In this week's episode, BJ and Isaiah dive into the mechanics of 1031 exchanges and their impact on the real estate market. After some fun banter reminiscing about boarding school and hockey days, the discussion shifts to the current state of 1031 transactions amid rising interest rates and evolving market conditions. BJ explains the basics of 1031 exchanges, emphasizing their role in tax deferral for real estate investors and how net lease properties fit into this framework. The conversation explores the challenge of tracking accurate 1031 data, referencing industry statistics and the limitations of traditional sources like CoStar. They analyze fluctuations in transaction volumes and cap rates, highlighting a shift in market dynamics that benefits institutional players. The episode wraps up with the hosts sharing excitement about their upcoming office move, which will allow them to incorporate video into future episodes, promising more engaging content for their audience. Catch this insightful episode to understand how 1031 exchanges influence real estate liquidity, capital allocation, and market efficiency in today’s environment.

In this episode of Net Takeaways, hosts BJ Feller and Isaiah Harf explore the multifaceted challenges facing America’s urban centers post-pandemic, focusing on increasing office vacancies and declining retail activity. They discuss how reduced office occupancy has triggered a chain reaction, impacting tax revenues, municipal services, and neighborhood vibrancy. Isaiah emphasizes the foundational role of housing in urban revitalization and proposes tax incentives to convert unused office spaces into residential units, while BJ delves into the economic and regulatory barriers that complicate these conversions. They also introduce the concept of “Sales Tax Increment Financing” (STIF), a model designed to encourage retailers to reopen in struggling urban areas by allowing them to retain part of their generated sales tax. Throughout, BJ and Isaiah emphasize the need for coordinated efforts among government officials, landlords, developers, and other stakeholders to break the cycle of urban decline and create sustainable solutions for city centers. With humor and insight, BJ and Isaiah tackle the complexities of this urban reset, providing listeners with a deeper understanding of the collaborative, innovative approaches needed to revitalize American cities.

Episode 36: From TiVo to Triple Pumps: Can Starbucks Recapture the Coffeehouse Vibe? In this episode, BJ and Isaiah dive into a lively discussion on the shifts in retail and consumer culture, kicking off with some nostalgic banter about Saturday morning cartoons, TiVo, and how streaming has changed our media habits. They then dive into the main topic: Starbucks’ current struggles with balancing the convenience of mobile ordering and the classic coffeehouse experience that made it a staple in American communities. They discuss Starbucks’ recent sales slide, the challenges of an overly complex menu, and the impact of rising prices on customer loyalty. Isaiah shares a hot take on how mobile ordering might be eroding Starbucks’ community feel and suggests that separating mobile orders from the main seating area—similar to Chipotle’s “Chipotlane”—could help restore the in-store experience. The conversation also touches on McDonald’s recent partnership with Krispy Kreme, examining how strategic brand pairings can enhance customer experience and drive sales. BJ and Isaiah wrap up with their thoughts on how community-driven retail spaces are thriving, from Barnes & Noble’s bookstore revival to upscale shopping centers embracing “vibe” as a core selling point. With humor, pop culture references, and sharp insights, BJ and Isaiah explore what it will take for Starbucks—and retail spaces more broadly—to recapture a sense of community in an increasingly transactional world.

Episode Summary: "Urban Showdown: Navigating Walgreens Closures, Office Vacancies, and the Future of City Ecosystems" In this episode of Net Takeaways with Feller and Harf, we dive into the shifting urban landscapes of post-pandemic America. We start with the breaking news of Walgreens' plan to close 1,200 stores over the next three years, unpacking the financial impact, including rent and occupancy cost savings, and the long-term opportunities for landlords. The conversation then shifts to the broader urban ecosystem, where office vacancies, declining tax revenues, and shrinking retail foot traffic are putting cities under immense pressure. We discuss the multifaceted challenges cities face, from repositioning vacant office space to reimagining how urban centers can thrive in a post-pandemic world. We also touch on the underappreciated nuances of homelessness, crime, and their effect on commercial real estate, and we explore potential solutions for revitalizing urban environments through collaboration between municipalities, real estate owners, and policymakers. Join us as we break down the data, examine the ripple effects, and look ahead to how cities can rise stronger from the current challenges.

