb constant rent increases. Rubenstein notes that Clear Investment Group typically focuses on households in the $35,000-$85,000 income range, where demand remains durable, but quality supply is limited. The challenge is that distressed workforce assets are rarely distressed for just one reason. Typically, multiple systems fail at once: property management, resident screening, maintenance, collections, and oversight. Fixing that requires a different kind of operator. Restoring Stability and Performance Rather than chasing yield through superficial renovation, Clear Investment Group’s value restoration philosophy is stabilized through fundamentals like: Correcting operational inefficiencies Improving safety and livability Restoring resident trust Reducing delinquency and loss-to-lease Building repeatable processes across assets The Role of Data and AI in Multifamily Operations Clear Investment Group uses data and AI to strengthen both underwriting and operations to: Tighten underwriting assumptions Improve due diligence accuracy Monitor performance in real time Identify early warning signs in delinquency and collections Make operational policy changes based on resident payment behavior Key Takeaways for CRE Professionals Workforce housing is one of the most durable demand drivers in multifamily Distress is often operational, not just physical Value restoration requires discipline, not just capital Data and AI can materially improve underwriting and day-to-day decision-making Real transformation happens through execution and consistency Listen on:

The Matthews™ Podcast — Ed Laycox

Mid-Atlantic Shopping Center Trends with Ed Laycox In this episode of The Matthews™ Podcast, host Matthew Wallace continues the Publication Takeover Series with part two of the National Shopping Center Overview to unpack the trends shaping the Mid-Atlantic with Matthews™ Executive Vice President Ed Laycox. With over 20 years of experience and 200 transactions totaling over $1 Billion, Laycox brings a practical, deal-level view of what’s shaping retail investment decisions right now. He breaks down where capital is moving, how buyer profiles are evolving, and why grocery-anchored centers continue to command outsized attention. A Career Built in Grocery-Anchored Retail Laycox’s career has been defined by a deep focus on grocery-anchored and necessity-based retail, particularly in suburban and tertiary markets through the Mid-Atlantic. Early on, he gravitated toward these assets because of their durability and the consistency of consumer demand. Over time, that focus helped him develop a nuanced understanding of how everyday retail performs across different economic cycles. Rather than chasing headline markets, Laycox spent years building relationships with owners in smaller, less institutional submarkets. That approach allowed him to see firsthand how population growth, income levels, and consumer behavior ultimately drive shopping center performance. Capital is Following Suburban Growth Capital is continuing to shift away from urban cores into surrounding suburban and secondary markets. Laycox points to growth across areas surrounding Washington, D.C., as well as markets like Richmond, Charlottesville, Northern Virginia, and parts of Maryland, where higher-income households are increasingly willing to live farther from city centers. As these areas grow, ownership profiles have changed. What were once predominantly family-owned assets are now attracting larger private equity groups and more institutional-style capital, drawn by population growth and the stability of grocery-anchored retail. Tenant Demand Is Splitting, Not Weakening Laycox describes today’s tenant landscape as increasingly divided between necessity-based uses and discretionary or experiential concepts. Grocery, food, and auto-related tenants continue to anchor centers and provide stability, while uses such as fitness, personal services, and entertainment concepts are often able to support higher rents. At the same time Laycox cautions that not every concept works everywhere. In deeper tertiary markets, there’s often only room for one experimental tenant in a given category. Adding competition too quickly can strain demand and disrupt an otherwise healthy center. Navigating Choppy Capital Markets Financing conditions remain uneven, and Laycox does not shy away from describing the last few years as a bumpy period for retail investment sales. Despite that volatility, he emphasizes that capital hasn’t disappeared. Deals are getting done, particularly when transactions are well structured and thoughtfully executed. He notes that challenging markets often separate active operators and advisors from those who step to the sidelines. Brokers and investors who are willing to stay engaged and problem-solve tend to gain market share when conditions improve. Laycox adds: Having the ability to find ways to get deals done is where the real value of brokerage comes into play in these types of markets. Grocery-Anchored Remains the Leading Thesis Looking ahead, Laycox is clear that grocery-anchored retail remains one of the strongest investment stories in the Mid-Atlantic and nationally. As the cost of dining out continues to rise, consumers are allocating more spending toward groceries, driving consistent sales growth across many stores. One emerging issue he flags is the rising cost of insurance. As premiums increase, insurance is likely to become a more significant factor in lease negotiations and NOI discussions as leases roll. Laycox believes this expense pressure is underappreciated and will play a larger role in investment decisions over the next several years. Understanding the “Solve for X” Mindset In a market where traditional financing often feels like a barrier, Laycox advocates for a proactive, problem-solving approach to brokerage. “Solving for X” means looking beyond the high interest rates to find the specific structures—whether through creative capital sources or lease restructuring—that make a deal viable for both the buyer and the seller. In 2026, this approach is especially essential as pricing expectations reset and both sides get more flexible on structure. Key Takeaways for Investors The Mid-Atlantic opportunity is increasingly defined by where the demand is deepest and how risk is priced. Grocery-anchored centers remain the clearest defensive play, but outcomes hinge on market-by-market execution. The best deals are the ones that match tenant mix to local spending power, account for rising expense pressure like insurance, and use smart structure to bridge the gap between buyer and seller expectations. What Separates Productive Agents in This Cycle The most effective agents are leaning into problem-solving, not just pricing. In a market where capital is selective and execution takes more effort, value comes from understanding risk, setting expectations early, and helping both sides navigate structure. Consistency, local market knowledge, and the willingness to stay engaged through uncertainty are what build trust and sustain long-term relationships.

The Matthews™ Podcast — Will Mitchell

How Automation is Rebuilding Real Estate with Will Mitchell In this episode of the Matthews™ Podcast, host Matthew Wallace is joined by Will Mitchell, CEO and co-founder of Rabbet, for a deep dive into construction finance, one of the most overlooked friction points in commercial real estate. While billions of dollars move through the construction ecosystem every year, much of the industry still relies on spreadsheets, PDFs, and manual processes to manage draws, budgets, and lender reporting. Mitchell believes that the gap between capital and clarity is not just inefficient, it’s holding the industry back. Drawing on firsthand experience as a developer and entrepreneur, Mitchell shares how Rabbet is helping lenders and developers move toward a more connected, transparent, and data-driven workflow. From the Built Environment to Building Technology Mitchell’s career didn’t begin in software. It starts with a fascination with the built environment and a strong belief that real estate should operate more logically than it often does in practice. After working across development projects and entrepreneurial ventures, Mitchell experienced the same pain points again and again—slow draw processes, fragmented information, and a lack of real-time visibility for both lenders and borrowers. Mitchell explains: You’d have one version of the truth for the developer, another for the lender, and everything lived in email threads and Excel files. That’s not a system. That’s survival mode. Those experiences ultimately laid the foundation for Rabbet, a platform designed to centralize construction data, streamline draw management, and create shared visibility across stakeholders. The Early Innnings of Modernization Despite significant innovation across proptech, construction finance remains stubbornly manual. According to Mitchell, that resistance isn’t due to lack of intelligence or capital. It’s due to risk aversion and workflow inertia. Construction lending is high-stakes. Mistakes are costly. As a result, institutions are slow to change unless the upside is undeniable. Mitchell notes: People don’t adopt new technology because it’s marginally better. They adopt it when it’s marginally better, when it saves time, reduces risk, and makes their day-to-day easier. That philosophy shaped how Rabbet approaches product development. The goal isn’t to add another tool to the stack, but to replace inefficient processes entirely. Building Tech That Actually Gets Adopted Driving adoption in a legacy industry requires more than innovation. Technology must earn trust before it can scale. Mitchell explains that successful construction finance software must do three things well: Integrate seamlessly into existing workflows Provide immediate, tangible value Respect the expertise of the people using it Rabbet focuses on structured data rather than document overload, enabling lenders and developers to work from a shared source of truth instead of chasing updates across inboces. Mitchell says: Technology shouldn’t make people feel replaced. It should make them better at what they already do. Key Takeaways for CRE Professionals Construction finance modernization is still in its early stages Adoption depends on trust, clarity, and measurable value Technology must support decision-makers, not replace them Sustainable change happens incrementally, not overnight A Measured Path Forward As capital markets continue to evolve, the infrastructure supporting construction finance evolves in tandem. Mitchell’s perspective underscores a broader truth in commercial real estate: meaningful progress comes from respect for fundamentals, patience with adoption, and a focus on solving real problems.

