Leaning In

Ray Washburne joins host Terry Montesi on Leaning In for an in depth conversation about real estate, leadership, and the evolving landscape of Dallas. Ray reflects on his early entrepreneurial years, the lessons that shaped his investment approach, and the principles that guide his work across sectors from hospitality to mixed use development. He and Terry dive into the transformation of Highland Park Village, the challenges and opportunities within downtown Dallas, and the broader economic signals influencing commercial real estate today.They discuss:Ray’s early path into real estate and the mindset shaped by growing up in DallasThe strategy behind acquiring and revitalizing Highland Park VillageWhy reputation and long term relationships drive success in Dallas and WashingtonThe future of downtown Dallas and major projects that could reshape the cityHow consumer behavior, construction costs, and AI are influencing the real estate cycleChallenges in office, adaptive reuse, and where new opportunities may emergeLinks:Gillon Property GroupTrademark Property Terry on LinkedInAudio Topics(00:00:00) - Intro(00:01:25) - Ray’s career and background(00:04:38) - Leadership philosophy(00:09:23) - Luxury retail and Highland Park Village(00:20:48) - Challenges and future of Dallas real estate(00:23:44) - Downtown Dallas development and vision(00:32:12) - Incentivizing real estate investment(00:36:35) - Shifts in domestic manufacturing and tariffs(00:38:17) - Challenges in real estate development(00:41:19) - Office space and adaptive reuse strategies(00:44:34) - Institutional real estate investment trends(00:49:43) - Creating unique experiences in real estate(00:52:55) - Lessons from public sector experience(00:58:30) - Advice for young real estate professionals

In this episode of Leaning In, host Terry Montesi sits down with Conor Flynn, CEO of Kimco Realty, for an in-depth discussion about the evolution of retail real estate, the future of mixed-use development, and the trends shaping consumer behavior. Conor shares lessons from his two decades at Kimco, detailing the company’s strategic shift toward grocery-anchored shopping centers, its multifamily expansion efforts, and the advantages of scale in today’s REIT landscape. The conversation also explores how technology, capital markets, and macroeconomic uncertainty are influencing decisions across the retail and development sectors.They discuss:• Lessons learned from a career built within Kimco Realty• How grocery-anchored centers became the foundation of Kimco’s portfolio• The company’s multifamily strategy and use of joint venture partnerships• Navigating today’s capital markets and managing risk amid uncertainty• Emerging retail trends, from off-price and grocery to health and wellness• How technology and consumer behavior will shape the next generation of shopping centersLinks: Trademark PropertyTerry on LinkedInKimco RealtyConor on LinkedInTopics: (00:00:00) - Intro(00:01:13) - Connor Flynn's journey at Kimco(00:04:09) - Lessons learned in real estate(00:07:44) - Kimco's strategic position and mission(00:15:03) - Multifamily expansion and redevelopment(00:18:07) - Navigating economic uncertainty(00:26:10) - Building for a 300 spread(00:26:30) - Navigating uncertainty in development(00:27:50) - Institutional partnerships and success stories(00:29:29) - Retailer categories and trends(00:30:51) - Grocery anchors and leasing strategies(00:39:04) - National vs. local tenants(00:40:42) - Future of retail real estate(00:45:13) - Advice for young professionals(00:46:57) - Conclusion and final thoughts

In this forward-looking episode of Leaning In, Terry Montesi is joined by Bart Higgins and Katie Hillier of Future Perfect X, to explore how artificial intelligence is transforming the future of human behavior, retail, and placemaking. Drawing on their deep backgrounds in design, anthropology, and innovation, Bart and Katie unpack how AI will shift the foundational drivers of consumer experience and commercial real estate. From programmable biology and co-intelligent AI agents to personalized retail journeys and ambient environments, they illustrate what it means to future-proof a business in the age of the "limitless self." This conversation challenges leaders to rethink how places are designed and how brands will maintain emotional relevance in an AI-mediated world.They discuss:Why understanding the future human is more important than understanding the technology itselfHow AI will alter core human traits like identity, emotion, and decision-makingWhy the commercial construct of retail must evolve beyond the needs-based and self-growth economiesWhat the rise of avatars and AI companions means for brand loyalty and physical retailHow retail developers can position themselves as tastemakers in a world of infinite contentThis episode is a must-listen for anyone shaping the future of consumer spaces, brands, or experiences.Topics:(00:00:00) - Intro(00:00:42) - Introducing Bart and Katie(00:04:00) - How does one go about being an innovation consultant?(00:12:34) - How brands and businesses in CRE can future-proof themselves(00:16:19) - How will AI disrupt retail as a business model?(00:23:05) - How is the retail experience going to change as we move forward?(00:27:59) - What are some of the needs consumers are expecting retailers to fill?(00:42:05) - How do you see AI impacting how retail places need to evolve?(00:48:03) - What does the future of retail look like outside of AI?(00:50:36) - Who’s doing a great job of future-proofing themselves?(00:53:53) - Closing questions

