No Cap by CRE Daily

Bob Knakal had already closed more than 2,300 deals, built one of New York City’s dominant investment sales firms, and spent four decades studying what separated top brokers from everyone else.

In this conversation, Bob broke down the habits behind his career, why specialization mattered, how deep market knowledge created a real competitive advantage, and why he was still targeting 100 prospecting conversations a week.

We also covered New York development, assemblages and air rights, office-to-residential conversions, social media, AI in brokerage, and why Bob believed the individual broker mattered more than the logo on the business card.

For brokers, investors, developers, and anyone building a career in CRE, this remained one of the most practical conversations we’ve had on No Cap.

CHAPTERS:

0:00 - Introduction

3:00 - Bob’s Journey in Real Estate

7:30 - The Importance of Market Knowledge

12:00 - How to Stay on Top in a Competitive Market

15:45 - Building a Legacy in Investment Sales

20:30 - The Role of Social Media in Real Estate

25:00 - What Sets New York’s Real Estate Market Apart

30:00 - Current Trends and the Future of the Market

35:00 - Advice for Aspiring Brokers and Real Estate Professionals

40:00 - The Power of Specialization and Expertise

If you enjoyed this conversation, don't forget to LIKE, COMMENT, and SUBSCRIBE for more deep dives into commercial real estate.

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For more episodes of No Cap Podcast by CRE Daily, visit our podcast page:  https://www.credaily.com/podcast/

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About No Cap Podcast

No Cap by CRE Daily offers an unfiltered look into commercial real estate's biggest trends and the financial dynamics shaping the industry. Co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential figures in real estate.

About CRE Daily

CRE Daily empowers professionals with the knowledge they need to make smarter business decisions. Our flagship newsletter, read by over 65,000 investors, developers, brokers, and industry leaders, delivers concise, need-to-know trends, making us one of the fastest-growing media brands in commercial real estate.

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Season 9, Episode 6:

Todd Henderson has invested through five real estate cycles, and he thinks the one we're leaving set up the healthiest recovery he's seen.

Henderson is Head of Real Estate for the Americas at DWS, Deutsche Bank's asset management arm, whose real estate business traces back to RREEF's founding in 1975. He began his career in the bad bank at First Gibraltar during the S&L crisis, spent a decade buying distressed loans at The J.E. Robert Company, and joined DWS in 2003.

The tension worth tuning in for: values fell roughly 25% while property fundamentals held up, which Henderson says leaves real estate cheap relative to equities, gold, and private credit just as new supply dries up.

Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.

CHAPTERS

00:00 - Todd Henderson and the History of DWS and RREEF

05:49 - Starting in Real Estate During the S&L Crisis

11:38 - Five CRE Cycles and the 25% Value Reset

16:58 - Why Institutional Capital Is Coming Back

21:09 - Private Credit and Real Estate Debt

24:13 - Why DWS Is Buying Sun Belt Multifamily

29:49 - Build-to-Rent and the Housing Shortage

32:35 - Why Grocery-Anchored Retail Keeps Winning

36:38 - Real Estate as the AI Immunity Trade

40:04 - What Past Cycles Say About the Next CRE Run

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 9, Episode 5:

Sean Hehir has spent nearly three decades turning Trinity Investments into a specialist hospitality investor, and he joins the show to explain why his firm only buys resorts it considers truly irreplaceable.

Hehir grew up in Botswana, trained at hotel school in Switzerland and Cornell, and joined Trinity in 1998 before taking over as CEO in 2009 and steering the firm to focus solely on hospitality real estate. He now oversees a portfolio built with Hilton, Marriott, and Hyatt, and with mega private equity funds that lean on Trinity's hospitality expertise.

The tension worth tuning in for: Trinity has walked away from cap-rate arbitrage and ultra-luxury boutiques alike, betting instead that scale, counterparty discipline, and genuinely irreplaceable real estate are what hold up when the market throws a curveball — which, as Hehir tells it, happens on nearly every deal.

This episode was recorded on 7/21/26. Views, market conditions, and any figures or references discussed may have changed since recording and may not reflect current conditions at the time of release. Nothing in this podcast should be construed as investment, legal, or tax advice. Nothing in this episode is an offer to sell, or a solicitation of an offer to buy, any security or any interest in any fund or investment vehicle.

Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.

