
No Cap by CRE Daily
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.
Latest episodes

Jun 29, 2025 • 52min
Why Principal's $100B Real Estate Strategist Is Bullish on Office While Others Panic
Rich Hill, Global Head of Real Estate Strategy at Principal Asset Management, shares his expertise overseeing $100B in real estate. He addresses why the office sector isn’t as doomed as many think, featuring shifting investor sentiments and rising originations. Rich also dives into the data center boom, outlining the risks and rewards driven by AI. He clarifies misconceptions around housing shortages and discusses evolving return expectations amid a transformed market landscape, bringing necessary clarity to an often chaotic industry.

Jun 22, 2025 • 56min
The Deal Architect: Inside Trammell Crow’s $22B Capital Strategy with Tommy Lee
Season 3, Episode 3: Tommy Lee, Global Head of Capital Markets at Trammell Crow Company, joins No Cap podcast for a deep dive into the return of institutional capital—and what it signals for commercial real estate in 2025.
Under Lee’s leadership, Trammell Crow has raised and deployed over $22 billion since 2018, fueling large-scale development across major U.S. markets. In this episode, he breaks down how global capital is reentering the space, what risks are being mispriced, and why some deals just don’t pencil—no matter how they look on paper.
We discuss:
– The return of institutional investors and what it means for deal flow
– Execution risk and capital stack dynamics in today’s market
– Why distressed deals might not be the opportunity everyone thinks
– The illusion of “risk-free” Treasuries and potential cracks in the system
Thomas doesn’t hold back—and his perspective offers rare insight into how one of the industry’s top players is navigating the current CRE landscape.
TOPICS
00:00 – Introduction
05:00 – CRE Pipeline Activity and Investor Sentiment
10:00 – Managing Relationships and Finding Real Opportunity
15:00 – Office Skepticism and Repositioning Challenges
20:02 – What the Capital Markets Team Is Seeing Nationwide
25:00 – Risk, Return, and Raising Capital in Today’s Climate
30:00 – Creative Structuring and Non-Traditional Capital
35:00 – What LPs Care About in 2025
40:00 – Regional Plays, Execution Risk, and Exit Timing
45:00 – What Makes a Deal Worth Saying No To
50:00 – Advice for the Next Generation of Real Estate Leaders
Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.
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.

Jun 15, 2025 • 47min
How Crowd Street Turned $63M Fraud Crisis Into Private Equity Growth Opportunity
Season 3, Episode 2: In this episode of No Cap Podcast, co-hosts Jack Stone and Alex Gornik sit down with John Imbriglia, CEO of Crowd Street, and Anna-Marie Allander Lieb, Investment Director, to discuss the company’s remarkable recovery from the $63M fraud scandal that rocked its platform. John and Anna-Marie dive deep into how they turned a crisis into one of the biggest expansions in private equity.
The duo reveals their shift from crowdfunding to private equity, how they're leveraging AI for smarter due diligence, and why more Americans are moving away from traditional financial advisors in favor of self-directed investing.
TOPICS
00:00 - Introduction
05:00 - The Nightingale Fraud Scandal
10:00 - John's Background and Expansion Vision
15:00 - Due Diligence and Sponsor Vetting
20:00 - Technology Updates and Brand Strategy
25:00 - Building Trust Without Financial Advisors
30:00 - AI Integration and Portfolio Management
35:00 - Multifamily and Retail
40:00 - Conservative Leverage and Credit Approach
44:00 - Fall Launch Timeline for Private Markets
Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.
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.

Jun 8, 2025 • 47min
JP Morgan's Tom Kennedy On Where to Invest in Commercial Real Estate
Tom Kennedy, Head of Research and Investment Strategy for Real Estate Americas at J.P. Morgan Asset Management and former central banker, shares bold predictions on commercial real estate trends. He discusses how deglobalization will reshape markets and why multifamily units are the top investment choice. Kennedy dives into the rise of data centers as a new asset class, the impact of AI and immigration on the labor market, and the evolving landscape driven by interest rates. He also critiques traditional portfolio strategies, pushing for innovative alternatives.

Apr 27, 2025 • 45min
The Internet’s Favorite Strip Mall Guy Talks CRE, Capital & Deals
Season 2, Episode 13: In this episode of No Cap Podcast by CRE Daily, hosts Jack Stone and Alex Gornik sit down with Don Tepman, the man behind The Strip Mall Guy. Don shares the story of how a single Twitter post launched a thriving commercial real estate brand and led to millions in deals. He reveals how going public transformed everything, why he doesn’t believe in real estate courses, and how he’s built a business around value-add strip malls.
Don also discusses his rise from broker to principal, his strategy for building strong broker relationships, and the role AI might play in shaping the future of real estate. Plus, get an exclusive look into his legendary annual gala and what makes it so special.
Whether you’re into real estate, deal-making, or just love a great story, this episode is for you!
CHAPTERS
00:00 - Introduction
08:31 - Going Public & Deal Flow Explosion
15:28 - From Broker to Principal
22:33 - Value-Add Strategy & Market Challenges
27:48 - Broker Relations & Fund Structure
31:32 - Social Media Strategy & Real Estate Courses
35:15 - Advice for Newcomers & Importance of Mentorship
41:39 - Annual Gala Preview & Closing Thoughts
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.

