#393 - Alex Nyhan - CEO @ First Washington Realty - $9B Portfolio: How Neighborhood Centers Became the Most Resilient Asset in Real Estate

Alex Nyhan is the CEO of First Washington Realty and an owner in FWR's entities. FWR owns interests in and manages approximately $9 billion of top-quality grocery-anchored shopping centers across the United States. Alex is one of the sharpest minds in real estate and this episode is proof of that.  I’ve had the good fortune of learning from Alex for many years and is someone who always brings good insight.  We discuss: - Lessons from structuring complicated public-private development projects - The investment philosophy behind First Washington’s 22 million square feet of neighborhood retail - Why grocery-anchored shopping centers have proven so resilient - How demographics, education levels, and supply constraints shape long-term value - The role of relationships and human connection in both tenant selection and consumer experience Links: First Washington Realty - https://www.firstwash.com/ Alex on LinkedIn - http://linkedin.com/in/alex-nyhan-b2b4914/ Topics: (00:00:00) - Intro (00:04:02) - Alex’s background and early career (00:15:19) - Alex’s DC Convention Center Hotel project (00:23:32) - First Washington Realty overview (00:25:25) - Investment strategy and deal selection (00:29:21) - Focus on grocery-anchored shopping centers (00:31:05) - Case study: Kansas City suburbs (00:32:04) - Navigating supply constraints (00:32:34) - The resilience of retail in the e-commerce era (00:33:20) - The impact of e-commerce on malls and neighborhood centers (00:35:11) - The competitive landscape of retail investments (00:39:05) - Risk management in retail deals during COVID (00:41:38) - The value of tenant relationships in retail (00:44:49) - Balancing risk with mom and pop tenants (00:50:14) - The importance of education and demographics in retail (00:52:51) - Government intervention and retail development (00:57:04) - Consumer spending trends and market dynamics (01:02:10) - The role of human interaction in retail success (01:04:21) - Concluding thoughts on retail investment strategies Support our Sponsors Ramp: https://ramp.com/fort Collateral Partners: https://collateral.com/fort Chris on Social Media: Chris on X: https://x.com/fortworthchris Instagram: https://www.instagram.com/thefortpodcast LinkedIn: https://bit.ly/45gIkFd Watch POWERS on YouTube: https://bit.ly/3oynxNX Visit our website: https://www.powerspod.com/ Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO  POWERS is produced by https://www.johnnypodcasts.com/

My Co-Founder, Jason Baxter, joins me once again to discuss the growth at FOSTR and how our team is thinking about the future of AI inside companies. Since our last conversation, Jason has sharpened his perspective on where the real value lies for businesses—moving beyond surface-level AI use cases to building the infrastructure that allows organizations to actually compound knowledge over time. We dig into how FOSTR is solving the data problem, why knowledge graphs are critical, and what it means for the next wave of AI adoption in business. We discuss: Why messy data is the biggest barrier for companies adopting AI The role of knowledge graphs in creating context and compounding company knowledge Why CEOs need to think about AI as infrastructure, not just a tool What’s next for FOSTR as it rolls out to more companies Topics: (00:00:00) - Intro (00:03:52) - How FOSTR has evolved since the last time Jason was on the show (00:10:02) - FOSTR’s infrastructure stack (00:21:51) - The importance of clean data (00:28:03) - FOSTR’s Knowledge graph (00:44:00) - How FOSTR would work in a Real Estate Brokerage firm (00:49:34) - Who owns the data? (00:57:34) - What’s coming from FOSTR in the next 45-60 days Links: Request early access to FOSTR - https://fostrai.com/ Reach out to [email protected] for notifications on the Slack Community Launch Chris on Social Media: Chris on X: https://x.com/fortworthchris Instagram: https://www.instagram.com/thepowerspodcast/   Watch POWERS on YouTube: https://bit.ly/3oynxNX Visit our website: https://www.powerspod.com/ Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO POWERS is produced by https://www.johnnypodcasts.com/

