POWERS

Latest Episodes:

#363 - Jason Illian - GP & Co-Founder @ Highmount Capital - Growth Equity, Investing in Dude Perfect, Launching Koch Disruptive Technologies Aug 27, 2024

Show notes

Jason is the General Partner and Co-Founder of Highmount Capital, a unique investment firm focused on growth stage and middle market investments in transformative technology and other growth-related platforms. He is the former Managing Director and founding member of Koch Disruptive Technologies (KDT), the venture and growth arm of Koch Industries, the largest privately-held company in the US with over $130B in revenue. Jason was responsible for helping KDT grow to billions in AUM across 40+ companies.

We discuss:

- What makes a great venture partner

- What venture firms look for in late-stage companies

- The process of making a $100mm investment in DudePerfect

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Links:

Dude Perfect

Highmount Capital

Jason on X

Topics:

(00:00:00) - Intro

(00:05:23) - Jason's Early career

(00:10:03) - What makes a great venture partner

(00:13:23) - Joining Koch Industries

(00:15:18) - Building the venture framework for Koch

(00:19:48) - What does a great late-stage company look like in the eyes of a venture firm?

(00:26:40) - Founding Highmount Capital

(00:29:56) - Building a great origination engine

(00:35:44) - Investing in Dude Perfect

(00:40:18) - The craving for family-friendly brands

(00:44:10) - How do you think about your role post-investment?

(00:46:44) - What are unique ways to make money in the creator economy?

(00:54:14) - Are the Dudes a technology business or technology-enabled business?

(00:57:34) - How do you find a CEO for a company like DudePerfect?

(01:01:18) - How is Highmount structured?

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#362 - Steve Van Amburgh - CEO @ KDC - Developing The BEST Corporate Build-To-Suits in America Aug 20, 2024

Show notes

As the CEO of KDC, Steve Van Amburgh manages the firm’s strategic planning while coordinating new business development efforts. He also oversees KDC’s acquisition and development activities. Under his leadership, KDC completed over 154 corporate build-to-suit office and industrial projects valued at over $11 billion and totaling more than 37 million square feet.

We discuss:

- The process for developing corporate campuses for the likes of State Farm

- The state of the office and construction market

- Working with cities and municipalities as a developer

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Links:

KDC

Topics

(00:00:00) - Intro

(00:06:09) - Steve’s early career

(00:14:10) - Buying Koll Company

(00:22:47) - The importance of focus

(00:25:59) - How corporate campus deals come together

(00:33:00) - Negotiating the deal

(00:38:48) - Architecture and design

(00:42:46) - Budgeting and planning

(00:46:27) - The impact of change orders

(00:48:26) - When does your work on a project end?

(00:51:05) - The state of the market

(00:55:46) - Capital markets

(00:58:33) - Is there a market for these assets?

(01:00:24) - Max bid deals

(01:01:04) - What’s the hardest part of a project?

(01:03:19) - Brokers

(01:06:25) - How cities can help themselves and developers

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#361 - Jeremiah Donati - Director of Intercollegiate Athletics @ TCU - The Business and Future of College Athletics Aug 06, 2024

Show notes

Jeremiah Donati was appointed as TCU’s Director of Intercollegiate Athletics on December 11, 2017.

Since his arrival at TCU in 2011, Donati has played a major role in enhancing the TCU student-athlete experience through donor-supported facility upgrades totaling nearly $500 million.

During Donati’s tenure as athletics director, the Horned Frogs have won eight team national championships and 11 Big 12 Conference titles. In the 2023-24 athletics season, TCU was one of just five schools nationally to win multiple NCAA Championships with its titles in rifle and men's tennis.

The 2022-23 athletics season was the most successful in TCU's 150 years. TCU became the only school in the College Football Playoff era to reach the CFP, NCAA Men's Basketball Tournament, and College World Series in the same academic year.

We discuss:

- The changing landscape of NIL, recruiting, and Private Equity entering athletics

- The process of raising capital and the business side of college athletics

- The future of conference realignment in football, coaching hiring and firing, and more

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Topics:

(00:00:00) - Intro

(00:03:45) - Jeremiah’s career and background

(00:10:40) - The evolution of TCU as a University

(00:13:05) - Building a Power 5 School mentality

(00:16:01) - Raising money for an Athletic department

(00:19:41) - Becoming Athletic Director at TCU

(00:26:03) - The NIL dilemma

(00:33:13) - Transfer Portal issues

(00:37:57) - Is PE going to become involved in college athletics?

(00:42:52) - How do universities make money via athletics?

(00:44:04) - Coaching: Recruiting, hiring, and firing

(00:59:02) - The Caitlin Clark effect & the value of winning

(01:02:45) - The Big 12 realignment

(01:07:21) - The entertainment business within college sports

(01:09:31) - Are we moving to super-conferences?

