POWERS #393 - Alex Nyhan - CEO @ First Washington Realty - $9B Portfolio: How Neighborhood Centers Became the Most Resilient Asset in Real Estate
Sep 16, 2025
In this insightful discussion, Alex Nyhan, CEO of First Washington Realty, shares his expertise on the resilience of grocery-anchored shopping centers, managing a $9 billion portfolio. He delves into the impact of demographics and education on long-term value, revealing the crucial role of tenant relationships in the leasing process. The conversation also highlights strategies for navigating supply constraints and adapting to e-commerce challenges, underscoring the importance of human connection in enhancing consumer experiences in retail.
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Underwrite For Downside First
- Focus underwriting on downside protection and invest where you can handle worst-case scenarios.
- Prioritize grocery anchors and high-education trade areas to reduce variance across cycles.
Why Grocery-Anchored Centers Outperform
- Neighborhood grocery-anchored centers show tighter return variance and resilience versus malls or other asset classes.
- Limited future supply and local demand make these centers defensive and attractive to investors.
Kansas City Deal: Off-Market, Coastal Attributes
- Alex describes buying off-market centers in Kansas City near affluent Prairie Village and discovering covenants and supply constraints.
- He contrasts finding overlooked 'coastal attributes' in non-coastal markets that drive long-term value.