Chad Lavender is the President of Capital Markets - North America @ Newmark. In this episode we talk about his journey through commercial real estate, from starting out in development during the 2008 financial crisis to building one of the leading senior housing brokerage and advisory practices in the country. We cover how he navigated tough markets early in his career, the lessons he learned from cold calling legends of the industry, and the growth of alternative asset classes like senior housing, medical office, and data centers. Chad also shares his perspective on current real estate markets, from multifamily and industrial to the resurgence of office and the expansion of build-to-rent housing. We discuss: Starting in high-rise development in 2008 and learning through the downturn Building a senior housing brokerage business from scratch and winning early deals with Starwood and Carlisle Moving from ARA to HFF to Newmark and helping create the alternative assets platform How recruiting, persistence, and long-term relationships drive success in brokerage Current insights on data centers, senior housing, office recovery, build-to-rent, and industrial demand Links: Newmark - https://www.nmrk.com/ Chad on LinkedIn - https://www.linkedin.com/in/chad-lavender-03551bb/ Topics: (00:00:00) - Intro (00:04:22) - Chad’s career and background (00:06:39) - The rise of Alabama in real estate (00:09:24) - Breaking into the multifamily market (00:11:42) - Building a seniors housing brokerage team (00:20:13) - The evolution of senior housing (00:27:27) - Joining Newmark and leading alternative assets (00:34:35) - The power of passion and persistence (00:37:49) - Winning business (00:40:36) - Data centers and infrastructure (00:46:37) - The office market rebound (00:51:45) - Build-to-rent trends and challenges (00:57:46) - Capital markets and future outlook (01:05:04) - Final thoughts Support our Sponsors Ramp: https://ramp.com/fort Collateral Partners: https://collateral.com/fort Vesto: https://www.vesto.com/fort Chris on Social Media: Chris on X: https://x.com/fortworthchris Instagram: https://www.instagram.com/thepowerspodcast/   Watch POWERS on YouTube: https://bit.ly/3oynxNX Visit our website: https://www.powerspod.com/ Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO   POWERS is produced by https://www.johnnypodcasts.com/

We welcome back Barrett Linburg to the podcast for a deep dive into the evolution of Opportunity Zones and also his firm, Savoy. Barrett shares how his focus on Opportunity Zone projects has shaped Savoy, why these tax-incentivized investments are so compelling for long-term real estate strategies, and how his team has expanded into property management, construction, and development. The discussion also highlights the transformation of Dallas neighborhoods, navigating legislation, and lessons learned from working with contractors and city partnerships. We discuss: How Barrett discovered opportunity zones and built a firm around them The redevelopment of Bishop Ridge in Dallas and the strategy behind choosing locations Key changes from Opportunity Zone 1.0 to 2.0 and what they mean for investors Building out complementary businesses in property management, renovations, and construction Combining opportunity zones with PFC structures to maximize returns and affordability Links Barrett on X - https://x.com/DallasAptGP Barrett on LinkedIn - https://www.linkedin.com/in/barrett-linburg-32070310/ Savoy Equity Partners - https://savoyequity.com/ Barrett’s first appearance on the show - https://youtu.be/6WkWK3BldgI Topics (00:00:00) - Intro (00:05:52) - Barrett's real estate journey (00:07:12) - Opportunity zones in practice (00:21:08) - Case study: Bishop Ridge (00:26:21) - Future of opportunity zones (00:34:51) - Understanding OZ tax benefits (00:35:16) - Clarifying misconceptions about OZ investments (00:36:55) - Step up in basis explained (00:38:46) - Investing in opportunity zone businesses (00:43:47) - Challenges with general contractors (00:48:42) - Expanding Savoy Equity Partners (00:58:31) - Navigating PFC and OZ deals (01:04:33) - Conclusion and contact information Support our Sponsors Ramp: https://ramp.com/fort Collateral Partners: https://collateral.com/fort Vesto: https://www.vesto.com/fort Chris on Social Media: Chris on X: https://x.com/fortworthchris Instagram: https://www.instagram.com/thefortpodcast LinkedIn: https://bit.ly/45gIkFd   Watch POWERS on YouTube: https://bit.ly/3oynxNX Visit our website: https://www.powerspod.com/ Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO  POWERS is produced by https://www.johnnypodcasts.com/