In this episode of Leaning In, Trademark CEO Terry Montesi sits down with Steve Rouman, SVP of Real Estate at RH, to talk about his journey from the landlord side of the business to leading real estate strategy for one of retail’s most design-driven brands.They dive into RH’s transformation into a luxury lifestyle brand, the future of retail site selection, post-COVID consumer behavior, and how physical retail and e-commerce can work together. Steve also shares advice for industry newcomers and why human connection still sits at the heart of retail.🎧 Listen in for a forward-looking take on retail, design, and the evolving role of place.Topics:(00:00:00) - Intro(00:01:12) - Steve’s background and career(00:08:05) - RH's transformation and real estate strategy(00:13:11) - Site selection and unique real estate moves(00:18:02) - Surprises and lessons in retail site selection(00:26:12) - Future growth and expansion plans(00:30:07) - New store concepts and expansions(00:32:40) - AI and the future of retail(00:35:29) - E-commerce and physical retail synergy(00:39:09) - Retailers excelling in brick and mortar(00:44:07) - Future of retail real estate(00:49:24) - Advice for aspiring retail real estate professionals(00:53:13) -Terry’s proudest moments(00:58:05) - Conclusion and final thoughtsLinks:Trademark Property⁠⁠⁠⁠⁠⁠Terry on LinkedInRHSteve on LinkedIn

In this special live episode of Leaning In, Trademark CEO Terry Montesi is joined by returning guest and renowned economist Dr. Peter Linneman to break down what’s shaping the economic landscape as we move through 2025.From inflation and interest rates to capital flows, consumer shifts, and real estate dynamics, Peter offers grounded insights and a healthy dose of perspective on where we’ve been—and where we may be headed.Whether you're navigating strategy in retail, real estate, or simply trying to make sense of a volatile market, this conversation delivers clarity, not noise.🎧 Stream now and follow Leaning In for more conversations on what’s shaping the future of commercial real estate.

The retail real estate landscape is evolving, and few people understand its intricacies better than Adam Ifshin, Founder and CEO of DLC Management. In this episode, Trademark CEO Terry Montesi sits down with Adam to discuss how value-driven open-air centers, omnichannel innovation, and institutional capital are reshaping the industry.Adam shares insights on why open-air retail continues to outperform, how AI is poised to revolutionize retail operations, and why institutional investors are re-embracing retail real estate. He also dives into the impact of supply and demand dynamics, the future of apparel shopping, and the challenges of new development in today’s market. With over 30 years of experience and a track record of transforming underperforming assets, Adam’s perspective offers a must-listen deep dive into where retail and retail real estate are headed.To stay informed and hear more from top voices in the industry, subscribe to Leaning In and sign up here to be the first to know when a new episode drops!Links: ⁠Trademark Property⁠⁠⁠⁠⁠⁠Terry on LinkedInAdam on LinkedInTopics:(00:05:22) - DLC's Evolution and Core Values  (00:11:48) - Investment Strategy and Market Trends  (00:16:09) - Pandemic Impact on Retail  (00:22:39) - Omnichannel Retail and Future Outlook  (00:24:43) - Retailers Must Adapt or Perish  (00:25:35) - Bankruptcy and Replacement Tenants  (00:27:31) - The Shift to Open-Air Retail  (00:30:40) - Consumer Behavior Post-Pandemic  (00:32:46) - Interest Rates and Inflation Impact  (00:36:31) - Supply and Demand in Retail Real Estate  (00:43:23) - The Role of AI in Retail Real Estate  (00:45:52) - Future Trends in Retail Real Estate  (00:51:04) - Closing Remarks and Final Thoughts  