Links:

Jeremiah on X - https://x.com/JDonati_TCU

TCU Athletics - https://gofrogs.com/

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#360 - Andy Weiner - President @ RockStep Capital - Investing in Shopping Malls in Secondary / Tertiary Markets at 15-25% Cap Rates Jul 23, 2024

Show notes

Andy Weiner, President of RockStep Capital, started RockStep Capital Corporation in 1996. Weiner has built or acquired over 9 million square feet of shopping centers throughout the United States.

Prior to founding RockStep Capital, Weiner served as Vice President of Operations for Weiner Stores, a chain of 159 family clothing stores with locations in Mississippi, Louisiana, and Texas.

We discuss:

Andy’s mall thesis
A Deal Breakdown of a mall in Small town America
Implementing a successful company culture via the Rocksteps

We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.

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Links

RockStep Capital

The 25 RockSteps

Topics

(00:00:00) - Intro

(00:04:58) - Andy’s background

(00:09:09) - Retail pricing structures

(00:14:06) - Falling in love with small-town America

(00:18:52) - Andy’s mall thesis

(00:21:59) - What Andy looks for when underwriting a mall

(00:30:19) - What are deal killers for you?

(00:33:58) - Capitalizing and Closing deals

(00:38:50) - Deal breakdown: Manhaatan, KS

(00:45:37) - Zombie malls

(00:48:53) - Government funding + battling Amazon

(00:52:07) - Alternative ways to monetize mall assets

(00:54:27) - The Rockstep way

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#359 - Michael Levy - CEO @ Crow Holdings - 2008 GFC Stories, Restructuring, View on 2024 RE Market, Life at Crow, A Man of Commerce Jul 09, 2024

Show notes

Today’s episode is full of incredible career stories and deep market insights as we enter the second half of 2024.

Michael Levy is the Chief Executive Officer of Crow Holdings where he is responsible for leading and overseeing the Company’s overall business strategy and activities. The firm’s operations include real estate investment management, real estate development, renewable and traditional energy exploration, and securities management.

Before joining Crow Holdings in 2016, Michael had a longstanding career in real estate finance and investment management at Morgan Stanley. He was a member of the Firm’s Management Committee and held a number of leadership positions including COO and Head of Distribution for the Investment Management Division, Head of Traditional Asset Management, COO and CFO for Real Estate Investment Management, and co-head for Real Estate Investment Banking.

We discuss:

Michael’s career at Morgan Stanley during the DotCom crash and GFC
The experience working for Crow Holdings
Analyzing the state of the market, asset classes, and looking to the future of real estate

We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.

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Links:

Michael Levy on LinkedIn

Crow Holdings

Topics:

(00:00:00) - Intro

(00:03:10) - Days on Wall St.

(00:05:47) - Experiences during the DotCom Crash and the GFC

(00:21:02) - Advice for someone going into a restructuring

(00:24:49) - The worst assets to be in during the GFC and Michael’s time with Morgan Stanley

(00:30:44) - Being a man of commerce

(00:31:57) - Joining Crow Holdings

(00:38:38) - Texas Vs. New York

(00:42:25) - Crow Holdings business units & development structures

(00:53:57) - Thoughts on the market

(00:57:16) - 2008 vs. 2024

(00:59:20) - Interest rates

(01:03:58) - Oil and Gas

(01:06:05) - Office

(01:14:10) - Data centers

(01:17:51) - MF & Industrial

(01:23:23) - Acquisitions

(01:25:00) - Development challenges

(01:27:10) - Capital markets

(01:31:26) - What are you most proud of from your time with Crow?

(01:33:50) - Solar

(01:36:48) - Looking at the future of RE

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#358 - Phillip Huffines - Co-Founder @ Huffines Communities - The Art Of Building Award-Winning Master Planned Communities Jun 25, 2024

Show notes

Continuing a practice of three generations of business and community work in the Dallas area, Phillip and his twin brother, Co-Owner Donald, have developed their Land Development and Land Investing legacy by creating superior master-planned communities and multifamily community living styles. The firm has developed over 15,000 single-family homesites, and 2,800 multifamily units in the DFW metroplex, and invested in thousands of acres of land. The Huffines name has become widely esteemed within the industry and the State of Texas. Huffines Communities has assembled over 100 limited partnerships, created hundreds of jobs in North Texas, and generated billions in asset values. In 2021 alone, Huffines Communities invested over $120 MM in land.

We discuss:

How Huffines creates incredible Master Plan communities
City/state incentives
Design, architecture, and amenity strategies after 30 years of building communities

We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.

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Links

Huffines Communities

Topics

(00:00:00) - Intro

(00:04:10) - Getting kicked out of military school

(00:08:47) - Master Plan communities

(00:16:00) - Phillip’s secret sauce

(00:20:11) - Finding a site for a community

(00:24:24) - State and city incentives

(00:29:47) - Establishing school districts

(00:34:03) - Experiences during the GFC

(00:36:28) - Entitlements

(00:39:50) - Entrance design & amenities

(00:43:13) - Community events

(00:45:51) - Planning

(00:53:52) - Thoughts on the market

(00:57:20) - Home builders and the DFW market

(01:02:19) - Nearly going bankrupt in the 80’s

(01:07:53) - Does anything concern you in the macro right now?