Episode Summary: In this episode of Net Takeaways, Bryn Feller and Isaiah Harf delve into key topics shaping the commercial real estate market. They begin by discussing the significant imbalance between market supply and demand, analyzing projected full-year transactions. The hosts highlight the retail sector, particularly grocery-anchored retail, which they describe as the "hottest" part of the market today, likening it to the industrial sector's boom of previous years. Bryn and Isaiah also explore the implications of rising inventory levels in net lease retail, emphasizing that cap rates will need to increase further to clear the current market stock. The conversation shifts to 1031 exchanges and the shrinking presence of tax-motivated buyers, with projections that yield-motivated investors will play a larger role in 2025. Finally, they discuss the Federal Reserve's recent actions, noting how the market is reacting to economic indicators, particularly the 10-year treasury, oil prices, and the geopolitical situation in the Middle East. The episode concludes with lighthearted banter about Hurricane Milton and its impact on Florida. Key topics covered: - Market supply-demand imbalance and inventory growth in net lease retail. - The importance of cap rate adjustments to clear current market inventory. - Grocery-anchored retail as the hottest segment in commercial real estate. - Diminished impact of 1031 exchanges and future market trends. - Reaction to Federal Reserve actions, 10-year treasury, and oil price dynamics. Listeners will gain insights into the future direction of the commercial real estate market, the evolving role of grocery retail, and potential investment opportunities in 2025.

Episode 33: Fed Rate Cuts, Cap Rate Chaos, and Net Lease Nightmares In this episode of Net Takeaways with Feller and Harf, BJ and Isaiah dive into the much-hyped Fed rate cut and why the market might be celebrating for no good reason. Spoiler alert: the "big news" was already baked in! We break down the real impact (or lack thereof) for commercial real estate investors and tackle the rise of inventory that's giving buyers analysis paralysis. Plus, ever wonder about the biggest mistakes investors make in net leases? We’ve got you covered. From co-tenancy clauses to disastrous personal guarantees, we dissect the costly pitfalls that make even seasoned pros pull their hair out. You won’t want to miss these valuable lessons in deal-making! Join us as we unpack the current state of the market, share some laughs about Apple vs. Spotify, and discuss why your pipeline might finally be looking up. Like, subscribe, and follow for your weekly dose of real estate insights with a side of fun.

In this episode of Net Takeaways with Feller & Harf, special guest Joey Agree, CEO of Agree Realty, dives into the evolution and future of the net lease industry. The conversation begins with some light banter about personal experiences, including Joey’s weekend and Detroit sports, before transitioning into the history of Agree Realty. Joey shares how the company transformed from a Kmart developer to a nearly $8 billion market cap leader in net lease real estate, highlighting pivotal moments, such as their focus on acquiring top-tier retailers and navigating the e-commerce revolution. Joey emphasizes the importance of maintaining a strong balance sheet and being at the forefront of industry trends, citing their leadership in forward equity offerings and diversification away from struggling retailers like Kmart and Borders. He discusses the rise of e-commerce, the future of omnichannel retailing, and the evolving dynamics of the real estate market. Key highlights include: - Agree Realty’s strategic approach to acquisitions, focusing on the top 30 retailers, with Walmart being their largest tenant. Insights into the challenges and opportunities posed by e-commerce, emphasizing the necessity for retailers to adapt to new consumer behaviors. - Agree Realty’s focus on maintaining discipline in acquisitions, navigating the rising cap rates, and positioning the company for future growth. - The conversation also touches on the future of retail, including the implications of omnichannel fulfillment and the importance of strong retailer relationships. Joey concludes by outlining Agree Realty’s vision to become a $20 billion enterprise within the next few years, driven by its commitment to shareholder value and disciplined growth strategy. The episode ends with a motivational anecdote, referencing Kobe Bryant’s work ethic, and how it aligns with the company’s philosophy of staying focused and seizing opportunities. This engaging episode provides listeners with a deep dive into the net lease industry and the strategic thinking behind Agree Realty's success.

In this lively episode, BJ Feller and Isaiah Harf dive into a variety of listener-submitted questions, ranging from AI’s impact on commercial real estate to long-term leases in the current interest rate environment. The hosts bring their characteristic blend of humor and deep industry knowledge, kicking off with a lighthearted discussion about post-Labor Day fashion choices before moving into heavier topics. Key discussions include the future of traditional retail in an e-commerce-dominated world, the growing role of AI in property valuation and market analysis, and how long-term leases are being impacted by rising interest rates. The episode wraps up with some insightful advice for a listener managing a portfolio of commercial properties. A thoughtful reflection on the intersection of technology, real estate, and human expertise, this episode offers both practical insights and industry trends for investors, brokers, and professionals navigating the evolving commercial real estate landscape.

