“Work Shop” Author Joe Brady on the Evolution of Retail Real Estate
Guest: “Work Shop” author Joe Brady is an expert in retail commercial real estate. He served as CEO of Americas at The Instant Group as well as head of real estate for Walgreens. His early career includes capital markets & brokerage with a business-sale exit to JLL.
Big Idea: Real Estate may go up in value, but it certainly comes with an expiration date. Retail & office are the 2 recent asset classes where much of the product is simply useless and worthless-as many properties have sold at land value minus demolition costs. Joe has observed that retail has been forced to evolve because of the iPhone and now office is facing the same challenges.
Dan Breslin: Yeah, for sure. So, Joe, we’ll talk about his background with Walgreens as head of head of National Real estate. I believe we were talking before we hit record about how we’re both Philadelphia guys, then Chicago guys and then Florida guys still to this day. But with that, do you want to give a brief background of your career history and how that’s led up to what you’re currently doing, Joe.
Joe Brady: Sure happy to. You know, I’ve been in commercial real estate for 35 years or so, and during that time I’ve had a chance to sit almost at every seat at the table. So I’ve been on the capital capital market side. Been on the brokerage side, the advisory side. I’ve been on the principal side. And so I really grew up in the retail business, and it was a part of some very high volume rollouts, including Hollywood Video back when that was actually a that was actually an industry. Right? There’s only one blockbuster left. Did you know that. Somebody mentioned that to you. Yeah. It must be like a museum now, or something. I mean. It’s a swag shop. It’s.
Dan Breslin: Okay.
Joe Brady: Bend Oregon of all places, right? So that industry doesn’t exist. But was part of the team that rolled out 2,000 of those stores. And then we we took that business we took the skills and the relationships and rolled that into an outsourcing business. That, we ran from 2,000 to 2,008 and T-mobile, U.S.A. Became our biggest client. So we opened another 2,000 of those stores, the 1st 2,000 T-mobile stores in the Us. And wound up selling that business to Jll. January 3, rd 2,008. So for those who, you know don’t track history that was really really lucky timing and I’ll take it so.
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Resources mentioned in this episode:
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Joe Brady & I Discuss The Evolution of Retail Real Estate:
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How to Engage a Mentor with Cold Outreach
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Effectiveness is Superior to Productivity
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Recent Grocery Anchored Retail Development
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Tenant Driven Development = Lower Risk Development
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The transcript of this episode can be found here.
Transcripts of all episodes can be found here.