The retail world is changing, and two of the biggest names in department stores—Dillard’s and Macy's—are at the forefront. In this episode, Trademark CEO Terry Montesi sits down with the SVPs of Real Estate: Chris Johnson of Dillard's and Chuck DiGiovanna of Macy's, to discuss Retail’s Evolution: Malls, Department Stores, and the Road Ahead.These industry giants share insights into how department stores and malls are adapting to today’s retail landscape, from innovative strategies to the importance of creativity and strong developers.Chris and Chuck also explore the impact of technology, capital markets, and tariffs on the future of retail. With their extensive experience at some of the most recognizable names in retail, this episode is a must-listen for anyone interested in the future of malls, department stores, and the retail industry as a whole.To stay informed and hear from two leaders shaping the future of retail, subscribe to Leaning In and sign up here to be the first to know when a new episode drops!Links: Trademark Property⁠⁠Terry on LinkedInChris on LinkedInChuck on LinkedInTopics: (00:00:00) - Intro(00:01:01) - Chuck and Chris' Journey in Real Estate  (00:02:31) - Current State of Macy's and Dillard's  (00:03:49) - Challenges and Trends in Retail  (00:05:53) - The Future of Malls and Department Stores  (00:09:22) - Investment and Redevelopment Opportunities  (00:16:18) - The Role of Department Stores Moving Forward  (00:24:25) - Navigating Mall Usage Restrictions  (00:25:59) - Impact of the Pandemic on Retail  (00:29:23) - The Future of Online and Brick-and-Mortar Stores  (00:33:07) - Advice for Mall Property Owners  (00:37:08) - Challenges in Mall Financing  (00:43:37) - Future Trends in Retail and Real Estate  (00:47:24) - Closing Thoughts and Opportunities  

Uncover the story behind one of Texas' most innovative mixed-use developments: Market Street - The Woodlands.  In this episode of Leaning In, we revisit the groundbreaking opening of Market Street in The Woodlands, Texas—one of the nation’s first mixed-use town center projects. Join Trademark Founder & CEO Terry Montesi and Managing Director & CIO Tommy Miller as they share the story behind this visionary development and its lasting impact on the retail real estate industry in Houston and beyond.  Stay connected with real estate trends and inspiring stories from industry leaders by subscribing to Leaning In. Links:Trademark PropertyTerry on LinkedInTommy on LinkedInMarket Street – The Woodlands Topics: (00:00:00) - Intro (00:01:00) - The story behind Market Street Woodlands (00:06:27) - The development and design process (00:13:18) - Leaps of faith in closing the deal and leasing momentum (00:17:41) - How have we maintained success over 20 years of retail evolution? (00:29:19) - How do you hope visitors feel about the space? (00:30:52) - What do you hope for the future of the property?

How do we accelerate the success of women in commercial real estate? Wendy Mann, CEO of CREW Network, joins Monica Luera, Trademark’s VP of Development, on Leaning In to discuss advancing gender equity in the industry.This episode explores CREW Network’s groundbreaking research, leadership development initiatives, and global expansion strategy. Wendy and Monica highlight success stories and practical steps for creating a more inclusive industry. Subscribe to Leaning In for insights from leaders shaping the future of commercial real estate. Topics: (00:00:00) - Intro (00:02:10) - What are some of the biggest issues facing women in CRE today? (00:10:41) - Where do you see CREW expanding next? (00:15:34) - How does CREW cultivate strategic partnerships within the industry? (00:19:18) - CREW Network success stories (00:26:52) - What are some good resources for women in CRE? (00:29:27) - Monica’s journey with CREW (00:31:11) - The CREW Network Foundation Links: Wendy on LinkedIn CREW Network GlobeSt Newsletter CRE Daily Broadsheet

