Chris McMahon of Summit Realty Partners was this week's guest on Real Estate 360. Chris oversees brokerage services throughout the Summit Realty Partners portfolio. His responsibilities include the representation of commercial real estate landlords, investors, developers, and tenants. He's been involved in more than 200 transactions worth over $100 million in transaction volume and many significant real estate development projects throughout his career.
Chris and Stephen Vazza discussed the leasing activity in the retail sector. With retail changing dramatically over the years, Chris says it's opening up opportunity for developers in the market.
"Developers have been dying for this real estate to open up to expand their business," he says.
Chris is also chairing the New England Conference & Deal Making show for the International Council of Shopping Centers. The event is a one-stop for education, networking and deal making. These two-to-three day regional events provide opportunities to gain information about the most current industry issues, and meet and make deals with colleagues doing business in the same region.
Vazza Real Estate Group and Real Estate 360 Productions attended the New England Real Estate Journal Summits at the Boston Convention and Exhibition Center. The 2-day summit covered such topics as Cannabis in CRE, Multi-Family properties, and Construction. The Multi-Family Summit featured information about amenities and trends in RE and development, marketing, and risk management. It also provided insights in the multi family market, including multifamily financing and changes, regulations, and legal issues surrounding regulations.
The Construction Summit featured risk management and construction law information and featured Greg Deems from Rogers & Gray Insurance, Ron Ciotti from Hincley Allen, and Elizabeth Krol, Partner, Engineering and Science, Inc.
James Dunphy of South Shore Bank sits down with Stephen Vazza on Real Estate 360 to discuss the commercial lending business. James and Stephen also dive into the current state of the real estate market and what drives the banks community involvement!
Dunphy discusses the merger with Braintree Cooperative Bank that closed in February.
"We really liked the marketplace in Braintree and we wanted a better presence there," says Dunphy.
Vazza and Dunphy had a chance to talk about the favorable environment right now for real estate borrowers.
JP Plunkett of Red Dome Realty and Jim Cassetta of Facilities Management and Maintenance Inc. sat down with Stephen Vazza to discuss their new partnership and the status of the market going in to the second half of 2018.
FM&M & Red Dome Realty formed a strategic partnership spawned off of their charitable endeavors as both companies take great pride in giving back to their community. Plunkett manages the Milton Challenger team & reached out to Jim's company Work Inc. which immediately got involved.
"What happened off a non-profit venture, grew into a business opportunity where both companies really complement each other," said Plunkett.
Through FM&M and Red Dome, clients can down take advantage of the brokerage as well as the on-site management of the facility.
On this week's Real Estate 360, Stephen Vazza welcomes in Senior Partner of 128 CRE, Jeremy Freid.
Freid and his partners have decades of experience staying within the central 128 submarket niche. Freid and Vazza discuss why the 128 Corridor is seeing tremendous growth.
"You don't realize how insulated Boston is," says Freid. "The fundamentals are so strong."
With prices being so high in areas like the Seaport, Freid says those being priced out have found great value in the suburban markets.
"I think we're in the early innings of a strong market," says Vazza.
Freid and Vazza also touched on the shared office space market as companies have change their mindset from long leases to a strong emphasis on flexibility.
"Whether its a large company or a small company, (shared office space) is a great option," says Freid.
Freid says that though the market overall is strong, he sees a conservative approach being taken by developers.
"I think people are taking a little bit of the foot off the gas," says Freid. "People are being a little more prudent than 2014, 2015 & 2016."
Retail Expert Corey Bialow of Bialow Real Estate joined Stephen Vazza on this week's Real Estate 360!
Vazza and Bialow take a look into the retail sector in Boston and on a national level. Amazon has certainly had its impact on the retail space as it continues to change consumer behavior.
"In areas like Boston, retail seems to be booming," says Bialow. "But in second tier markets, that's where we really see retail being disrupted. Obviously Amazon is having a tremendous impact throughout the whole industry."
Corey highlights how the biggest malls in the country have done a great job at redefining themselves in a challenging market. However, lower tier malls have taken a dramatic hit as Amazon puts a stranglehold on some of the big box retailers.
"You're seeing Amazon take hold across every category," says Bialow. "Office supply, pet stores, you're seeing constant disruption.You're going to see 20-25% of the traditional malls try to repurpose itself.We were over-retailed."
Michael Yang of NEPC sits down with Stephen Vazza on Real Estate 360 Perspective to discuss the real estate market how he sees it.
"We might be in the 7th inning stretch," says Yang. "Outside of apartments, there's a lot of pent up demand."
Yang dives deep into the health of the capital markets and how that directly impacts real estate as well as the health of the Boston market specifically.
"When you look at the economic drivers for the city, there's a wide and deep diversified economy," he says. "Education, leading healthcare, leading technology & financial services. No single shock to those sectors would derail Boston."
When asked about the proposed tariffs, Yang says it might be somewhat healthy from an industry perspective.
Liz Berthelette, Director of Research at NAI Hunneman, joined Stephen Vazza on this week’s episode of Real Estate 360 to talk about trends she’s seeing in the Boston market.
“As expected, the market is still hot,” says Berthelette. “Especially downtown.”
Liz mentions how momentum has really picked up in the Back Bay. She highlights Wayfair, DraftKings and John Hancock as a strong indicator for the action in a Boston submarket like Back Bay.
NAI Hunneman is the largest privately owned full service firm in Boston. As Director of Research, Berthelette pays particular attention to the local news media and social media to track what’s happening in the city.
Outside of Boston, Berthelette sees a cramped Cambridge life sciences and pharmaceutical market allowing for expansion to areas like Waltham, Watertown, Bedford or Framingham.
Check out the interview with Liz Berthelette above!
And be sure to check out Liz Berthelette’s new podcast, “Real Talk CRE,” anywhere you get your podcasts!
Last week on Real Estate 360, Stephen Vazza welcomed in well-known Boston area developer John Rosenthal of Meredith Management. John discussed the Fenway Center project that took 15 years to get underway and is now moving ahead with its first phase of construction.
"Buildings looking into Fenway Park, it's the gateway to Boston," said Rosenthal.
Vazza and Rosenthal go into detail surrounding the changes to the Fenway and Seaport areas through the years.
"It’s really where the pebble will drop for smart growth, transit oriented development,” said Rosenthal. “Phase 2 will include a deck from Beacon Street to Brookline Ave over 8 lanes of highway.”