The Matthews™ Podcast — Matt LoPiccolo

West Coast Shopping Center Trends with Matt LoPiccolo In this episode of the Matthews™ Podcast, host Matthew Wallace kicks off the Publication Takeover Series with the National Shopping Center Overview, breaking down shopping center trends with the help of regional experts. Matthews™ Senior Vice President Matt LoPiccolo joins to discuss key retail and shopping center trends across the West Coast. With nearly a billion dollars in transaction experience across California and the broader Western region, LoPiccolo brings grounded, real-time insight into a market defined by both competition and complexity. A Career Built on Specialization and Understanding Risk LoPiccolo’s path into retail investment sales began with local San Diego shopping centers, a highly hands-on, information-driven asset class. Early in his career, he immersed himself in site-level intel: CAM structures, big-box turnover risk, lease-up economics, and the intricacies of multi-tenant operations. Over time, these fundamentals shaped his specialization. He learned that shopping centers carry layers of uncertainty not found in single-tenant assets, from operational exposures to business-plan variability. That complexity became an advantage, sharpening his approach to underwriting, basis evaluation, and deal strategy. Why West Coast Retail Remains Competitive Despite higher borrowing costs, West Coast retail continues to outperform. LoPiccolo identifies two major drivers: 1. Low Inventory + Strong Fundamentals Vacancy remains tight across most Western metros, preserving landlord leverage and keeping competition elevated—even in a challenging capital environment. Deals that do hit the market draw attention, especially in stabilized neighborhoods and grocery-anchored centers. 2. Healthy Tenant Demand Fast-casual dining, fitness concepts, and coffee operators continue expanding, providing steady absorption and anchoring neighborhood centers. While some categories feel saturated, overall demand remains consistent across suburban and coastal submarkets. How Underwriting is Changing Higher interest rates and a 35–40% rise in operating expenses over the past decade are forcing buyers to underwrite more conservatively. Even triple-net centers face absorption questions as tax reassessments and CAM escalations reset tenant costs. Downside Protection Matters More Than Ever Investors want clarity around basis, rollover timing, big-box risk, and true NOI. The new priority is not just upside potential—but downside certainty. LoPiccolo reflects on how volatility has shifted investor psychology: Understanding your downside risk is the foundation of every deal today. Value-Add Hasn’t Disappeared Older definitions of value-add, simple lease-up, light repositioning, or rent mark-to-market, are less common today. Instead, modern value-add often requires: Higher capital injection More operational cleanup More patience More certainty in the business plan Many legacy owners have low bases and long-term stability, making pricing gaps more pronounced. Meanwhile, buyers expect to be compensated for risk associated with box vacancies, rising rents, and redevelopment scope. As LoPiccolo puts it: Value-add hasn’t gone away, it’s just evolved. There’s still opportunity, but the market is demanding clarity, cleaner execution, and a real justification for the risk. The Risk Factor of Post-COVID Rents One unique challenge emerging in the West is the dramatic increase in build-to-suit and big-box rents. LoPiccolo notes some uses—coffee, QSR, even grocers—are signing deals at 50–60% higher rents than just a few years ago. While developers need these rents to offset construction costs, investors increasingly question sustainability. Even long-term corporate leases feel less invincible when rents exceed historical norms by such a margin. This “post-COVID rent reset” will influence valuations for years to come and sits at the intersection of capital, tenant health, and long-term exit strategies. What Investors Are Asking Today Across his client base, LoPiccolo sees several recurring themes: Basis: Is the entry point defensible relative to replacement cost and risk? Risk: What’s my exposure to turnover, downtime, and re-tenanting costs? Expenses: How will OpEx growth and tax reassessment impact tenant absorption? Timing: Does the business plan realistically match my investment horizon? Buying retail today requires a deeper understanding of tenant health, the cost of re-tenanting boxes, and the long-term operational outlook of each center. What Will Shape the West Coast Market Next? While broader capital markets remain fluid, LoPiccolo believes West Coast retail will continue to offer durable opportunities for disciplined investors. Key forces to watch: The sustainability of post-COVID rent levels The evolution of value-add underwriting and execution Tenant category shifts and oversaturation risk Expense growth and tax reassessment impacts Big-box re-tenanting trends and redevelopment plays The Human Side of Brokerage: Persistence, Authenticity, and Failure Beyond market dynamics, LoPiccolo offers advice to rising CRE professionals: Do not be afraid to fail. Getting in front of a client is the win. He stresses that success in retail brokerage comes from consistency, transparency, and authenticity—not just deal outcomes. Clients value advisors who deliver honest insight, even when the message is that now may not be the right time to sell. Long-term relationships, he says, are built on trust and clarity. In a fluid market, that kind of candor and alignment often matters more than short-term transaction volume. Guiding Principles for Leaders Navigating Today’s Market LoPiccolo leaves listeners with core philosophies that have grounded his career: Embrace failure as part of growth. Stay authentic. Relationships drive everything. Know the story behind every asset. Understand risk before chasing reward. Be persistent and patient. These principles, paired with disciplined underwriting and real market awareness, define successful navigation of today’s West Coast retail environment—and set the tone for the Publication Takeover Series as it moves through other regions across the country.

