Guy Morris is a legend in the real estate business and in this episode, you will hear why.

He started in advertising but quickly realized that real estate was where it was at for him. Guy shares with Chris Ressa his experiences in building a portfolio, the resilience of retail real estate post-COVID, and the current dynamics of the market in New York City. He emphasizes the importance of central business districts, the shift in tenant profiles, and the competitive landscape of real estate investment. The stories of some of Guy's deals are not to be missed. Exploring themes such as sale leasebacks, the impact of 9/11 on property values, and the strategic use of air rights. They reflect on the evolution of Floor Area Ratios (FAR) and its implications for future developments. The discussion also touches on nostalgia for iconic retailers like Toys R Us and the joy of giving $2 bills, highlighting the personal connections and stories behind these experiences.

Takeaways

• Guy emphasizes the importance of central business districts in real estate investment.
• He prefers deals that allow for value enhancement rather than passive income.
• The retail real estate market has shown resilience post-COVID, contrary to initial fears and many markets have recovered from COVID-related challenges.
• The competitive landscape in New York remains strong, with more buyers than sellers.
• Interest rates and cap rates have both increased, affecting deal structures.
• Guy shares a unique deal experience where he acted as both broker and buyer. Sale leasebacks can provide low initial cash flow but future value.
• The impact of significant events like 9/11 can reshape real estate markets.
• Air rights can be a lucrative asset in urban development.
• FAR changes can lead to unexpected windfalls for property owners.
• Chris' three questions: Nostalgia for brands like Toys R Us reflects deeper connections to childhood.
• Retail experiences are evolving with consumer preferences.
• Creative financing strategies can enhance investment returns.
• The joy of giving can create meaningful connections with others.
• Long-term real estate investments can yield significant returns over time.

Chapters

00:00 Introduction to Guy Morris and His Journey

03:11 Transitioning to Real Estate and Building a Portfolio

05:57 Current Business Model: Ownership vs. Brokerage

08:57 Types of Deals and Value Enhancement Strategies

11:59 Resilience of Retail Real Estate Post-COVID

14:52 Market Dynamics: Supply, Demand, and Tenant Changes

17:58 Current Landscape of Retail Real Estate in Metro New York

20:53 Competitive Landscape and Investment Trends

24:03 Unique Deal Experiences and Insights

27:47 Navigating Sale-Leasebacks and Financing Strategies

30:09 The Impact of 9/11 on Real Estate Transactions

32:13 Leveraging Air Rights for Profit

34:36 The Evolution of FAR and Its Implications

38:34 Reflections on Retail and Nostalgia

42:24 The Joy of Giving: $2 Bills and Their Significance

Data transparency? Transaction timelines?

In this episode of "What's In Store?" Chris Ressa and Karly Iacono discuss what they would love to see improve in CRE. Focusing on the need for data transparency, the inefficiencies in transaction timelines, and the complexity of documentation, they explore potential solutions and innovations that could enhance the industry's efficiency and effectiveness.

Takeaways

• Data transparency is crucial for efficiency in commercial real estate.
• Transaction timelines are often unnecessarily long due to multiple approvals.
• Simplification of documentation can significantly improve transaction speed.
• Retailers are willing to share sales data if it aligns with their interests.
• The industry needs to adopt clearer and more straightforward agreements.
• Foot traffic data is not always reliable for sales attribution.
• The complexity of leases can lead to confusion and delays.
• Standardizing building measurements could streamline due diligence processes.
• Blockchain technology could revolutionize property records and transactions.
• The industry is evolving, and there is hope for addressing these challenges.

Chapters

00:00 Introduction to Industry Challenges

01:18 The Need for Data Transparency

12:21 Transaction Timelines and Efficiency

22:37 Simplification of Documentation

30:47 Future Innovations in Real Estate

If it's happening in CRE in Ohio, Tori Nook is all over it. But her journey to starting her brokerage, Anchor Retail, was definitely unexpected.

In this episode of Retail Retold, Chris Ressa and Tori talk about the current state of the retail landscape and the unique characteristics of the Ohio market, where DLC now has four open-air shopping centers. She highlights the challenges and opportunities in retail real estate, including the impact of construction delays and the emergence of new retail concepts. Tori also shares insights on her recent work with Academy Sports and the evolving dynamics of tenant representation.

Takeaways

• Tori Nook has been in the retail real estate business since 1999.
• Anchor Retail specializes in retail brokerage and property management.
• The journey to starting Anchor Retail was unexpected and driven by circumstances.
• Tori emphasizes the importance of having a good team to manage operations.
• The retail landscape has changed significantly since 2021, with fewer new constructions.
• Ohio is a strong market for retail due to its spending power and demographics.
• Retailers often enter Ohio through the three C's: Cleveland, Columbus, and Cincinnati.
• Academy Sports is a significant new tenant in Ohio, marking a fresh entry since 2012.
• The deal-making process has become longer and more complex due to various factors.
• AI may play a role in streamlining the waiver process in real estate.

Chapters

00:00 Introduction to Tori Nook and Anchor Retail

02:00 The Journey of Starting Anchor Retail

06:40 Balancing Business Management and Deal-Making

08:54 Current Trends in Retail Real Estate

11:52 Ohio as a Retail Market

17:11 Exciting New Retail Developments in Ohio