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 - Intro
04:21 - Alex’s background and early career
15:38 - Alex’s DC Convention Center Hotel Project
23:51 - First Washington Realty Overview
25:44 - Investment Strategy and Deal Selection
29:40 - Focus on Grocery-Anchored Shopping Centers
31:24 - Case Study: Kansas City Suburbs
32:23 - Navigating Supply Constraints
32:53 - The Resilience of Retail in the E-Commerce Era
33:39 - The Impact of E-Commerce on Malls and Neighborhood Centers
35:30 - The Competitive Landscape of Retail Investments
39:24 - Risk Management in Retail Deals During COVID
41:57 - The Value of Tenant Relationships in Retail
45:08 - Balancing Risk with Mom and Pop Tenants
50:33 - The Importance of Education and Demographics in Retail
53:10 - Government Intervention and Retail Development
57:23 - Consumer Spending Trends and Market Dynamics
01:02:29 - The Role of Human Interaction in Retail Success
01:04:40 - Concluding Thoughts on Retail Investment Strategies

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