The Federal Reserve cut interest rates for the first time in over four years. So, what does that mean for inflation, future rate cuts, and real estate? In this episode, Trademark CEO Terry Montesi speaks with esteemed economist Dr. Peter Linneman about the impacts of rate cuts and why he says the Fed’s recent actions are “a year late and 150 to 200 basis points not enough.” Plus, Dr. Linneman, known for his sharp analysis, weighs in on the factors he believes truly drive inflation and economic growth. From inflation trends to interest rate trajectories in the current cycle, this episode explores the dynamics between policy and the retail, multifamily, and mixed-use real estate markets. To stay up-to-date with real estate developments and insights from industry leaders —subscribe to Leaning In. Links: Trademark Property Linneman Associates Terry on LinkedIn Peter on LinkedIn Topics: (00:00:00) - Intro (00:00:54) - Thoughts on the state of the economy (00:19:31) - How vulnerable are RE asset classes to rate cuts? (00:22:56) - Upward pressures on inflation (00:26:53) - The Federal Defecit (00:34:43) - How much will the election impact Real estate? (00:42:07) - The state of the consumer (00:47:44) - Predictions for Multi-family (00:51:38) - Macro-trends for CRE

Over the past six years, Placer.ai has evolved into an essential tool for real estate professionals seeking location data and insights. Ethan Chernofsky, SVP of Marketing at Placer.ai, joins Kevin Kessinger, President and COO of Trademark, to discuss data in detail. Their conversation covers the nuances of data collection, like what makes it effective and how we should question it. Plus, what the numbers reveal about retail's future. Episode Highlights: · The fascinating comeback of top-tier malls and its broader implications · Insights from the Placer 100 Index: Metrics from top retailers · Challenging the "death of the office" claim and current trends in commercial spaces, like movie theaters and malls · Driving experiential retail forward: Leveraging proptech and digital out-of-home technology to enhance shopping center value · Placer.ai’s meticulous approach to data validation Subscribe to "Leaning In" for more insightful discussions with industry leaders, keeping you at the forefront of real estate developments. Links: ⁠Trademark Property⁠ ⁠Placer.ai Kevin on LinkedIn Ethan on Linkedin Topics: (00:00:00) - Intro (00:01:16) - Ethan’s background and how Placer has evolved (00:04:42) - Retail traffic patterns in 2024 (00:10:21) - The Placer 100 Index (00:13:29) - Office trends in 2024 (00:17:20) - Movie theatre trends (00:20:54) - Migration hot spots (00:24:49) - Mobile data developments (00:26:24) - Placer’s AI advancements (00:30:51) - Predictive analytics (00:32:11) - How data can be used to develop or redevelop properties (00:36:35) - Proptech advancements (00:40:16) - Charitable work (00:42:30) - Closing thoughts

In this episode of Leaning In, we welcome Brandon Isner, thought leader in retail research. With over 15 years of industry experience, Brandon is a prominent voice in retail real estate. Alongside host Tommy Miller, Trademark’s Managing Director & CIO, Brandon shares valuable data insights on the current retail landscape, including resilient consumers, the role of stores in the supply chain, and the reinvention of malls. He also discusses shifting consumer spending patterns, the changing role of retail spaces, innovative concepts, and the impact of public perception on the industry. Subscribe to Leaning In for more engaging discussions with industry leaders to stay informed on real estate developments. Links: Trademark Property Tommy on LinkedIn Brandon on LinkedIn (00:00:00) - Introduction (00:01:24) - Brandon's background and career (00:03:07) - Retail Market Overview and Economic Forecast (00:07:02) - The Evolution of Retail Spaces (00:13:11) - Consumer Behavior and Spending Trends (00:16:56) - Regional Retail Insights and Trends (00:24:01) - New Developments and Retail Innovations (00:43:45) - Institutional Interest in Retail Real Estate (00:47:12) - Final Thoughts

Trademark’s leasing team brings you the latest retail trends and insights straight from ICSC Las Vegas 2024. They discuss topics capturing retailers' attention, from health and wellness brands driving retail expansion to brands that are making a comeback. Plus, leasing trends shaping our portfolio at in-demand properties like Market Street Woodlands and Galleria Dallas. Hosted by: Daniel Goldware, SVP of Leasing David Pratt, VP of Leasing David Laughlin, Leasing Representative Doug Hermann, Director of Leasing and Development Leaning In is published every month; subscribe to stay up to date. Links: Trademark Property ICSC Topics: (00:00:00) - Intro (00:01:14) - Major takeaways from ICSC regarding retail leasing trends (0:05:38) - Standout properties (00:12:50) - Property improvements (00:14:47) - Challenges & wins for landlords and tenants (00:19:14) - Retailer’s reactions to rising rents (00:21:19) - Leasing trends today