The Matthews™ Podcast — Keven Rowe

The Legal Infrastructure of Sports-Anchored Districts with Keven Rowe Sports-anchored mixed-use districts are rapidly reshaping the development landscape, blending arenas and entertainment venues with housing, retail, office, and hospitality. These environments operate far beyond the traditional stadium model, functioning as economic hubs that activate neighborhoods year-round. But turning these bold visions into reality depends on a highly strategic legal foundation. In this episode of the Matthews™ Podcast, host Matthew Wallace is joined by Keven Rowe, Shareholder and Real Estate Practice Lead at Buchalter, to unpack how legal structure, public collaboration, and long-term planning underpin today’s most ambitious sports-driven projects. With more than 20 years of experience across development, finance, and large urban districts, Rowe brings a uniquely integrated perspective to an emerging and influential asset class. A Career Built on Navigating Complexity Rowe entered real estate law through the world of shopping center development, one of CRE’s most nuanced and interdependent property types. That early exposure to easements, shared infrastructure, financing coordination, and multi-party agreements gave him a foundation that naturally translated into mixed-use advisory work. Over time, Rowe expanded into financing and redevelopment, working with lenders, developers, and local agencies. These experiences positioned him to advise on major multi-asset projects with a legal strategy that must connect land use, capital structure, public incentives, and long-term operations. Why Sports Districts are Gaining Momentum Rowe notes that sports-anchored districts have grown in prominence because they deliver sustained economic activity beyond game days. As venue construction costs continue to rise, ownership groups and municipalities increasingly view mixed-use components as essential for financial viability. Districts create daily foot traffic, attract diverse tenants, and elevate surrounding property values. For cities, these projects help drive urban reinvestment and regional identity. For cities, these projects help drive urban reinvestment and regional identity. For owners, they block predictable revenue streams that support large capital commitments. Each party benefits, but only the legal foundation is strong enough to hold the entire ecosystem together. The Role of Public-Private Coordination Unlike standalone real estate projects, sports districts require a unified strategy between cities, states, and private developers from the outset. Rowe emphasized that aligning stakeholders early is essential, not only for funding but also for defining the district’s long-term structure. Infrastructure, transportation, and public space typically fall outside of a traditional private development’s scope. Cities step in to support these components, while developers deliver the vertical improvements and district programming. When executed correctly, this shared approach creates durable economic value for both the public and private sides. Rowe highlighted that success depends on transparency, clearly defined obligations, and a mutual understanding of the project’s civic and financial goals. Salt Lake City’s Fast-Moving Collaboration One of Rowe’s most compelling recent examples in Salt Lake City’s pursuit of a new sports and entertainment district died due to its NBA and NHL franchises. The effort required rapid coordination between team ownership , the City of Salt Lake, the State of Utah, and Salt Lake County, entities with different priorities but a shared interest in keeping major league teams anchored downtown. Rowe points to Utah’s cooperative political environment and unified vision as major drivers of the project’s momentum. In a short period, stakeholders established legislative authorization, district boundaries, and public funding mechanisms necessary to move the concept forward. The Unique Legality Behind These Projects Sports-anchored districts operate like compact cities, with varied uses that rely on one another to succeed. Rowe explained that their legal complexity stems from weaving together: Multi-layered financing across public and private capital. Zoning and land-use adjustments for dense mixed-use environments Operating agreements covering year-round district management Long-term obligations such as maintenance, security, and event coordination Community benefit commitments tied to housing, culture, or workforce development Each piece must function independently yet support the district’s collective identity and economic model. That interdependence is what makes the legal strategy so critical and so distinct from conventional real estate development. What Lies Ahead for Sports-Driven Real Estate Looking forward, Rowe expects sports-anchored districts to become more integrated, technologically advanced, and mission-driven. Sustainability requirements, evolving fan experiences, and new digital capabilities will shift both design and operations. Meanwhile, cities and ownership groups will continue exploring ways to structure districts that deliver civic value while generating the revenue needed to sustain major league venues. The next wave of projects will demand even more coordination, creativity, and long-term planning, areas where legal strategy will remain central. Guiding Principles for CRE Leaders Entering This Space Rowe concluded by emphasizing the habits that have guided his work over the past two decades: Stay curious and engaged: The most svessful adviors advisors understand the entirety of a project’s lifecycle. Trust creates lasting partnerships: Prioritize client needs over quick wins. Redefine your expertise: Treat each project as an opportunity. Maintain long-term focus: These developments evolve over years, not months.

The Matthews™ Podcast — Anthony Scavo of Basis Industrial

The Rise of Multi-Tenant Industrial with Anthony Scavo On this episode of The Matthews™ Podcast, host Matthew Wallace is joined by Anthony Scavo, President and Managing Partner of Basis Industrial, to explore one of the most dynamic sectors in commercial real estate today, the red-hot world of small-bay industrial. With more than 30 years of experience in construction and development, Scavo has built his career from the ground up, transforming a traditional path in real estate into a playbook for long-term growth and disciplined investing. From Construction Sites to Managing Partner Scavo’s introduction to real estate didn’t begin in a conference room. It started on construction sites alongside his father, who spent 55 years with the Lefrak Organization. Scavo joined the firm right out of high school and continued working full-time while earning his degree from NYU’s Stern School of Business. “It was like building your own little city,” Scavo recalls. “You see something come out of the ground and become home to hundreds of people. It’s addictive.” After more than two decades at Lefrak and several years with Red Apple Group, Scavo joined Basis Industrial to lead its self-storage division. What began as a focused initiative soon evolved into a breakthrough and a discovery that would define the company’s future. The Accidental Goldmine Basis Industrial’s pivot to small-bay industrial came by chance. While converting a warehouse in Orlando into self-storage, Scavo’s team found tenants eager to stay, even offering to pay double the rent. That moment exposed a powerful market opportunity: smaller, flexible industrial spaces could deliver comparable yields to development projects with less risk and faster income. Why Small-Bay Works Small-bay industrial, typically 1,000 to 10,000 square feet per unit, serves as the incubator of the small-business economy. Tenants include HVAC contractors, mechanics, plumbers, e-commerce distributors, and local entrepreneurs, the backbone of day-to-day commerce. Unlike large distribution centers that depend on a few tenants, small-bay properities host dozen of diverse users. This diversity provides income stability and resilience while operating below replacement cost. Integration as a Competitive Edge Scavo attributes much of Basis Industrial’s success to its vertically integrated model, managing acquisitions, construction, leasing, and property operations internally. When traditional management companies proved ill-equipped for small-bay’s unique demands, Basis built its own infrastructure, enabling faster lease-ups, minimal downtime, and a better tenant experience. Markets on the Move Basis Industrial’s portfolio now spans Central Florida and the Dallas–Fort Worth area, two of the most active industrial markets in the U.S. Orlando, Scavo notes, has become their best performer, offering strong rent growth and sustained occupancy. Today, the firm manages more than 5.5 million square feet across its small-bay and self-storage portfolio and expects to surpass 2.5 million square feet in Orlando alone by next year. The Basis of Trust Under Scavo’s leadership, Basis Industrial has grown from three employees to more than fifty in under five years, proof that a disciplined foundation can outperform market cycles. Roughly 80% of the firm’s transactions now come off-market, driven by word-of-mouth credibility and a reputation for closing deals exactly as promised. Top Takeaways for CRE Professionals • Small-bay industrial offers stability, diversification, and long-term upside. • Limited new supply enhances existing asset value. • Vertical integration drives performance and accountability. • Integrity and consistency remain the ultimate competitive advantages. From construction superintendent to managing partner, Anthony Scavo has proven that real estate success is built on more than timing; it’s built on discipline, trust, and an unwavering focus on fundamentals.

