No Cap by CRE Daily

Latest Episodes:

Why Most Landlords Get Office Tenant Experience Completely Wrong w/ Jonathan Kaufman Iger Jul 27, 2025

Show notes

Season 3, Episode 8: Jonathan Kaufman Iger is turning Sage Realty into the first true commercial real estate brand.
In this episode, the CEO of Sage shares how a 100-year-old family business is evolving to meet the demands of modern office users. From tenant experience to hospitality-driven operations, Jonathan explains why most landlords are getting it wrong—and what it takes to build trust, loyalty, and a competitive edge in today's bifurcated market.
We discuss:
– Sage’s shift from ownership to brand identity
– Lessons from leasing, portfolio resets, and UK exits
– Workplace services that actually matter to tenants
– The real reason gyms and lounges often fail
TOPICS
00:00 – Cold open and NYC credibility
03:10 – Family roots in New York real estate
11:00 – Taking the long road to Sage
21:00 – Building UrbanGrad and early Facebook ads
28:30 – The conversation that changed everything
35:15 – Refocusing the portfolio on NYC office
43:20 – Lessons from WeWork and building a brand
50:15 – Turning Sage into a tenant-first platform
58:00 – How Sage personalizes service at scale
1:07:00 – Final thoughts on hospitality and vision
Shoutout 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/@NoCapCREDaily
About 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.

From 0 to 29K Units: Janet LePage on Building One of North America's Largest Private Apartment Firms Jul 20, 2025

Show notes

Season 3, Episode 7: Janet LePage, CEO of Western Wealth Capital, joins the show to share how she scaled from flipping homes in Phoenix to managing over 30,000 units across the Sunbelt, with $4B in real estate transactions under her belt.
In this episode, Janet opens up about the pressure of navigating one of the fastest interest rate hikes in modern history and how her firm managed to stay aggressive in the Sunbelt while others pulled back. From installing washers and dryers to unlock millions in value to vertically integrating WWC in just 26 days during COVID, Janet breaks down how bold decisions and operational precision kept her portfolio alive when others were sinking.
We discuss:
– Her journey from flipping homes to building WWC
– The moment she felt “truly wealthy” (hint: it involved a pickle sandwich)
– How her 83-point checklist drives fast, repeatable value-adds
– Why she vertically integrated WWC during COVID in just 26 days
– The first deal she’s bought in three years—and why it's 43% below replacement cost
TOPICS
00:00 – Janet’s Start: From Coder to First Flip
05:00 – Flipping Homes While Working a 9-to-5
12:00 – Buying 23 Units 26 Days Before Birth
18:00 – Scaling Through Systems and Syndication
25:00 – Raising Millions and Launching WWC
32:00 – The Washer-Dryer Strategy That Changed Everything
38:00 – Breaking Into Texas and Going Institutional
45:00 – Vertical Integration and COVID Shifts
51:00 – Lessons from Rate Hikes and Bridge Debt
55:00 – New Opportunities: Buying 43% Below Replacement
Shoutout 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/@NoCapCREDaily
About 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.

Why Dying Malls Might Be the Best CRE Opportunity Today Jul 13, 2025

Show notes

Season 3, Episode 6: Andy Weiner, CEO of RockStep Capital, joins the show to explain why the retail apocalypse was overhyped and how his firm is turning overlooked malls into long-term cash-flow plays.
With 50+ shopping centers under management, Andy walks through the real risks, the CMBS fallout, and why Class B markets still offer upside, if you know how to operate.
We discuss:
– Why “retail is dead” doesn’t hold up in the data
– The problem with chasing national tenants
– How to convert retail boxes into healthcare and entertainment
– Why CMBS debt caused lasting damage to retail.
TOPICS
00:00 – Cold Open and Retail Misconceptions
02:20 – Andy’s Path and RockStep’s Strategy
07:00 – The Retail Apocalypse Was Overblown
10:30 – Picking Markets and Making Malls Work
15:45 – Why Big Boxes Can Hurt NOI
20:10 – CMBS Mistakes and Risk Discipline
26:00 – Repurposing Retail Into Healthcare and Entertainment
32:00 – Leasing Timelines and Tenant Credit Today
37:50 – Anchor Replacements and Nontraditional Uses
44:30 – Pricing Gaps, Cap Rates, and Lender Pullback
50:00 – What’s Next for Retail in 2025
Shoutout 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/@NoCapCREDaily
About 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.

