POWERS #393 - Alex Nyhan - CEO @ First Washington Realty - $9B Portfolio: How Neighborhood Centers Became the Most Resilient Asset in Real Estate
Sep 16, 2025
In this insightful discussion, Alex Nyhan, CEO of First Washington Realty, shares his expertise on the resilience of grocery-anchored shopping centers, managing a $9 billion portfolio. He delves into the impact of demographics and education on long-term value, revealing the crucial role of tenant relationships in the leasing process. The conversation also highlights strategies for navigating supply constraints and adapting to e-commerce challenges, underscoring the importance of human connection in enhancing consumer experiences in retail.
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Career Path From Mayor's Office To Owner
- Alex recounts moving from public service to private development and later joining First Washington Realty as an owner.
- He frames early public-sector work as a hands-on apprenticeship that taught him to solve complex projects.
The Yards: Bombs, Historic Walls, And Persistence
- Alex tells the Yards story of environmental cleanup, unexploded ordnance, and creative problem solving to deliver a grocery store.
- He credits veteran Army bomb technicians for saving the project and preserving tax credit value.
Selective Growth Over Scale For Scale's Sake
- First Washington owns roughly $9B AUM across 22M sqft and 143 shopping centers with vertical operations.
- They emphasize selective growth and prefer owning quality over pursuing scale for scale's sake.