The Matthews™ Podcast — Lissette Calderon of Neology Group

The Future of Attainable Luxury with Lissette Calderon On this episode of The Matthews™ Podcast, host Matthew Wallace sits down with Lissette Calderon, Founder and CEO of Neology Group, a Miami-based development firm redefining what attainable luxury means in modern urban living. A first-generation Cuban-American and Wharton graduate, Lissette has spent over two decades transforming overlooked neighborhoods like the Miami River District and Allapattah into vibrant, livable communities, dubbed “Queen of the Miami River” for her pioneering role in the city’s residential renaissance. From Banker to Builder Lissette’s journey didn’t start in a boardroom—it began on construction sites alongside her father. After earning a triple concentration from Wharton and launching a successful investment banking career in New York, she realized she wanted to build tangible impact, not just financial models. Returning home to Miami, Lissette defied early skepticism that “there’s no place for women in development.” She became the first woman hired as a developer by George Perez’s Related Group, where she gained large-scale experience before launching Neology at age 28. Her debut project, Neo Lofts, became the first residential high-rise on the Miami River, setting the stage for an entire district’s revival. Attainable Luxury, Defined For Lissette, attainable luxury is more than a marketing term. It’s a disciplined, data-driven design philosophy. By focusing on efficiency ratios, construction precision, and thoughtful amenity planning, Neology delivers affordable, high-quality housing without compromising design or profitability. As Lissette puts it, “Passion, purpose, and profitability aren’t mutually exclusive.” Her projects prove that well-built, amenity-rich living can serve the workforce, the teachers, nurses, civil servants, and professionals who power Miami’s economy, without pricing them out of the communities they serve. Revitalizing Communities Through Partnership Calderon’s developments are grounded in public–private collaboration. She identifies neighborhoods with strong fundamentals, transit access, employment hubs, and cultural identity, and partners with municipalities to create holistic redevelopment. By aligning with city leaders on safety, infrastructure, and local investment, Neology turns underused industrial and commercial sites into vibrant mixed-use communities that uplift existing residents rather than displace them. Her approach exemplifies how developers, lenders, and local governments can work together to transform overlooked areas into thriving urban cores. Innovation Meets Integrity A vertically integrated model allows Neology to control every aspect of development, from investment and construction to management, ensuring a seamless resident experience. Technology plays a key role, from BIM modeling that eliminates costly change orders to amenity innovations like digital package rooms and Zoom workspaces designed for modern tenants. But innovation, Lissette emphasizes, means nothing without integrity. “People don’t do business with companies, they do business with people.” Empowering the Next Generation Beyond her projects, Lissette is passionate about representation and mentorship. Still one of the few women leading large-scale development in Miami, she founded the Women in Real Estate Program, an immersive summer initiative introducing high school and college students, especially young women, to careers in commercial real estate. Her goal: ensure the next generation sees more faces like hers around the boardroom table. Top Takeaways for CRE Professionals Attainable luxury is achieved through discipline, efficiency, and empathy, not compromise. Public-private partnerships are essential for equitable neighborhood revitalization. Vertical integration ensures quality, accountability, and brand trust. Leadership rooted in authenticity and resilience creates long-term value From the Miami River to the heart of Allapattah, Lissette Calderon is reshaping how cities grow, proving that attainable doesn’t mean ordinary, and purpose-built communities can define the next chapter of urban living.

Building Culture and Growth: A Conversation with Duerk Brewer

On a recent episode of the AZ Big Podcast, hosts Michael Gossie and Amy Lindsey sat down with Duerk Brewer, Chief Operating Officer at Matthews™, to discuss how the company became the fastest-growing CRE brokerage in the country and what lessons from athletics can teach about business success. From the Mail Room to the C-Suite Brewer’s story is one of grit and perseverance. He began his career in 1999 in the mail room of Hendricks & Partners, a well-known Arizona real estate firm. What was meant to be a summer job turned into a 13-year journey that saw Brewer rise through the ranks to become a partner before the firm was acquired by Berkadia, a Berkshire Hathaway and Jefferies-backed company. “It was supposed to be temporary,” Brewer recalled. “But within weeks, I realized commercial real estate was a true meritocracy. Your success depends entirely on your effort and results.” That same entrepreneurial spirit is what drew Brewer to Matthews™, where he helped scale the firm from a startup to a national powerhouse with more than 30 offices and 1,000 agents across the U.S. The Matthews™ Difference: Technology, Culture, and Support Brewer attributes Matthews™’ rapid rise to three core pillars: technology, culture, and support. Founded in the digital age, Matthews™ was able to bypass legacy systems that hinder many long-established competitors. “We were built for today’s market,” Brewer explained. “Everything from data aggregation to client engagement is optimized for speed, transparency, and insight.” However, technology alone isn’t enough. “You can have the best tech and tools,” Brewer said, “but without the right culture, it won’t matter.” Founder and CEO Kyle Matthews prioritized creating an environment that attracts driven, entrepreneurial professionals. “That culture has a magnetic effect,” Brewer noted. “It’s what allows us to recruit, train, and retain top talent.” Support is the third leg of the stool. Matthews™ invests heavily in training, mentorship, and operational infrastructure to help agents focus on what really matters—building relationships and closing deals. “Our philosophy is to jumpstart careers by providing early and ongoing support,” Brewer said. Embracing AI and the Future of CRE Brewer sees artificial intelligence as the next major frontier in CRE. Matthews™ already integrates AI into underwriting, data extraction, and lead generation processes. “We underwrote over 20,000 buildings last year,” Brewer shared. “With AI, we can leverage that data faster and smarter than ever before.” By operating on a single shared CRM system, the company empowers agents nationwide with real-time insights into markets, clients, and opportunities. “That’s where AI becomes a game-changer,” Brewer said. “The next three years are going to completely transform how deals are sourced and executed.” Arizona’s CRE Landscape: Adapting Through Change Despite slower transaction velocity in recent years, Brewer is bullish on Arizona’s CRE market. Matthews™ opened its Phoenix office in May 2020, amid a pandemic and social unrest, and turned it into one of the company’s top-performing offices. “The market rewards those who keep investing and innovating,” Brewer said. “Even in muted conditions, opportunities exist. It’s about being proactive, not reactive.” He credits Phoenix’s strong fundamentals—population growth, economic diversification, and inbound migration—for driving long-term demand across the multifamily, retail, and industrial sectors. Brewer also pointed to TSMC’s $165 billion semiconductor investment as a major catalyst for industrial expansion and housing development. Lessons from the Track: Coaching and Leadership Outside the office, Brewer wears another hat as a high school cross country coach. Named Arizona’s Coach of the Year for girl’s cross country in 2024, he finds deep parallels between athletics and business. “Success in both comes down to discipline and consistency,” he said. “You have to get comfortable being uncomfortable.” Whether mentoring agents or student athletes, Brewer emphasizes servant leadership by empowering others to succeed through accountability, preparation, and mindset. “When people know you genuinely care about their growth,” he said, “they’ll go the extra mile—sometimes literally.” Looking Ahead Brewer predicts a rebound in CRE activity as interest rates begin to decline in late 2025. “Lower rates will bring sidelined investors and capital providers back into the market,” he said. “We’re preparing now to support clients through that resurgence.” As for his home base in Queen Creek, Brewer sees continued expansion fueled by family-friendly demographics and rising household incomes. “It’s incredible to watch this community evolve,” he said. “We’re not just seeing growth—we’re seeing transformation.”