Self-Storage vs. Other CRE Assets – What's the Better Bet? Jul 06, 2025

Show notes

Season 3, Episode 5: Brian Cohen, CEO of Andover Properties, joins the show for a candid deep dive into how he scaled a self-storage empire and why the best buying opportunities today are in the asset classes no one wanted a decade ago.
From distressed storage deals and long lease-ups to launching a credit platform with Angelo Gordon, Brian breaks down what makes Andover different and why data, automation, and institutional discipline give them a lasting edge.
We discuss:
– Why self-storage outperformed during the GFC
– How lease-up timelines have doubled post-COVID
– What most operators miss about private credit
– Wild stories from inside storage units
Brian also shares why he avoids third-party management, what makes below-replacement-cost deals so compelling, and how Andover uses AI to make smarter decisions across all verticals.
TOPICS
00:00 – Intro and Sleep Tech Rant
02:00 – From Tishman Speyer to Self-Storage
06:00 – Lack of Sophistication in Early Storage Industry
10:00 – Lease-Up Timelines and Developer Distress
14:30 – Loan Acquisitions and Launching a Lending Platform
19:00 – Why They Avoid Third-Party Management
22:30 – Drug Busts, Guns, and Other Storage Finds
26:00 – The Car Wash Thesis and Token Economics
30:00 – AI Tools and Andover’s Data Strategy
34:00 – Buying 50% Below Replacement Cost
38:00 – Cycle Outlook and What’s Next for Andover
Shoutout 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/@NoCapCREDaily
About 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.

Why Principal's $100B Real Estate Strategist Is Bullish on Office While Others Panic Jun 29, 2025

Show notes

Season 3, Episode 4: Rich Hill, Global Head of Real Estate Strategy at Principal Asset Management, joins the show for a candid deep dive into the state of CRE in 2025, from CMBS and construction lending to the hype around AI data centers.
With over $100B in real estate under management, Rich explains why office isn’t dead, where multifamily pricing is off, and how investors are recalibrating their return expectations.
We discuss:
– Why debt is suddenly back in favor
– What’s fueling (and threatening) the data center boom
– Where office sentiment is quietly shifting
– The truth behind the “housing shortage” narrative
Rich brings clarity to the chaos, offering a rare look at how one of the industry’s largest real estate platforms is navigating 2025.
TOPICS
00:00 – Intro & Birthday Surprise
03:00 – Rich’s Career Path + Joining Principal
06:00 – How Principal Allocates Capital in Today’s Market
10:30 – Debt, Construction Lending, and CMBS Strategy
15:40 – Data Centers, AI Demand, and Market Caution
22:30 – Office Outlook and Why Originations Are Ticking Up
28:00 – Living Strategies, Seniors Housing, and Multifamily Mispricing
33:50 – US vs. Europe: Capital Sentiment and Cross-Border Strategy
39:20 – Tariffs, Onshoring, and Resilient Cash Flows
43:00 – Return Expectations for CRE in 2025 and Beyond
47:00 – Final Thoughts on Alternatives and Outlook
Shoutout 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/@NoCapCREDaily
About 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 Deal Architect: Inside Trammell Crow’s $22B Capital Strategy with Tommy Lee Jun 22, 2025

Show notes

Season 3, Episode 3: Tommy Lee, Global Head of Capital Markets at Trammell Crow Company, joins No Cap podcast for a deep dive into the return of institutional capital—and what it signals for commercial real estate in 2025.
Under Lee’s leadership, Trammell Crow has raised and deployed over $22 billion since 2018, fueling large-scale development across major U.S. markets. In this episode, he breaks down how global capital is reentering the space, what risks are being mispriced, and why some deals just don’t pencil—no matter how they look on paper.
We discuss:
– The return of institutional investors and what it means for deal flow
– Execution risk and capital stack dynamics in today’s market
– Why distressed deals might not be the opportunity everyone thinks
– The illusion of “risk-free” Treasuries and potential cracks in the system
Thomas doesn’t hold back—and his perspective offers rare insight into how one of the industry’s top players is navigating the current CRE landscape.
TOPICS
00:00 – Introduction
05:00 – CRE Pipeline Activity and Investor Sentiment
10:00 – Managing Relationships and Finding Real Opportunity
15:00 – Office Skepticism and Repositioning Challenges
20:02 – What the Capital Markets Team Is Seeing Nationwide
25:00 – Risk, Return, and Raising Capital in Today’s Climate
30:00 – Creative Structuring and Non-Traditional Capital
35:00 – What LPs Care About in 2025
40:00 – Regional Plays, Execution Risk, and Exit Timing
45:00 – What Makes a Deal Worth Saying No To
50:00 – Advice for the Next Generation of Real Estate Leaders
Shoutout 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/@NoCapCREDaily
About 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.