Imran Khan is the Founder at Proem Asset Management. In this episode we explore the arc of his remarkable career—from his early days as one of Wall Street’s top-ranked analysts to leading global IPOs and eventually launching his own hedge fund.  We discuss: - Why gross margins are a critical indicator of fundamental shifts in a business - How he met Joe Tsai and helped lead Alibaba’s record-setting IPO - The vision Evan Spiegel had that made Snap a generational product - His criteria for identifying high-quality public companies and warning signs to avoid - How private market hype has skewed investor incentives—and why that might be changing Links: Proem Asset Management - https://www.proemasset.com/ Imran on LinkedIn - https://www.linkedin.com/in/dotkhan/ Imran on X - https://x.com/dottkhan Support our Sponsors: Ramp: https://ramp.com/fort Vesto: https://www.vesto.com/fort BetterPitch: https://bit.ly/42d9L0I Topics: (00:00:00) - Intro (00:03:17) - Becoming a great research analyst (00:06:44) - The difficulty in controlling gross margins (00:08:25) - How to research companies to invest in (00:12:53) - Are there similarities today in technology to the 2001 tech bubble? (00:17:11) - The state of AI investing (00:20:04) - The America/China AI race (00:23:26) - Imran’s experience with Alibaba (00:26:26) - The state of China’s inevitability (00:31:11) - Imran’s experience working at Snap (00:39:09) - Leaving Snap (00:40:26) - Imran’s fund structure (00:43:00) - Being drawn to bias (00:45:05) - Mercenaries vs. missionaries (00:47:07) - The market likes to fool the greatest number of people (00:50:18) - The pendulum of private and public market investing Chris on Social Media: The Fort Podcast on Twitter/X: https://x.com/theFORTpodcast Instagram: https://www.instagram.com/thefortpodcast LinkedIn: https://bit.ly/45gIkFd Watch The Fort on YouTube: https://bit.ly/3oynxNX Visit our website: https://bit.ly/43SOvys Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO

Today’s guest is Mark Toro, Chief Vision Officer @ Toro Development Co, based in Atlanta, GA.   Mark unpacks the philosophy, economics, and human-centered detail behind some of the most successful mixed-use developments in the country. We talk through his journey from building suburban power centers to pioneering immersive experiences like Avalon, Colony Square, and the upcoming Medley.  Mark shares how the 2008 financial crisis sparked his rethinking of real estate as a service business rather than just a physical asset—and how ideas like hospitality, branding, and community integration became central to his playbook.  This episode is packed with specific examples, war stories, and lessons on what it really takes to develop places people never want to leave. We discuss: - Why demographics and household income drive everything in site selection - How do vertically integrated, mixed-use developments function financially and operationally - The importance of patios, music, and concierge-level service in creating “third places” - Why tenant selection is both science and art—and what betting on the right jockey really means - How a bottle of tequila became a company tradition symbolizing intentionality and pride in execution Topics: (00:00:00) - Intro (00:03:43) - Mark’s career and background (00:08:03) - The gutted middle in retail (00:09:38) - Site selection criteria for a “fortress” (00:18:45) - Seamless integration (00:26:27) - The art of pitching tenants (00:31:42) - Mark’s approach to “opening” dates (00:33:28) - Betting the farm on tenants (00:35:46) - Office (00:40:18) - Parking strategies (00:41:51) - Hospitality vs. real estate (00:45:23) - Being Disney-esque (00:49:22) - Low-hanging fruit that properties can implement today (00:54:17) - Marketing funds (00:57:55) - Equity partners (00:58:56) - Why isn’t this model scalable? (01:04:10) - How much more profitable can a fortress be than other mixed-use areas (01:07:12) - Eric Weatherholtz & extending patio season (01:10:49) - The tequila story Support our Sponsors: Ramp: ⁠https://ramp.com/fort⁠ Vesto: ⁠https://www.vesto.com/fort⁠ BetterPitch: ⁠https://bit.ly/42d9L0I⁠ Links: Mark Toro on LinkedIn - ⁠https://www.linkedin.com/in/marktoro/⁠ Toro Development Co. - ⁠https://torodevco.com/⁠ Chris on Social Media: The Fort Podcast on Twitter/X: ⁠https://x.com/theFORTpodcast⁠ Instagram: ⁠https://www.instagram.com/thefortpodcast⁠ LinkedIn: ⁠https://bit.ly/45gIkFd⁠ Watch The Fort on YouTube: ⁠https://bit.ly/3oynxNX⁠ Visit our website: ⁠https://bit.ly/43SOvys⁠ Leave a review on Apple: ⁠https://bit.ly/45crFD0⁠ Leave a review on Spotify: ⁠https://bit.ly/3Krl9jO⁠

Since 2016, Ken Hersh has served as President and CEO of the George W. Bush Presidential Center which houses the George W. Bush Library and Museum and the George W. Bush Institute.  In 1988, he co-founded NGP Energy Capital Management, one of the nation’s largest natural resources private equity firms which pioneered private capital investing in the sector. Until 2016, he served as CEO, investing over $12 billion, earning a 27-year 30% annualized rate of return, making it one of the nation’s leading private investors.  In 2023, the Oil and Gas Investor magazine inducted Ken into its Hart Energy Hall of Fame as one of the top 50 “pioneering men and women who have shaped energy over the last half century.” Additionally, Ken manages his family office that invests across multiple industries. He sits on numerous corporate and not-for-profit boards, including the Texas Rangers Baseball Club. He sits on the Board of Overseers of the Hoover Institution and is a member of the Council on Foreign Relations. Links:  George W. Bush Presidential Center - https://www.bushcenter.org/ Support our Sponsors Ramp: https://ramp.com/fort Vesto: https://www.vesto.com/fort Topics: (00:00:00) - Intro (00:03:53) - Ken’s early career (00:16:36) - Richard Rainwater and creating NGP (00:29:25) - The original thesis for NGP (00:34:55) - Scaling NGP (00:46:36) - The Shale revolution (00:49:29) - Horizontal Drilling in 2025 (00:51:45) - The importance of having a great business partner (00:54:01) - Is “Let’s back teams” still the best investment model? (00:55:01) - Ken’s approach to raising capital (00:56:37) - Is there a modern-day Richard Rainwater? (00:58:34) - When a deal goes wrong (01:06:04) - The global state of energy in 2025 Chris on Social Media: The Fort Podcast on Twitter/X: https://x.com/theFORTpodcast Instagram: https://www.instagram.com/thefortpodcast LinkedIn: https://bit.ly/45gIkFd   Watch The Fort on YouTube: https://bit.ly/3oynxNX Visit our website: https://bit.ly/43SOvys Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO

Trent and Tyler Leon are the Co-Founders of Tilden Capital. Today, their business, Tilden Capital, has deployed billions of dollars into oil & gas minerals, royalties, and non-operated positions across the Permian and other domestic basins.   We talk about growing up in a golf-obsessed family, attending IMG Academy, and competing at the highest levels of amateur and professional golf—then making the decision to walk away and start something new. We also cover: - What they learned from life on the road as pro golfers - How and when they knew it was time to pivot into business - Early lessons from starting an oil and gas company from scratch - The current outlook on the Permian Basin and broader energy trends - How they build conviction around long-term bets and stay optimistic - What it’s like working together as brothers and business partners You’re in for a wide-ranging conversation about life, business, and the journey from competitive sports to entrepreneurship. We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.  