Duerk Brewer

Chief Operating Officer

10/23/25

The Matthews Podcast — Andy Weiner of Rockstep Capital

The Power of Principle-Driven Real Estate with Andy Weiner On this episode of The Matthews Podcast, guest host Patrick Graham sits down with Andy Weiner, Founder and President of RockStep Capital, a Houston-based investment firm redefining the future of community retail. With a career spanning four decades, Andy has transformed how investors and developers view shopping centers, turning overlooked properties into thriving local hubs that anchor neighborhoods and fuel economic growth. From Retail to Real Estate Visionary Andy’s journey began on the front lines of retail. Before founding RockStep Capital, he spent years in the retail business, giving him an operator’s eye for how customers, tenants, and communities interact. That foundation later became the cornerstone of RockStep’s investment philosophy: every property has a story, and a second act. His move from retail into real estate investment wasn’t just a career shift; it was a mission to breathe new life into struggling centers across America. By understanding both sides of the table, the tenant and the landlord, Andy built a model that blends financial discipline with community revitalization. The “Hometown America” Strategy At the heart of RockStep’s approach is its HomeTown America initiative: a strategy focused on revitalizing retail centers in secondary and tertiary markets that are often overlooked by institutional capital. These properties, once the center of local commerce, are being reimagined into mixed-use spaces that serve as anchors for small businesses, healthcare, and community life. Andy describes this model as “investing in people as much as properties.” By partnering with local tenants and city leaders, RockStep transforms dated malls into vibrant town centers—where retail, entertainment, and daily services coexist. Turning Distress into Opportunity While many see retail distress as a market headwind, Andy sees it as a generational opportunity. He explains how shifting consumer habits, e-commerce adaptation, and post-pandemic demand for convenience have created openings for creative investors. Rather than chasing major metros, RockStep finds value in underserved cities where competition is low, but community demand is strong. This contrarian playbook has allowed the firm to deploy capital strategically and deliver consistent returns while supporting local growth. Partnership, Purpose, and Patience For Andy, success in retail reinvention depends on partnership and long-term vision. RockStep’s projects often involve close collaboration with municipalities, lenders, and regional developers. These partnerships allow the firm to align community needs with investor goals, bridging the gap between capital and impact. He emphasizes patience as a competitive edge, “you can’t flip communities overnight, real transformation takes time, trust, and a shared purpose.” Lessons in Leadership Andy’s leadership philosophy centers on curiosity, humility, and persistence. He believes the best leaders listen first, especially to the people who live and work in the markets they serve. From navigating rising interest rates to managing redevelopment risk, he underscores the importance of staying adaptable while keeping mission and value creation at the core. “Don’t underestimate the power of understanding the customer,” says Andy. “Whether you’re leasing space or raising capital, it’s all about people.” Top Takeaways for CRE Professionals Adaptive reuse and mixed-use conversions are redefining how communities shop and connect. Secondary cities are becoming prime investment opportunities for long-term value creation. Aligning capital, local government, and tenant needs unlocks sustainable redevelopment. Grounding projects in community benefit builds trust and long-term stability. From Houston to heartland America, Andy Weiner is rewriting what it means to invest in retail, proving that with vision and persistence, legacy assets can become engines of local revival and national growth.

The Matthews Podcast — Dr. Mindy Weinstein on The Power of Scarcity

The Psychology of Better CRE Decisions with Dr. Mindy Weinstein On this episode of The Matthews Podcast, host Matthew Wallace sits down with Dr. Mindy Weinstein, a nationally recognized psychologist, marketing expert, TEDx speaker, and author of The Power of Scarcity. With a client roster that includes Facebook and The Weather Channel, and teaching experience at Columbia Business School and The Wharton School, Dr. Weinstein brings a deep understanding of how human behavior shapes decision-making, insights highly relevant to commercial real estate investors, brokers, and dealmakers. From Marketing to Psychology Dr. Weinstein’s journey began in marketing, driven by a fascination with communication and persuasion. After earning her MBA, she pursued a Ph.D. in General Psychology to better understand what motivates people. Her doctoral research led her to study the psychology of scarcity, a topic she spent seven years researching and testing before bringing her findings into the business world. What Is Scarcity? Dr. Weinstein defines scarcity as any type of unavailability or restriction that triggers urgency and influences decision-making. While often associated with supply and demand, scarcity extends far beyond economics; it’s hardwired into the human brain. From our early survival instincts to modern-day auctions or flash sales, our brains react to scarcity as if our well-being depends on it. Through brain scan studies and behavioral experiments, Weinstein found that people assign greater value to items perceived as limited or running out, the same cognitive shortcuts (heuristics) that once ensured survival now influence everything from investment choices to consumer behavior. Recognizing and Using Scarcity Wisely While scarcity is a powerful motivator, Weinstein cautions that it can also cloud judgment. She advises decision-makers to pause and assess whether urgency stems from a real opportunity or fear of missing out. Strategic awareness of scarcity can improve both marketing outcomes and personal decision-making. At the same time, she notes that scarcity isn’t inherently negative, but it can reveal genuine demand or signal quality, as in the case of a fully booked restaurant or high-demand property. Key Takeaways for CRE Professionals Scarcity drives value perception: Limited availability, whether of time, quantity, or access, increases desirability. Awareness prevents impulsive decisions. Recognizing scarcity bias helps investors and clients make more strategic choices. Language matters: adjusting messaging to highlight scarcity can enhance engagement without costly marketing overhauls. Strategic use, not overuse: Use scarcity to communicate demand authentically, not artificially. Dr. Weinstein’s research underscores that scarcity exists everywhere; the key is to recognize it and use it responsibly. As she puts it, “I’m not telling you to spend thousands on new campaigns, just change your words and communication, and you’ll see results.”