In this episode, Tom McGee, President and CEO of ICSC, joins host Terry Montesi to explore the future of retail. ICSC elevates the marketplaces and spaces where people shop, dine, work, play, and gather. Drawing from ICSC's extensive industry research, Tom offers perspectives on the vitality of physical retail, the necessity of adapting to changing needs, and the pivotal role of omnichannel strategies. He also shares key insights from ICSC’s Halo Report. Tom also explores the ramifications of the demand for physical space, government regulatory constraints, and recent news such as Macy's store closures. Plus, discover the exciting initiatives of the ICSC Foundation, focused on providing valuable networking and growth opportunities for emerging talent. Subscribe to Leaning In for more discussions with leaders in retail and real estate. Links: Tom on LinkedIn ICSC Topics: (00:00:00) - Intro (00:01:35) - How has the industry changed over the past decade? (00:04:53) - Supply and demand in brick and mortar (00:09:40) - How to do you see the integration of online shopping shaping the future of retail shopping centers? (00:11:37) - The Halo Report (00:15:20) - The AI effect (00:19:30) - Tom’s experience at the ICSC Federal Fly-in (00:26:35) - What trends are going to impact the industry over the next decade? (00:32:21) - Have there been any meaningful innovations in the space over the past 9 months? (00:35:14) - How do you see the future of malls? (00:39:26) - The ICSC Foundation and ICSC Las Vegas show

It’s time to spotlight Trademark Founder Terry Montesi. In this insightful episode with Kevin Kessinger, Trademark's new President and COO, Terry shares his journey from the Memphis grocery business to groundbreaking retail and multifamily developments in Dallas Fort-Worth and beyond. Discover what sets Trademark apart – a commitment to building a legacy that is not just financial. Plus, Terry reflects on lessons learned from transformative projects, like Market Street Woodlands and Saddle Creek, and discusses the future of real estate. Leaning In is published every month. Subscribe to stay up to date. Links: Trademark Property Topics: (00:00:00) - Intro (00:00:52) - Introducing Kevin (00:02:40) - Terry’s journey into Real Estate (00:04:44) - Starting Trademark and reflecting on the company (00:08:10) - Business and leadership philosophies (00:17:10) - Reflecting on past projects (00:25:31) - Pipeline and new initiatives (00:27:00) - Retail is back! (00:29:58) - Market fundamentals (00:33:36) - Headwinds (00:36:56) - Acquisitions and growth (00:38:03) - Partnering with Trademark (00:39:27) - Philanthropy (00:41:56) - Terry’s passion (00:43:47) - The #1 takeaway from the episode (00:44:58) - What attracted Kevin to Trademark

In this episode of Leaning In, we welcome back Dr. Peter Linneman, authority on real estate economics and principal at Linneman Associates, for an update on the current economic landscape. Peter shares his predictions for 2024, discussing pent-up demand, inflation, and the Federal Reserve's role. He also sheds light on how housing data affects inflation measures and the impact of lower interest rates on capital markets. Plus, broader trends like shifts in healthcare costs and demographics. Subscribe to hear future episodes as the Trademark team speaks with experts in the real estate industry. Links: Linneman Associates, LLC Topics: (00:00:00) - Intro (00:02:10) - Peter’s thoughts on the state of the economy (00:14:49) - Predictions for the next 6 months (00:25:56) - Rate cuts (00:29:08) - Covid relief funds still on the sidelines (00:40:00) - Predictions for capital markets (00:43:08) - The multifamily market through 2026 (00:45:08) - The retail market through 2026 (00:48:06) - Mega trends for the rest of the decade (00:52:15) - What is the one prevailing thought economists are wrong about? (00:54:34) - How the 2024 election will impact the economy