https://www.thefortpod.com/survey Links: Tilden Capital - http://www.tildencapitalllc.com/ Who Moved My Cheese? by Spencer Johnson - https://a.co/d/ax5DRLz Support our Sponsors: Ramp: https://ramp.com/fort Vesto: https://www.vesto.com/fort BetterPitch: https://bit.ly/42d9L0I Topics: (00:00:00) - Intro   (00:04:16) - Trent and Tyler’s early childhood and developing a passion for Golf   (00:15:36) - Moving to IMG Academy to pursue Golf   (00:23:19) - The college recruiting process   (00:31:54) - The parenting style that leads to 3 kids becoming Division 1 athletes   (00:35:39) - Winning a national championship in college   (00:41:25) - The realities of life as professional golfers   (00:47:49) - The state of Oil and Gas   (00:51:40) - The Permian Basin   (00:55:18) - Trent and Tyler’s approach to buying mineral rights   (00:58:08) - Drill Baby, Drill!   (01:02:26) - Will AI play a part in drilling rigs?   (01:04:10) - Running a lean team at Tilden   (01:09:19) - Developing relationships in the industry   (01:12:09) - Staying laser-focused   (01:13:48) - 4-year predictions   Chris on Social Media: The Fort Podcast on Twitter/X: https://x.com/theFORTpodcast Instagram: https://www.instagram.com/thefortpodcast LinkedIn: https://bit.ly/45gIkFd   Watch The Fort on YouTube: https://bit.ly/3oynxNX Visit our website: https://bit.ly/43SOvys Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO  The FORT is produced by Johnny Podcasts

Andrew Yaffe is the CEO of Dude Perfect. Prior to joining Dude Perfect, he served as Executive Vice President, Head of Social, Digital and Original Content at the NBA, leading the department responsible for all video, editorial, and documentary content produced and distributed by the NBA.  We dive into the evolution of content strategy, how vertical video, AI-driven editing, and fan-driven content are reshaping how people consume sports and entertainment. We also talk about the massive shift toward family-friendly entertainment, why authenticity matters more than ever in building a trusted brand, and how Dude Perfect is capitalizing on a deep relationship with its audience to expand into products, experiences, and live events. We also cover: - Why YouTube dominates digital content consumption and how Dude Perfect leverages it - How user-generated and behind-the-scenes content outperforms traditional highlights - The growth of Dude Perfect’s live shows and the company's focus on family-first experiences - Building long-term brand equity without sacrificing core values - How the next wave of growth will come from new talent, products, and experiences under the Dude Perfect umbrella This conversation offers a behind-the-scenes look at how one of the most iconic creator-led brands is thinking about the next decade of growth—and why the future of entertainment looks a lot more personal, community-driven, and mission-focused. We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.  https://www.thefortpod.com/survey Topics: (00:00:00) - Intro (00:02:55) - Andrew’s career in the NBA: Starting as a Ticket Pricing Analyst and becoming the EVP of Content (00:07:54) - How “Content” has evolved in the past 5 years (00:13:50) - The NBA vs. NBA China (00:14:37) - Content distribution strategies (00:16:20) - Are professional sports audiences declining? (00:19:46) - Becoming CEO of Dude Perfect (00:23:23) - How do you filter opportunities for the brand? (00:28:37) - Battling the algorithm: Family content (00:30:39) - Cultural differences between Dude Perfect and the NBA (00:33:54) - Who’s coming up with content ideas at this stage of the brand? (00:38:21) - The Gravity of YouTube (00:41:51) - What kind of production goes into a typical Dude Perfect video? (00:44:20) - What does working with YouTube look like when you have 62 million subscribers? (00:47:05) - What types of data matter at Dude Perfect? (00:52:01) - What is the target market for Dude Perfect? (00:54:09) - Should we be encouraging our kids to be content creators? (00:57:24) - What are the primary revenue streams? (00:59:15) - Why do the live shows perform so well with audiences? (01:00:12) - Are there plans for more “Dudes”? (01:01:37) - Does the brand's growth mean taking audiences away from professional sports? (01:03:22) - Does the audience age out? (01:04:39) - Is there