The Matthews Podcast — Lindsay Greene of the Brooklyn Navy Yard

Lindsay Greene on Making the Brooklyn Navy Yard an Engine of Innovation On this episode of The Matthews Podcast, host Matthew Wallace speaks with Lindsay Greene, President & CEO of the Brooklyn Navy Yard, a 300-acre hub driving innovation in modern manufacturing, clean tech, and inclusive economic development. With experience spanning Goldman Sachs, New York City’s Economic Development Corporation, and the Mayor’s Office, Lindsay brings a unique perspective on how industrial real estate can be transformed into an engine of innovation, job creation, and community resilience. Finance to Innovation-Driven Growth Lindsay’s path to real estate wasn’t traditional. After years in investment banking and entrepreneurship, she pivoted into public service, eventually leading to her current role at the Navy Yard. That zig-zag journey gave her both capital markets expertise and a community-building mindset. The combination she now applies to position the Yard as a leader in innovation. Industrial Real Estate as an Engine of Opportunity The Brooklyn Navy Yard is home to 550+ businesses employing more than 13,000 people and generating over $2.5 billion in annual economic activity. From robotics and advanced manufacturing to clean technology, fashion, and food production, the Yard demonstrates how legacy infrastructure can be reborn as an innovation ecosystem. The Power of Partnership Greene stresses that innovation isn’t just about technology, it’s about collaboration. At the Yard, success comes from nurturing public-private partnerships built on a shared vision of job creation and industry growth. By aligning policy, capital, and community goals, the Navy Yard continues to attract cutting-edge businesses while ensuring opportunities are accessible to local communities. Challenges of Modern Manufacturing Revitalizing historic naval buildings for 21st-century industries is no small feat. High-tech tenants require specialized infrastructure — from advanced power and water systems to heavy machinery support making modernization costly and complex. Yet, Greene views these challenges as strategic investments in innovation capacity, ensuring the Yard remains competitive for decades to come. Leadership Lessons For Greene, leadership is rooted in adaptability and authenticity. From managing the chaos of COVID-19 during her first week in city economic development to steering through tariff and supply chain turbulence, she has learned that innovation requires resilience, flexibility, and collaboration. Her advice: find what you “nerd out about” and build around it. Curiosity drives resilience, and aligning passion with purpose creates space for authentic leadership. Top Takeaways for CRE Professionals Innovation is a competitive edge. Industrial real estate can become a driver of jobs, growth, and resilience. Legacy assets can be reimagined into future-ready hubs for clean tech and advanced manufacturing. Partnerships are the fuel for innovation, and aligning policy, capital, and community ensures sustainable outcomes. Leadership in innovation means adaptability, curiosity, and striking a balance between mission and performance. From historic naval yards to the industries of the future, Greene is rewriting the script, showing how industrial real estate can move beyond property value to become an engine of innovation and inclusive growth.

The Legal Side of CRE in 2025 with Eric Greenfield

The Legal Side of CRE in 2025 with Eric Greenfield On this episode of The Matthews Podcast, Matt Wallace sits down with Eric Greenfield, shareholder and chair of the Real Estate Industry Group at Polsinelli. With more than 25 years of global experience advising on billions in transactions, from student housing and industrial logistics centers to life sciences, self-storage, and mixed-use developments, Greenfield brings a rare perspective at the intersection of law and real estate. Over the course of the conversation, he unpacks how legal strategy is adapting to a shifting market and what’s ahead for commercial real estate in 2025. Blending Law and Real Estate Greenfield’s career path reflects the industry’s evolution. Starting at firms in Chicago, he developed a hybrid skill set that bridged traditional “dirt law” with complex corporate structuring. At Polsinelli, where he has spent the past 13 years, he helped transform the firm into one of the nation’s largest real estate practices. Rather than siloing attorneys, Greenfield emphasizes cross-training. “We retrain all of our associates and even shareholders to be corporate real estate attorneys,” he explains. In today’s environment, he argues, it’s no longer enough to just know the dirt—you have to understand how funds, LPs, GPs, and corporate structures all fit together. Reading the Market Asked about the mood of the market, Greenfield describes it as uneven but not pessimistic. Industrial and student housing remain strong, with steady activity keeping his team busy. Data centers are experiencing a surge, fueled by AI and computing demand, while multifamily continues to hold up as younger generations choose renting over homeownership. Yet volatility still weighs on developers and investors. Tariffs, shifting interest rates, and policy changes create constant stops and starts. “People aren’t necessarily sitting there anymore complaining about tariffs, they just want consistency so they can underwrite deals and move forward,” he says. The Rise of Family Offices One of the more striking shifts has been the emergence of family offices as active players. Traditionally content to stay in the background as limited partners, many began launching their own platforms to invest directly. While some gained valuable experience, Greenfield believes the experiment may be short-lived. “They could do it debt-free, get something off the ground, and refi later. But I don’t think they enjoyed it, and they definitely don’t want to be running it,” he notes. Even so, he acknowledges that family offices are now far more sophisticated and selective, with sharper instincts for choosing developers and operators. Adapting to New Capital Structures The conversation also touches on financing. With traditional bank lending constrained, developers are increasingly working with alternative capital sources. Greenfield points to mezzanine debt, structured equity, and joint venture partnerships as defining features of today’s deal landscape. Younger, more entrepreneurial funds are stepping into these spaces, offering flexibility that banks can’t match. “It just looks a little different,” he explains. “People’s first reaction isn’t to call their banker anymore. They’re starting to call these newer, more flexible groups instead.” Global Investors and Shifting Geographies From his vantage point advising cross-border clients, Greenfield sees capital flowing into surprising markets. Beyond the Sunbelt, investors are eyeing the Midwest—cities like Columbus and New Albany, Ohio, where data center infrastructure, universities, and affordable costs of living are creating new hot spots. Secondary metros around Nashville and Chicago are also attracting multifamily and mixed-use activity. “It’s not just the coasts anymore,” he says. “You’re hearing a lot more diversity in where capital is going.” Advice for the Next Generation As the conversation closes, Greenfield shares advice for young professionals entering real estate and law. His message is one of confidence: don’t fear technology, including AI, and don’t be afraid to learn every side of the business. Flexibility, he stresses, will always be rewarded in an industry defined by cycles. “There’s always opportunity in real estate,” he says. “Don’t be scared to jump in and learn every side of the business.” Looking Ahead Eric Greenfield’s insights highlight a commercial real estate market that is both volatile and full of promise. While debt structures, tariffs, and policy shifts complicate the landscape, innovation and adaptability remain constants. For Greenfield, the lesson is clear: resilience, creativity, and a broader skill set will define the next era of real estate. Listen to the full podcast on your preferred platform, and subscribe to The Matthews Podcast for more conversations with leaders shaping the future of real estate.