How Crowd Street Turned $63M Fraud Crisis Into Private Equity Growth Opportunity Jun 15, 2025

Show notes

Season 3, Episode 2: In this episode of No Cap Podcast, co-hosts Jack Stone and Alex Gornik sit down with John Imbriglia, CEO of Crowd Street, and Anna-Marie Allander Lieb, Investment Director, to discuss the company’s remarkable recovery from the $63M fraud scandal that rocked its platform. John and Anna-Marie dive deep into how they turned a crisis into one of the biggest expansions in private equity.
The duo reveals their shift from crowdfunding to private equity, how they're leveraging AI for smarter due diligence, and why more Americans are moving away from traditional financial advisors in favor of self-directed investing.
TOPICS
00:00 - Introduction
05:00 - The Nightingale Fraud Scandal
10:00 - John's Background and Expansion Vision
15:00 - Due Diligence and Sponsor Vetting
20:00 - Technology Updates and Brand Strategy
25:00 - Building Trust Without Financial Advisors
30:00 - AI Integration and Portfolio Management
35:00 - Multifamily and Retail
40:00 - Conservative Leverage and Credit Approach
44:00 - Fall Launch Timeline for Private Markets
Shoutout 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/@NoCapCREDaily
About 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.

JP Morgan's Tom Kennedy On Where to Invest in Commercial Real Estate Jun 08, 2025

Show notes

Season 3, Episode 1: In this episode, co-hosts Jack Stone and Alex Gornik are joined by Tom Kennedy, Head of Research and Investment Strategy for Real Estate Americas at J.P. Morgan Asset Management. A "recovering central banker," Tom drops some of the boldest predictions we've heard, including a direct callout to the Federal Reserve.
Tom reveals why your portfolio strategy might be in trouble, shares insider data impacting half of America, and tells you where to place your bets for 2025.
TOPICS
00:00 – Introduction
05:47 – From Fed to JP Morgan
12:15 – JP Morgan's Bold CRE Prediction
18:32 – How Deglobalization Changes Everything
25:16 – Multifamily: The Most Obvious Investment Play
32:45 – Data Centers: Real Estate or Infrastructure?
38:12 – The Death of 60/40 and Rise of Alternatives
44:28 – Immigration, AI, and Labor Market Disruption
49:15 – Interest Rates and Fed Independence
Shoutout 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/@NoCapCREDaily
About 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 Internet’s Favorite Strip Mall Guy Talks CRE, Capital & Deals Apr 27, 2025

Show notes

Season 2, Episode 13: In this episode of No Cap Podcast by CRE Daily, hosts Jack Stone and Alex Gornik sit down with Don Tepman, the man behind The Strip Mall Guy. Don shares the story of how a single Twitter post launched a thriving commercial real estate brand and led to millions in deals. He reveals how going public transformed everything, why he doesn’t believe in real estate courses, and how he’s built a business around value-add strip malls.
Don also discusses his rise from broker to principal, his strategy for building strong broker relationships, and the role AI might play in shaping the future of real estate. Plus, get an exclusive look into his legendary annual gala and what makes it so special.
Whether you’re into real estate, deal-making, or just love a great story, this episode is for you!
CHAPTERS
00:00 - Introduction
08:31 - Going Public & Deal Flow Explosion
15:28 - From Broker to Principal
22:33 - Value-Add Strategy & Market Challenges
27:48 - Broker Relations & Fund Structure
31:32 - Social Media Strategy & Real Estate Courses
35:15 - Advice for Newcomers & Importance of Mentorship
41:39 - Annual Gala Preview & Closing Thoughts
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About 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.

Meta’s in the Bayou, Morgan’s Buying the Midwest, and Investors Are Watching Closely Apr 20, 2025

Show notes

Season 2, Episode 12: In this episode of The No Cap Podcast, hosts Jack Stone and Alex Gornik break down the madness of the week’s biggest headlines, including Trump’s unexpected tariff drop, the resurgence of REITs, and Meta’s new data center. They also dive into why Shein and Temu may be facing serious troubles and what all of this means for the economy and real estate.
From inflation to energy crises, the latest on the stock market to a birthday bobblehead discussion — this episode has it all.
CHAPTERS:
00:00 - Introduction
05:11 - Hooters’ Bankruptcy & Rebrand
09:17 - REITs vs Developers
14:56 - Treasuries, Tariffs & China
21:15 - Long-Term Strategy
25:10 - Inflation, Real Estate & The Dollar
31:28 - Meta’s Data Center & Energy
34:38 - Detroit, AI & Housing Crisis
We want to thank our sponsor Greysteel.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About 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.

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