one metric that matters more than anything else? (01:06:04) - What does this brand look like in 5 years? Links: Dude Perfect - https://dudeperfect.com/ Support our Sponsors Ramp: https://ramp.com/fort BetterPitch: https://betterpitch.com/ Fort: https://bit.ly/FortCompanies Follow Fort on LinkedIn: https://www.linkedin.com/company/fort-companies/ Chris on Social Media: The Fort Podcast on Twitter/X: https://x.com/theFORTpodcast Instagram: https://www.instagram.com/thefortpodcast LinkedIn: https://bit.ly/45gIkFd   Watch The Fort on YouTube: https://bit.ly/3oynxNX Visit our website: https://bit.ly/43SOvys Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO  The FORT is produced by Johnny Podcasts

In this episode, Jason and I discuss one of the biggest challenges facing America today: the health crisis fueled by our food system.  Jason, a former hedge fund manager turned health entrepreneur, shares how his personal journey through professional burnout, depression, and physical illness opened his eyes to the systemic problems in the way America produces, regulates, and consumes food. We explore how decades of misaligned incentives, corporate lobbying, and regulatory failure have created a food environment that prioritizes profit over public health. Jason explains why rates of chronic disease, obesity, and metabolic disorders are worse than ever despite record healthcare spending and how other countries have taken a much stricter, more effective approach to food safety and nutrition. We also cover: - How Big Food and Big Pharma have benefited from keeping Americans sick - The differences between food standards in the U.S. and Europe - Why eating closer to nature is essential for reversing chronic disease - Practical steps individuals can take today to avoid the worst parts of the American food system - The urgent need for policy reform and better consumer education We also discuss the growing role of psychedelics in mental health treatment, healing trauma, and helping individuals reconnect with themselves in an increasingly disconnected world. This conversation is a candid look at why health outcomes in the U.S. continue to decline—and what it will take to fix it. Whether you're a consumer, an entrepreneur, or simply someone trying to live a longer, healthier life, Jason’s insights are a wake-up call and a call to action. We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.  https://www.thefortpod.com/survey Links: Jason on X - @HumanKarp HumanCo brands - Cosmic Bliss & Against The Grain Gourmet: www.instacart.com/store/brands/humanco-brands/humanco-lp Amara: HUMANCO (20% off discount) - Amara True Food Kitchen: Mention to your server “JUSTTRUE10” for $10 off of $50 at True Food Kitchen through June 30th - TFK Grove Collaborative: "HUMANCO" will give new customers 25% off orders $75+. Grove Support our Sponsors: Vesto: https://www.vesto.com/fort Fort: https://bit.ly/FortCompanies Follow Fort on LinkedIn: https://www.linkedin.com/company/fort-companies/ Mentioned in this episode: How to Change Your Mind by Miachael Pollan - https://a.co/d/dm4RwMY The Immortality Key by Brian Muraresku - https://a.co/d/4u4dJw5 Fruit Loops in the U.S. vs. Candada - https://youtu.be/4uH6Yooxr0Y?si=D7nIZU_-0SaScpSB The American Heart Association opposes bill to ban soda from being purchased with SNAP benefits - https://www.youtube.com/watch?v=tTN2SdMMiig Topics: (00:00:00) - Intro (00:03:58) - Jason’s career (00:17:51) - Psychedelic therapy (00:42:47) - Making the decision to leave a 20-year hedge fund career (00:50:46) - How did America become such an unhealthy country? (01:01:01) - Big food vs. big pharma (01:03:25) - Lab grown food (01:05:54) - What’s being done to make us healthy again? (01:10:35) - How can the average person start to be healthier (01:15:50) - The truth about alcohol Chris on Social Media: The Fort Podcast on Twitter/X: https://x.com/theFORTpodcast Instagram: https://www.instagram.com/thefortpodcast LinkedIn: https://bit.ly/45gIkFd   Watch The Fort on YouTube: https://bit.ly/3oynxNX Visit our website: https://bit.ly/43SOvys Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO  The FORT is produced by Johnny Podcasts