Jack Hayes

More about me: - I lease shopping centers in New England & NY - I represent tenants expanding in New England & NY - My partners and I develop retail properties in northeast - single tenant and multi tenant strip centers - We are buying value add retail in Northeast

There are people in this business that just will not get on the phone anymore. Entire deals negotiated via text and email I don’t get it Recently did a deal where the counter party broker and I spoke on the phone once in 6 months outside of the 1 all hands on call to finalize the deal at end. We communicated a lot but it was all texting and emails. I’d call regularly but no call back. Just texts. It worked out fine but it was weird.

Recent post of mine on LI had 9 comments. Only 3 of them are real. 6 are ai slop. I just can’t understand who does this and thinks it’s good for their reputation and business.

This was an awesome, quick read. A chapter on Carl Icahn, Sandy Weill, Ted Forstmann, Henry Silverman, Hugh McColl, Joe Rice, Gary Wilson, Stephen Bollenbach, and Sumner Redstone discussing their style/ strategy and one of their famous deals + a quick interview.

There are several billionaires in the gas station business. Many built their fortunes one gas station at a time.

Most underappreciated story in retail real estate is the strength of the box market. Very low availability of quality* 15,000 - 30,000 SF+ space. It’s not perfect: - Tenant quality varies across the board from strong credit to startup ventures - Centers are full or filling as vacancy comes up, but some of the older tenancy in place is a bit softer. - It’s hard to shake space loose. Even those perceived as weak aren’t giving space back in droves. - In Class A markets you’ve had bidding wars ensue for some of the boxes that have come up - It still matters what market / town you’re in. Theres still some functional obsolescence out there and vacant boxes with zero bid. It’s dead for a reason at this point and will likely transition to something alternative. Relative to 10 years ago though, you’d call this market great. Rents are rising for the first time in a long time as supply falls short of demand. The mood among landlords is cautiously optimistic. You’ll see a few boxes built here and there as in fills, or additions, but on the whole thats about it. In mature northeast markets there’s essentially no land left, and while economics are improving, they do not justify large format big box development other than for grocery stores. It may just be the best time to own Junior & Big Box retail since 2006. SullivanHayes Group #RetailLeasing #RetailAdvisory #ShoppingCenterInvesting #NewEnglandRetailrealestate

Mason’s Row. New retail center coming soon to South Windsor, Connecticut. #retailleasing #NewEngland #retaildevelopment

Just finished reading. Amazing rags to riches story of Australian billionaire Kerry Stokes. Real estate agent -> shopping center developer -> Media investor {radio stations + newspapers + television stations} -> Industrial Conglomerate

Can’t help but think of Bill Zeckendorfs famous line “I’d rather be alive at 18% then dead at the prime rate”

Caught up with guy at CRE event last night: Me: “so what have you guys been up to?” Guy: “You know, staying busy, we’ve bought 5 office buildings since Covid” Me: “wow how’s that going?” Guy: “Great. The first 4 we took from 80% to 100% occupied within a year. The 5th we’ve only owned 6 months and we’ve taken it from 70% to 91% occupied and we’re about to sign a lease that will put it at 96% occupied.”

Awesome book on KC Irving, founder of Irving Oil. Started with a single gas station. Ended up building a multi billion dollar empire in CStores, oil refining, shipping, forestry, timberlands, real estate and food processing. @davidsenra @TheIcahnist

Everyone’s a family office these days

Awesome before & after. The power of some paint and a striped awning…

There are a lot of family ownerships that do not operate their CRE to maximize rents Usually 2nd gen+ Or an old timer fears vacancy bc rely on the cashflow to live Their #1 concern is replacing what the last 1 was paying Have seen this lead to huge below market rents of 50%+

Budget hotels are misunderstood. Many are essentially run as affordable housing.

This is an awesome book about a CRE entrepreneur and his journey to outsized success. Strongly recommend.

The Yard Gym is the next big fitness concept to watch. If interested in franchising a fitness brand I’d dig into this one while territory is still available.

If you wanna learn the shopping center business, raising money & investing in retail properties, read this book:

I think these are probably the two best restaurant / Hospitality books out there:

I like to think I’m a little old school sometimes... Then you meet guys that are long term holders using all cash, and all they consider is years to payback. Brokering a deal where costs went up slightly and the guy is complaining about a 6 year pay back instead of a 4 year. Ground lease retail development WTF

Some preach focusing on bigger deals because they’re same work, bigger reward, etc. Be very careful. A Small/Medium Size deal that goes wrong can hurt you. But a bad big deal will kill you. I’ve seen it happen to family and friends. Most never recover. Big is overrated.