The Matthews Podcast — BGL’s Brandon Dobell and Jason Myler

Rewiring Real Estate: Tech, Trends, and Takeaways with BGL’s Brandon Dobell and Jason Myler On this episode of The Matthews Podcast, host Matt Wallace speaks with Brandon Dobell and Jason Myler, Managing Directors at Brown Gibbons Lang & Company (BGL), about how technology and capital markets are transforming real estate. With 40+ years’ experience, Brandon and Jason reveal emerging opportunities and how real estate navigates distress, shifting demand, and AI. Technology’s Long-Overdue Moment in Real Estate Commercial real estate remains one of the most underinvested sectors in technology, despite decades of software adoption in other industries. Dobell and Myler believe that is changing, and fast. PropTech adoption grows through energy management, tenant platforms, and analytics, driven by rising costs, market pressures, and changing tenant needs. Operators use technology to reduce costs and future-proof properties against evolving work patterns, regulations, and demographic changes. The Office Market’s Uneven Recovery The office sector continues to face structural challenges. Dobell and Myler describe a bifurcated recovery: Class A properties, often newer, amenity-rich, and designed with flexibility in mind, are maintaining strong occupancy, while Class B buildings in urban cores are experiencing steep valuation declines and, in many cases, are candidates for conversion to residential or mixed-use. They liken the current transition to the long, uneven repositioning of struggling malls in the early 2000s, noting that reimagining these assets will be a multi-year process. However, they see opportunities for technology and creative redevelopment strategies to accelerate the pace of change and unlock long-term value. Single-Family Rentals on the Rise The single-family rental sector is growing steadily, driven by housing affordability challenges, shifting lifestyles, and changing demographic trends. Millennials are postponing homeownership for flexible, service-oriented rentals, while many Baby Boomers downsize into urban multifamily or condominium living. For investors, technology is essential, enabling precise acquisition underwriting, streamlined renovation management, optimized pricing, and efficient ongoing maintenance. Dobell highlights “renovate-to-rent” as key to easing the housing shortage, with AI improving cost forecasts, timelines, and returns. Potentials and Practicalities of AI AI is already being applied in multifamily and SFR operations to streamline workflows, manage energy usage, and improve tenant communication. While the technology’s capabilities are significant, Dobell and Myler caution that adoption will be gradual as property owners identify the most reliable and cost-effective applications. Rather than driving widespread job losses, they expect AI to function as a productivity tool that automates repetitive tasks and enables property professionals to focus on tenant engagement, leasing, and strategic asset management. Capital Market Consolidation From 2019 to 2022, PropTech experienced record capital inflows, raising $50 billion and $105 billion in M&A activity. The sector has since entered a digestion phase as companies integrate prior acquisitions and adjust to a more cautious investment climate. Over the next 18 to 24 months, Dobell and Myler anticipate an active consolidation cycle. Private equity-backed firms nearing the end of investment cycles will seek exits, while strategics re-enter and owners pursue technology-service integration. This environment offers high-performing platforms room to scale and provides underperforming businesses with a path to growth through mergers, acquisitions, or strategic partnerships. Key Takeaways for CRE Professionals Technology adoption is accelerating, driven by operational necessity rather than novelty. Market distress creates openings for adaptive reuse, particularly in office and retail. SFR and multifamily technology are supported by strong, long-term demographic tailwinds. AI’s near-term impact will center on productivity, cost savings, and operational insight. M&A activity is likely to increase as consolidation reshapes the PropTech landscape. From distressed office towers to starter home shortages, the real estate challenges ahead are significant, but so are the opportunities. Brandon and Jason believe that technology, capital, and strategic repositioning will be the defining forces of the next real estate cycle. Listen to the full episode on your preferred podcast platform, and subscribe to The Matthews Podcast for more conversations with the leaders shaping the future of real estate.

The Matthews Podcast — Dan Biederman of Bryant Park Corporation and Biederman Redevelopment Ventures

Dan Biederman on Reinventing Public Space On this episode of The Matthews Podcast, Matt Wallace sits down with legendary urban redevelopment strategist Dan Biederman, President of the Bryant Park Corporation and Biederman Redevelopment Ventures. Biederman discusses how he helped revive Bryant Park using a sustainable model now used in cities across 36 states. He explains how neglected parks can become vibrant, revenue-generating spaces that support real estate growth and improve community life. The conversation highlights the connection between public programming, placemaking, and long-term commercial real estate performance. A Career Between the Lines Dan Biederman didn’t enter real estate through traditional channels. His early interest in politics, economics, and public service led him to business school during the recession of the 1970s, where he explored a hybrid concept that few others were thinking about at the time: managing public spaces with private-sector rigor. Inspired by the Japanese concept of the “third sector,” Biederman sought to build a career that operated in the space between government and business. He interned with the National Park Service in Washington D.C. and later took a consulting job working with public entities like the U.S. Navy and city governments. But a unique opportunity in New York City would soon shape the next 40 years of his life. “I wanted to run public assets, but from the private sector,” Biederman said. “At the time, there weren’t job listings for that—so I had to invent the path.” The Bryant Park Revival In the early 1980s, Bryant Park was a cautionary tale of urban decline. Just steps from the New York Public Library, the park had become a hub for drug activity and violent crime, averaging over 500 felonies a year. The tipping point came when philanthropist Brooke Astor was harassed while trying to enter the library. Her complaint to David Rockefeller set off a private-sector initiative to clean up the space. Biederman was brought in to lead the effort—despite having no budget, no staff, and no clear precedent to follow. His approach blended tactical interventions (picking up trash, improving lighting, adding security) with something new: public programming as an activation tool. He introduced artist residencies, ticket booths, and events that invited people back into the space. Over time, Bryant Park was fully rehabilitated, and the strategy evolved into a self-sustaining operation. The park now generates $30 million annually in earned revenue and hasn’t taken a dollar of city funding in over 29 years. Turning Parks into Economic Engines The transformation of Bryant Park wasn’t just a civic success—it was a commercial one. Property values around the park rose significantly, and office landlords began citing proximity to the park as a leasing advantage. Biederman’s work demonstrated that public space, when activated and maintained, could directly boost commercial real estate performance. This success paved the way for larger-scale initiatives. He launched the Grand Central Partnership and later the 34th Street Partnership, each operating under business improvement district (BID) models. These entities functioned as what Biederman calls “mini-governments,” taking over responsibility for security, sanitation, signage, streetscaping, and even homeless services in areas where city resources were limited. We fixed the parts of the city the actual city wasn’t touching,” Biederman said. “Most people forget how bad it was. But these interventions changed everything.” Scaling the Model Nationwide In 1999, Biederman founded Biederman Redevelopment Ventures to bring his public-private model to cities across the U.S. and beyond. Today, BRV has worked in 36 states and 7 countries, providing consulting and implementation services for parks, plazas, and other public spaces. Among his most celebrated non-NYC projects is Klyde Warren Park in Dallas, a deck park built over a recessed freeway. BRV helped design its programming, earned-income strategy, and governance model. The result is a vibrant civic hub that links Uptown and Downtown Dallas, proving that placemaking and infrastructure investment can work hand in hand. BRV has also advised on Union Square and Salesforce Park in San Francisco, helping local governments and developers turn overlooked or underperforming public areas into sources of both social and financial return. Lessons for Urban Professionals Biederman’s work spans several discipline, real estate, urban design, government relations, nonprofit management, and his advice to aspiring professionals reflects that complexity. He advocates for what he calls “fourfold fluency”: a working understanding of business, government, design, and real estate. Early in his career, he had only two of those four, but acquired the rest through night classes, self-education, and hands-on trial and error. He also urges professionals to travel, observe, and learn from other cities. He often sends young staffers to London to study its public management systems, which he describes as a model for what urban stewardship can look like. “Read widely and don’t spend so much time texting to your friends and drinking in bars,” Biederman noted. “You’ve got to be a little bit of a self-improver and unapologetic about it.” Looking Ahead: The Space Between Buildings Dan Biederman leads BRV and focuses on improving public spaces that shape cities, while others pursue vertical development. He remains committed to reimagining the streetscapes, plazas, and parks that define the urban experience in the 21st century. His legacy shows real estate value comes not just from buildings, but from the spaces and experiences that surround them. Parks, sidewalks, benches, lighting, and programming all contribute to the perception of place—and perception drives performance. Listen to the full podcast on your preferred platform, and subscribe to The Matthews Podcast for more conversations with leaders redefining the future of real estate. To learn more about Dan Biederman’s work, visit Biederman Redevelopment Ventures and Bryant Park.