In this episode of Net Takeaways, BJ Feller and Isaiah Harf dive into some of the most pressing topics in the commercial real estate and business world today. With a scorching 110-degree heat index outside, the conversation inside is just as heated, covering everything from government lawsuits to leadership transitions in major corporations. Segment 1: RealPage Lawsuit - The Intersection of CRE, PropTech, and Government BJ and Isaiah kick off the episode by discussing the recent DOJ lawsuit against RealPage, a key player in the PropTech space. They explore the implications of the government’s antitrust allegations and how this case could reshape the landscape of commercial real estate. The duo also touches on broader trends of government regulation in the CRE sector, drawing parallels to other industries and considering the potential long-term impacts on the market. Segment 2: Starbucks' New CEO - Brian Niccol’s Leadership Playbook The conversation then shifts to Starbucks’ recent appointment of Brian Niccol as CEO. With his impressive track record at Chipotle, Niccol’s leadership is poised to bring a fresh perspective to the coffee giant. BJ and Isaiah discuss Niccol’s past successes, including doubling Chipotle’s revenue and pioneering digital and delivery platforms, and speculate on how these strategies might translate to Starbucks. The discussion also touches on the challenges Niccol will face, such as revitalizing customer experience and competing in a crowded market. Segment 3: The Evolution of Omnitail - Merging Online and Bricks-and-Mortar Retail In the final segment, BJ and Isaiah delve into the concept of “omnitail,” a fusion of online and traditional retail strategies. They explore how retailers like Warby Parker and Amazon have navigated this no man’s land, and the growing importance of integrating digital and physical shopping experiences. The discussion also covers the high cost of online returns and how the future of retail might involve more strategic use of in-store resources to optimize both consumer experience and retailer profitability. Closing Thoughts: BJ and Isaiah wrap up the episode by considering the future of these industries and the potential impact on both consumers and investors. They leave listeners with plenty to think about, whether they’re in the commercial real estate business, investing in PropTech, or just grabbing a coffee at Starbucks. Stay Tuned: Join us next week for more insights, hot takes, and deep dives into the world of CRE and beyond. Don’t forget to like, share, and subscribe to Net Takeaways!

In this episode of Net Takeaways, BJ Feller and Isaiah Harf dive into the week's biggest headlines, all while navigating the best traffic Chicago has seen in years, courtesy of the DNC. With Isaiah sporting shorts and gearing up for a Cubs game, the duo tackles the news with their signature mix of savvy insight and sharp wit. First up, they dissect the audacious $86 billion bid by Canadian giant Couche-Tard to acquire 7-Eleven. What does this mean for the convenience store arms race? And how is the evolution of these corner staples reshaping the retail landscape? BJ and Isaiah break it all down, from the potential FTC roadblocks to the rise of mega convenience stores that are replacing the once-dominant pharmacies. The conversation takes a swing through the world of net lease industrial deals, spotlighting two major Amazon transactions in Pennsylvania. As cap rates creep up and interest rates follow suit, the team explore what this means for the future of big-box retail and industrial spaces. And, of course, no episode would be complete without some classic banter about office attire, club memberships, and why Isaiah's kids are baffled by his trip to Wrigley. Whether you're here for the industry insights or the laughs, this episode has something for everyone. So, grab your headphones and join BJ and Isaiah as they navigate the ever-evolving world of net lease, one clever quip at a time.

In this episode of "Net Takeaways," BJ Feller and Isaiah Harsh dive into several timely topics in the commercial real estate sector, with a focus on the latest economic data, retail dynamics, and the evolving influence of technology in the industry. They kick off the discussion by addressing the concept of "zombie pharmacies" in New York City, analyzing the New York Times' recent article on the impact of closed big-box pharmacies on local retail vibrancy. The conversation shifts to the latest unemployment figures, interest rates, and the Federal Reserve's guidance, particularly how these factors might affect the commercial real estate market in Q4. The episode also features insights into the role of Placer.ai in real estate analytics, where BJ and Isaiah debate its growing influence and potential overreliance by industry professionals. They wrap up with a light-hearted discussion on desserts and personal experiences, blending industry insights with relatable anecdotes.

In this episode Feller & Harf explore the latest news in Sak's and Nieman's big merger and what it means for the mall and retail landscape more broadly. The latest Big Lots filing hales trouble ahead, what it means for the discount retail world. And what BJ & Isaiah are watching in the months ahead.

In this episode of Net Takeaways, Feller & Harf break down the breaking major Walgreens news of major store closures, explore the fallout from the long-coming Red Lobster bankruptcy and look ahead to how the CRE market inventory logjam could break.

On this episode of Net Takeaways with Feller & Harf, Isaiah is in the hot seat reacting to some of the latest big news across the retail landscape

On this episode of Net Takeaways, Isaiah and BJ return to the studio for the latest episode of Net Takeaways after a couple weeks of taking the show on the road!

On this episode of Net Takeaways with Feller and Harf, someone find Isaiah, he's missing! BJ is joined by special guest host Christian Tremblay to break down the incredible growth of the cannabis industry and its impact on the commercial real estate landscape

On this episode of Net Takeaways, Feller & Harf discuss: 7-Eleven's Sunoco acquisition, December Retail Sales & Consumer Confidence numbers are soaring, and Last Mile Inflation

On this episode of Net Takeaways, BJ & Isaiah make their predictions for what's in store for the commercial real estate markets in 2024 - join them for the Annual Big Predictions Episode!

On this episode of Net Takeaways with Feller & Harf, BJ & Isaiah answer questions from listeners on real estate, and of course hospitality! Tune in for our Holiday Mailbag!