CHAPTERS

00:00 - Introduction to Sean Hehir and Trinity Investments

04:14 - Why Hospitality Is Different From Other Real Estate

08:16 - Learning Hotels From the Ownership Side

13:38 - East Miami, Swire, and the Blackstone Exit

19:15 - Buying and Renovating The Diplomat Beach Resort

24:04 - Hotel Amenities That Actually Matter

29:04 - Why Nobody Is Building These Resorts Anymore

33:17 - The JW Marriott Marco Island Deal

39:04 - Picking Partners, Brands, and Lenders

44:10 - Why Trinity Likes Four-Star Resort Assets

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

 

DISCLAIMER: Nothing in this episode is an offer to sell, or a solicitation of an offer to buy, any security or any interest in any fund or investment vehicle.

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Small bay industrial has quietly become one of the most resilient corners of commercial real estate, and Anthony Scavo has built his entire business around it. As President and Managing Partner of Basis Industrial, he's grown the firm from three employees to over 50, assembling a multi-tenant small bay and self-storage portfolio that now tops 10 million square feet across Florida, Texas, Georgia, New York, and California.

Anthony got his start at Lefrak before joining Basis in 2021 to build out its multi-tenant industrial platform. In this conversation, he breaks down why he believes small bay is safer than multifamily today, why new development doesn't pencil, and the wildest tenant stories from a decade in the business.

Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.

CHAPTERS

00:00 - Introduction

03:05 - Defining Small Bay Industrial

05:16 - Anthony's Brooklyn Roots and Lefrak Beginnings

12:18 - Joining Basis Industrial in 2021

14:52 - From Self Storage to Small Bay

24:44 - Why Small Bay Is Safer Than Multifamily

34:36 - Why No One Is Building New Small Bay

41:04 - War Stories: Casinos, Man Caves, and Wild Tenants

50:42 - The Future of Small Bay Consolidation

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 9, Episode 3:

America is about 10 million homes short, and Bart Mitchell has spent more than three decades trying to close that gap. As President and CEO of The Community Builders, one of the country's largest nonprofit affordable-housing developers, he's helped turn a once-obscure federal tax credit into the backbone of how the U.S. finances low-income housing.

Bart joined The Community Builders in 1989, six months before a recession, tasked with selling Wall Street on a brand-new program nobody understood. Since becoming CEO in 2012, he's grown the organization's footprint across New York, Boston, Chicago, and Virginia while carrying real financial risk along the way. In this conversation, Bart breaks down why zoning, not money, is the real bottleneck in solving the shortage, what it actually costs to carry a project through years of city and state approvals, and why most Americans have driven past affordable housing without ever realizing it.

Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.

CHAPTERS

00:00 - Introduction to Bart Mitchell and The Community Builders

04:14 - How Bart Entered Affordable Housing

06:14 - The Early LIHTC Market

13:05 - How Low-Income Housing Tax Credits Work

15:21 - The Community Builders’ Origin Story

18:57 - Rebuilding Public Housing as Mixed-Income Communities

22:17 - Why America Is 10M Homes Short

29:10 - Zoning, Money, Speed, and Development Risk

38:36 - Nonprofit Versus For-Profit Affordable Housing

44:43 - What Bart Would Change About Housing Policy

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 9, Episode 2:

How does Hines decide where to buy, build, and lend across one of the largest real estate platforms in the world?

Today, we sit down with Ray Lawler, Head of the Americas at Hines, to break down how the firm thinks about institutional capital, development, office, multifamily, and long-term investing. Ray shares how Hines grew from a Houston developer into a global investment manager with $91B+ in assets and operations across 30 countries.

Whether you’re interested in multifamily, office debt, global real estate strategy, or how major firms underwrite the next cycle, this episode is a must-listen. Join us as we dive into Hines’ highest-conviction themes, Ray’s Marine Corps background, and why running toward risk can create the biggest opportunities.

Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.

TOPICS

00:00 - Introduction to Ray Lawler and Hines

05:10 - Lessons From Asia and Global Real Estate

08:05 - Hines’ Capital Structure and Fund Strategy

13:55 - Office Debt, Trophy Assets, and Market Recovery

18:10 - Office-to-Residential Conversions

20:05 - How Hines Picks Markets and Deals

26:15 - The Backyard Deal and Japan Industrial Story

34:15 - Marines, Risk, and Leadership

37:05 - Why Living Is Hines’ Top Conviction Strategy

48:15 - Advice for Young Professionals

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 9, Episode 1:

Can Detroit become America’s greatest urban comeback story?

To kick off Season 9 of No Cap, we sit down with Jared Fleisher, CEO of Bedrock, to break down the future of Detroit, Cleveland, and large-scale city building. Jared shares how Bedrock, founded by Dan Gilbert, has invested billions across 140+ properties and 21M+ SF while helping reshape Detroit’s urban core.

Whether you’re interested in public-private partnerships, downtown revitalization, GM’s move to Hudson’s Detroit, or the future of the Renaissance Center, this episode is a must-listen. Join us as we dive into conviction, civic commitment, riverfront development, and what it really takes to rebuild a city at scale.

Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.

TOPICS

00:00 - Season 9 Premiere with Jared Fleisher

05:00 - Dan Gilbert’s Conviction in Detroit

10:52 - Bedrock’s 21M SF Portfolio

16:49 - The Renaissance Center Challenge

22:38 - GM, Hudson’s Detroit, and Civic Commitment

27:06 - Rebuilding Detroit’s Riverfront

33:17 - Public-Private Partnerships and Brownfield Financing

41:48 - Innovation Districts and Talent

45:05 - Defense, Manufacturing, and Detroit’s Next Chapter

48:06 - Downtown Dallas and Why Cities Need Strong Cores

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 8, Episode 6: Today, we sit down with Jim Corl, Executive Vice President and Head of Private Real Estate at Cohen & Steers, to break down the relationship between listed REITs and private real estate. Jim explains why public markets often reprice first, why private valuations lag, and how that gap can create major opportunities for investors who know where to look.

Whether you’re interested in REITs, private real estate, shopping centers, apartments, warehouses, or data centers, this episode is a must-listen. Join us as we dive into valuation discipline, sector rotation, and why Jim believes many investors are still stuck in last cycle’s winners.

Shoutout to our sponsor, Lennar Investor Marketplace. New construction rental investments with comps, returns, and underwriting built in.

TOPICS

00:00 - Introduction to Jim Corl and Cohen & Steers

06:00 - Why REITs Became an Institutional Asset Class

12:00 - Buying Residential Lots for 5 Cents on the Dollar

18:00 - Why Public Markets Reprice Before Private Real Estate

24:00 - Apartments, Warehouses, and the Valuation Hangover

30:00 - Why Cap Rates Still Look Too Low in Multifamily

36:00 - The Shopping Center Thesis

42:00 - Walmart, Amazon, and the Future of Retail

48:00 - Industrial Demand and the E-Commerce Slowdown

54:00 - Why Investors Need to Exit Last Cycle Portfolios

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 8, Episode 5:

How did Madison Realty Capital grow from a $10M fund into one of the most active private credit platforms in real estate?

Today, we sit down with Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital, to break down how MRC built its lending business before private credit became an institutional asset class. Josh shares how the firm survived the GFC, became vertically integrated, and scaled into a major capital source for sponsors when banks pulled back.

Whether you’re interested in distressed debt, construction lending, office-to-residential conversions, or today’s maturity wall, this episode is a must-listen. Join us as we dive into how Madison thinks about risk, rescue capital, borrower relationships, and finding opportunity in a volatile market.

Shoutout to our sponsor, Lennar Investor Marketplace. New construction rental investments with comps, returns, and underwriting built in.

TOPICS

00:00 – Introduction to Josh Zegen and Madison Realty Capital

05:00 – The Early Private Credit Opportunity

10:53 – Surviving the GFC and Taking Over Assets

15:45 – Becoming a Construction Lending Powerhouse

19:00 – Back Leverage and Lending to Lenders

24:12 – Distress, Rescue Capital, and Loan Workouts

31:24 – Fundraising, Insurance Capital, and Investor Demand

35:44 – The Pfizer Office-to-Residential Conversion

42:40 – West Palm Beach, Florida, Texas, and Hot Markets

48:12 – Recaps, Volatility, and Building Through the Cycle

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 8, Episode 4: She oversees $60 billion in U.S. real estate equity, and she says the old playbook is done.

Soultana Reigle is Managing Director and Head of US Equity at PGIM Real Estate, where she leads the firm's $60B US equity platform and serves as Senior Portfolio Manager for its US value-add strategies. PGIM Real Estate manages over $200B in debt and equity globally, and sits within PGIM, the $1.4T asset management arm of Prudential Financial.

In this episode, Soultana breaks down how PGIM is deploying capital across the country, why "sharpshooting" specific deals has replaced broad-based sector bets, and where she's finding the best opportunities in today's market.

Shoutout to our sponsor, Lennar Investor Marketplace. New construction rental investments with comps, returns, and underwriting built in.

TOPICS

00:00 – Introduction

05:31 – Building a $60B Value-Add Platform from Scratch

09:04 – GFC Lessons

13:52 – The "Sharpshooter" Strategy and Sourcing $8B in Deal Flow

15:02 – Senior Housing and Low-Latency Data Center Thesis

25:24 – Buying a San Francisco Office Asset

33:48 – Capital on the Sidelines and Navigating "Higher for Longer" Rates

44:20 – AI Disruption, Career Advice, and why EQ is a Superpower

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.