The Matthews Podcast — Jeremy Mercer of Matador Realty Investments

Jeremy Mercer on Building Texas’s Industrial Real Estate Legacy In the dynamic world of commercial real estate, guest host Andrew Gross sits down with Jeremy Mercer, CEO of Matador Realty Investments, on this episode of The Matthews Podcast to unpack one of the industry’s most unconventional and inspiring journeys. From his early days in steel manufacturing to launching a thriving industrial real estate firm along Texas’s I-35 corridor, Mercer offers a masterclass in grit, adaptability, and staying ahead in today’s relationship-driven, digital-first market. Finding Real Estate Through Rehearsal Rooms Mercer’s path to CRE didn’t start in a classroom or corporate internship. It started with music and metal. Raised in Irving, Texas, and a Texas Tech graduate, Mercer dreamed of becoming a sports agent. But after stints in band gigs and steel manufacturing, he pivoted, buying a run-down rehearsal space in Dallas with insurance money and transforming it into an income-producing asset. That experience ignited his interest in real estate and taught him key fundamentals: sweat equity, lease-up challenges, and the importance of building relationships. The Reluctant Broker Who Became a Deal Machine It was Mercer’s brother, already working in industrial real estate, who pushed him toward brokerage. Hesitant at first, Jeremy gave it 30 days. What followed was a cold-calling, door-knocking crash course in prospecting through Dallas’s Design District. It wasn’t polished scripts that worked, it was real conversations and persistent follow-up. That trial run turned into a full-time shift, and a realization: brokerage wasn’t about transactions, it was about people. Building Matador: Focused, Gritty, and Texas-Born In 2021, Mercer launched Matador Realty Investments, a nod to his Texas Tech roots and the spirit of the matador: resilient, bold, and fiercely focused. The firm targets overlooked Class B and C industrial assets across Texas’s I-35 corridor, with recent deals in Brookhollow and Salina. His competitive edge? Strong relationships, consistent execution, and deep knowledge of the submarkets he serves. The Digital Pivot: Why Social Media Matters When COVID-19 disrupted traditional networking, Mercer leaned into social media and podcasting. He built an in-house studio to cut costs and stay consistent, and the results spoke for themselves: better branding, expanded reach, and stronger deal flow. “You can’t just be present in the market,” Mercer says. “You’ve got to be present online, too.” The Non-Negotiables for New Brokers When asked what advice he’d give to those entering CRE, Mercer doesn’t mince words: “First, you need to know what you want. Want to make a million? Two million? Get ready to work 80 hours a week.” Success, he says, hinges on discipline, structure, and consistency. “You can always find a reason not to prospect,” he warns. “But that’s a death sentence in this business.” Broker Wisdom: Goals, Grit, and Balance Beyond hustle, Mercer believes in being intentional: Set clear goals: Know what you’re building toward. Follow a plan: Stick to it daily. Nurture relationships: Clients and investors are your foundation. Protect your time: Longevity in this industry requires balance. A Bullish View on Dallas Mercer remains optimistic about the future of Dallas-Fort Worth. With corporate heavyweights like Goldman Sachs and Deloitte moving in, and Universal Studios breaking ground, he sees long-term growth potential, especially in industrial. “Dallas is resilient. If you know your niche and stick to your playbook, there’s room to grow.”

The Matthews Podcast — Jose Berlanga of Tricon Homes

Beyond the Blueprint: The Entrepreneurial Drive of Jose Berlanga On this episode of The Matthews Podcast, Matthew Wallace is joined by Jose Berlanga, a seasoned builder, investor, and developer with over 35 years of experience. Discover how Jose transitioned from various industries into real estate, co-founding Tricon Homes and leading the construction of nearly 2000 homes. Jose shares his inspirational story of overcoming personal challenges, developing Houston’s inner city, and making commercial real estate investment accessible. This episode is packed with insights on navigating the real estate market, entrepreneurship, and practical advice for aspiring real estate investors. An Entrepreneur Forged by Adversity Jose Berlanga’s journey into real estate is anything but conventional. Born in Coatzacoalcos, Veracruz, and raised in Mexico City, Berlanga survived a life-altering accident as a child that left him with severe burns over most of his body. The ensuing years of surgeries and recoveries shaped his resilience, social acuity, and drive to prove himself. “I had to distract people from the way I looked,” Berlanga recalled. “So I developed this ability to connect quickly—to win them over with personality before they saw the scars.” This instinctive focus on communication and value creation led him not into real estate at first, but into a whirlwind of entrepreneurial ventures. Berlanga became a serial entrepreneur before age 30, founding companies in industries ranging from oil and gas brokerage to prepaid calling cards, social magazines, coffee shops, and tire distribution. The Accidental Real Estate Mogul Berlanga’s pivot into real estate came at the urging of his younger brother, an architect whose passion for design became the foundation of what would become Tricon Homes. Berlanga, the business brain, joined forces with his brother’s creative vision. What started as a single speculative home in the Houston Heights—then considered a blighted, undesirable area—evolved into a transformative mission: revitalizing inner-city Houston one house at a time. “I thought it was preposterous,” Berlanga admitted, referring to their early developments in neglected neighborhoods. But demand surprised him. “We didn’t even have to finish the first house—it sold at framing stage.” Over time, Tricon evolved into an architecture-led, vertically integrated operation building hundreds of homes per year, controlling everything from design and engineering to construction and sales. Their business model, forged out of necessity and trial-and-error, ultimately became the blueprint for Houston’s urban infill renaissance. Beyond Homebuilding: Into Multifamily and Commercial Real Estate While Tricon focused on single-family homes, Berlanga gradually built a portfolio of small apartment buildings—originally acquired for land value but retained when they started generating passive income. Eventually, he began refurbishing units, upgrading tenant bases, and creating steady cash flow, all without ever taking on outside investors. This self-funded growth model was intentional. “I’ve raised capital before, and every time it didn’t work, I ended up working for years just to pay it back,” he said. “It’s easier to lose your own money than someone else’s.” Berlanga also cautioned that the concept of “passive income” in real estate is largely a myth. “Someone is always doing the work. If you’re not managing actively, someone else is—usually for a hefty fee.” Adapting to a Changing Market In today’s real estate environment—rife with institutional cash, rising interest rates, and tenant uncertainty—Berlanga sees opportunity in creativity. He cited the build-to-rent (BTR) trend as a growing niche, particularly in high-demand inner-city areas where tenants want the perks of single-family living without long-term commitment. Land remains central to Berlanga’s philosophy. His second book, Dirt Rich, explores the symbolic and literal value of land ownership across time and cultures. “Everything in real estate begins with dirt,” he emphasized. “Understanding land is understanding the foundation of wealth and civilization.” Advice for Aspiring Entrepreneurs and Real Estate Investors For those starting out, Berlanga offers both encouragement and caution: “You’ll regret much more not having tried. But don’t start too aggressively. Take baby steps. Learn the business before raising capital or risking someone else’s money.” He recommends shadowing established firms, investing slowly, and staying grounded in fundamentals. Most importantly, reinvest profits instead of celebrating early wins. Legacy and Looking Ahead Now semi-retired from day-to-day operations, Berlanga is focused on mentoring, public speaking, and writing. He’s working on his third book, with material for many more. His mission today? To empower the next generation of entrepreneurs with the stories, scars, and successes of a life fully lived in pursuit of building—both structures and opportunities. Listen to the full podcast on your favorite audio platform, and be sure to subscribe to The Matthews Podcast for more candid conversations with leaders transforming the commercial real estate landscape.