Apr 20, 2025 • 42min
Meta’s in the Bayou, Morgan’s Buying the Midwest, and Investors Are Watching Closely
Season 2, Episode 12: In this episode of The No Cap Podcast, hosts Jack Stone and Alex Gornik break down the madness of the week’s biggest headlines, including Trump’s unexpected tariff drop, the resurgence of REITs, and Meta’s new data center. They also dive into why Shein and Temu may be facing serious troubles and what all of this means for the economy and real estate.
From inflation to energy crises, the latest on the stock market to a birthday bobblehead discussion — this episode has it all.
CHAPTERS:
00:00 - Introduction
05:11 - Hooters’ Bankruptcy & Rebrand
09:17 - REITs vs Developers
14:56 - Treasuries, Tariffs & China
21:15 - Long-Term Strategy
25:10 - Inflation, Real Estate & The Dollar
31:28 - Meta’s Data Center & Energy
34:38 - Detroit, AI & Housing Crisis
We want to thank our sponsor Greysteel.
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.

Apr 13, 2025 • 51min
Will Tariffs Kill Your Favorite Brands? We Asked the Insider Who Knows
Season 2, Episode 11: In this episode of No Cap by CRE Daily, hosts Jack Stone and Alex Gornik are joined by CNBC’s Senior Retail Reporter, Courtney Reagan, to discuss the fast-evolving retail market. From Q4 earnings to tariff shocks and the future of physical retail, Courtney breaks down the latest trends and challenges facing major brands like Walmart, Gap, and luxury retailers on Fifth Avenue.
They dive deep into how the retail environment is shifting, with policy changes, economic uncertainty, and evolving consumer behavior at the forefront. Plus, Courtney shares insights on why some retailers are struggling, how e-commerce is reshaping the landscape, and what the future holds for in-store shopping.
CHAPTERS:
00:00 – Introduction
04:52 – Wealth Perception & Consumer Spending
14:55 – Groceries, Inflation, and the Future of Big Box Retail
20:18 – Retail Stress: Fed’s Impact & Luxury Brands
33:31 – Manufacturers & Nostalgia's Influence on Consumers
41:55 – Persisting Tariffs & Evolving Retail
48:31 – Retail Return Fraud & TJ Maxx's Dynamic Inventory
We want to thank our sponsor Greysteel.
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.

Apr 6, 2025 • 59min
How Spencer Burton Accidentally Built the #1 Real Estate Resource
Season 2, Episode 10: In this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Spencer Burton, co-founder of Adventures in CRE and CRE Agents, to explore how technology and innovation are transforming the real estate industry.
With years of experience in real estate, Spencer shares how he revolutionized the field by creating essential financial modeling tools used by thousands and pioneering AI-powered digital coworkers. From his early days as an analyst to founding AC and now leading CR Agents, Spencer gives us an insider's view of the future of real estate, where automation and digital entities will take on repetitive tasks and allow professionals to elevate their work.
CHAPTERS:
00:00 - Introduction
04:00 - Community & Free Models
12:34 - The ACR Project & Accelerator Program
18:21 - Land Brokerage & Panama
24:26 - Time, Growth & Consulting
31:54 - Stablewood & Tech
40:34 - Vertical AI Platforms & Digital Coworkers
48:10 - AI Future & Fun
We want to thank our sponsor Greysteel.
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.

Mar 30, 2025 • 1h 12min
KBS CEO Reveals SECRET to Office Success
Season 2, Episode 9: In this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Marc DeLuca, CEO of KBS, to explore how the firm has navigated the ever-changing landscape of office real estate.
With over 30 years of experience in the industry, Marc has managed billions of dollars in real estate across the Eastern U.S. and Mid-Atlantic regions, overseeing some of the most strategic acquisitions in the office sector. He shares the secrets to KBS’s success, from innovative office amenities to a renewed focus on tenant relationships.
Learn how KBS has continued to excel in the office space market despite the challenges posed by COVID-19, economic uncertainty, and shifting workplace trends.
CHAPTERS:
00:00 – Introduction
09:53 – Shifting Focus & Challenges
19:44 – Tenant Support & Interest Rates
25:22 – Return to Office & Recovery
35:14 – Leasing Demand & Corporate Moves
43:33 – Financing in Uncertain Times
49:35 – Top Markets & KBS Adaptation
57:02 – Innovative Amenities & Trends
We want to thank our sponsor Greysteel.
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.

13 snips
Mar 23, 2025 • 48min
How AI is Making CRE Brokers More Efficient Than Ever w/ Albert Lojko
Albert Lojko, CEO of Lightbox, shares insights on how AI is revolutionizing the commercial real estate (CRE) sector by organizing and digitizing fragmented data. He discusses how technology streamlines transactions and enhances collaboration, making life easier for brokers and investors. Hear about innovative solutions for automating appraisals and document generation, as well as the importance of data integrity amidst the rapid advancement of AI. Lojko emphasizes the need for integrated systems to optimize decision-making in a competitive landscape.