Get a retrospective and a forward-looking perspective on multifamily from Kimberly Byrum, Zonda’s Managing Principal of Multifamily, in conversation with Trademark’s Chad Colley, Multifamily & Mixed-Use Partner.  The two explore the challenges and triumphs of the asset class, touching on topics including inflation, the capital market, and the practicality of office conversion. Kimberly draws from over 25 years of experience to make bold predictions for 2024, provide insights into DFW’s resiliency and other prime markets, and explore emerging development and design trends such as build-to-rent single-family housing. Leaning In is published every month, subscribe to stay up to date. Links: Kim on LinkedIn Zonda Topics: (00:00:00) - Intro (00:01:03) - Kimberly’s background and career (00:03:49) - What headwinds were you predicting for 2023?  (00:07:04) - What trends do you predict for multifamily in 2024? (00:12:50) - Dallas as an undersupplied market (00:16:25) - What markets are going to be hot for multifamily in 2024? (00:21:37) - Single-family design trends (00:25:17) - Build to Rent  (00:27:26) - Are the pandemic escape markets seeing a cool down? (00:28:53) - Is Austin the new Silicon Valley? (00:29:32) - Capital markets (00:35:11) - Office to Multifamily conversions (00:38:32) - What do renters want in today’s market? (00:47:07) - Final thoughts

Real estate journalist Steve Brown has chronicled top stories spanning the '80s savings and loan crash to the innovative developments shaping today’s Dallas-Fort Worth skyline.  In this episode with host Terry Montesi, Steve Brown covers it all – from the biggest stories of his career at The Dallas Morning News to the even bigger personalities he’s encountered in the real estate industry.  Plus, Terry and Steve discuss the current state of office, multifamily and retail sectors, as well as DFW development projects making headlines. Leaning In is published every month; subscribe to stay up to date. Links: Steve on the Dallas Morning News Topics: (00:00:00) - Intro (00:01:31) - Steve’s career (00:04:19) - Nationwide trends and economic trends in real estate  (00:06:03) - Steve’s top stories (00:09:22) - Most impactful real estate people in DFW (00:12:05) - The impact of covid on DFW (00:13:42) - The most impactful projects coming up in DFW (00:16:09) - The difference between Dallas and Fort Worth (00:18:01) - Thoughts on the DFW office market (00:22:58) - Thoughts on the DFW multifamily market (00:25:22) - Thoughts on the DFW retail market (00:28:58) - The DFW CRE story of the year (00:32:09) - The unusual story of the year (00:33:49) - Opportunities for CRE (00:35:51) - What real estate writers will be covering next year (00:39:06) - The most innovative developments over the past year

On this episode of Leaning In, Michael Dardick, Founder and CEO of Granite Properties, speaks with host Terry Montesi about the past, present and future of the office sector. They explore the performance of office assets and their resilience in critical U.S. markets. Additionally, Michael sheds light on Granite's work in flexible leasing and how his commercial real estate company remains dedicated to an employee-focused approach. Leaning In is published every month, subscribe to stay up to date. Links: Granite Properties Topics: (00:00:00) Intro (00:01:34) Michael’s career and background (00:04:25) What are your predictions for the office sector and capital markets? (00:14:57) What are some of the most dramatic shifts you’ve seen over your career in this sector and what trends are you seeing now? (00:18:05) What’s the strategy behind focusing on your 7 markets? (00:22:43) What are you seeing in regard to rents and valuations? (00:30:57) Have you seen any data on differences in productivity between companies who are in office, remote, or hybrid? (00:41:04) Generational differences in dealing with hybrid work (00:43:09) Granite’s Evolv program (00:45:43) How should folks be investing right now? (00:50:50) Winning the 2022 NAIOP developer of the year (00:52:31) Michael’s charitable work in children’s healthcare

JP Suarez, retired Executive Vice President, Regional Chief Executive Officer and Chief Administration Officer of Walmart International, sits down with host Terry Montesi. They discuss leadership and retail, tracing JP's journey from prosecutor to his influential role in Walmart’s business development and real estate.   Tune in for key insights into management, Walmart’s success, real estate dynamics, the evolution of retail technology, and the health of brick-and-mortar stores. Be sure to subscribe to hear future episodes as the Trademark team engages with experts in the real estate industry.  Links: JP on LinkedIn Trademark Property Topics: (00:01:45) JP’s early career working in politics and ultimately real estate (00:05:00) JP’s experience working for Walmart (00:19:29) Sam Walton stories (00:21:56) What will Walmart stores of the future look like? (00:30:23) The importance of brick and mortar in omni-channel distribution (00:35:28) JP’s leadership style and management philosophy (00:40:44) Thoughts on the state of retail today (00:44:34) What is the health of brick-and-mortar assets? (00:47:04) Final thoughts