(01:11:10) - The importance of profit

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#357 - Dov Hertz - Founder @ DH Property Holdings, LLC - The Greatest Land Assembler New York City Has Ever Seen Jun 11, 2024

Show notes

Before founding DH Property Holdings, Dov was the Executive Vice President of Acquisitions of Asset Management at Extell Development Company. During his 13+ years at Extell, Dov negotiated and supervised the acquisitions of over $20 billion of New York real estate. Dov was directly responsible for sourcing some of the most notable transactions over the last 10 years, including The Ring Portfolio, One 57, Nordstrom Tower, and One Manhattan Square.

We discuss:

Stories from Dov’s career assembling iconic NYC sites
Pivoting to Class B Industrial
How to Negotiate in RE

We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.

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Topics

(00:00:00) - Intro

(00:01:56) - Dov’s early career

(00:05:02) - Land assemblage and zoning in NYC

(00:13:12) - Tenant risks

(00:16:06) - Assembling Central Park Tower site

(00:27:21) - Assembling 1 Manhattan Square site

(00:32:45) - The Ring portfolio

(00:48:19) - Hiring Japanese actors to finalize a deal

(00:56:42) - Venturing into Class B Industrial

(01:13:58) - How would outsiders perform in NYC trying to assemble land?

(01:15:00) - The power of negotiation

Links

DH Property Holdings

More on Dov Hertz

Dov in The Real Deal

Dov in Crain's New York Business

Dov's Real Estate Investment Blog

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#356 - Larry Brogdon - Partner @ Four Sevens Oil Company - Tales From The Barnett Shale Jun 04, 2024

Show notes

Larry Brogdon is a geologist and Partner with Four Sevens Oil Company with over 40 years of experience in the oil and gas industry. He has been involved in developing several major oil and gas plays, including the Barnett Shale.

We discuss:

- The early days of the Barnett Shale

- The impact of horizontal oil wells

- The role of natural gas in the world and predictions for the energy industry

We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.

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Topics:

(00:00:00) - Intro

(00:02:07) - Larry’s entry into the oil business

(00:05:00) - George Mitchell & the Barnett shale

(00:19:07) - Capitalizing on the success of horizontal wells

(00:26:32) - Building and exiting the business

(00:33:21) - The role of natural gas in the world

(00:39:55) - Larry’s investing thesis

(00:45:40) - 10-year predictions

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#355 - Michael Fishman & Michael Baum - Shareholders of Global RE Practice @ Greenberg Traurig, LLP - Legal Best Practices & The Egoless Partnership May 28, 2024

Show notes

In today’s episode I sit down with Michael Fishman & Michael Baum are Co-Chairs of Global RE Practice @ Greenberg Traurig, LLP - one of the world's largest real estate practices. Their practice focuses on real estate, real estate finance, private equity and real estate fund formation.

Their clients include institutional investors, investment advisors, public and private real estate companies, REITs, and financial institutions. They’ve worked to form domestic and cross-border real estate funds and joint ventures and regularly represent lenders on real estate projects throughout the United States and globally. In addition, their experience with mezzanine finance, mortgage finance, lease finance, and loan defeasance transactions. They regularly advise clients with regard to the acquisition, disposition, leasing, and management of multi-family, industrial, office, retail, and hotel properties in the United States and globally.

We discuss:

Fishman and Baum’s cross-border PE work
The future of the law profession
The state of the RE market

Links:

Greenberg Traurig

A Man in Full by Tom Wolfe

Michael Fishman

Michael Baum

Support our Sponsor:

Associated Insurance

Topics:

(00:00:00) - Intro

(00:02:38) - The egoless partnership

(00:12:51) - The process of doing business in Mexico

(00:17:27) - What makes a great lawyer?

(00:28:17) - Is it fair that most situations could be resolved without litigation?

(00:31:46) - Making the jump to Greenberg

(00:42:08) - Cowboy ethics

(00:45:11) - What does your team look like today?

(00:50:23) - Thoughts on AI’s impact on the legal profession

(00:58:21) - Are young people wanting to be lawyers?

(01:03:42) - What are you seeing in the real estate market?

(01:20:43) - Data Centers

(01:22:09) - Is there any Federal legislation on the horizon that listeners should be aware of?

(01:26:15) - What is the biggest real estate risk people take without knowing?

Chris on Social Media:

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#354 - Don Tepman (@StripMallGuy) - Strip Malls, Creating Value, Leasing Strategy, X/Twitter, Charlie Munger May 21, 2024

Show notes

Don Tepman runs a real estate fund that focuses on buying neighborhood strip centers throughout the United States and also runs the 'StripMallGuy' account on X and LinkedIn. Mr. Tepman started his career in 2002 and led his first strip center purchase in 2006. He has completed 40 purchases and raised over $150M in LP capital.

We discuss: