The Industrialist

Dave Cheatham on Retail Real Estate, Leadership, and the New NIL Era

In this episode of The Industrialist, Jeremy Mercer sits down with retail real estate veteran Dave Cheatham to discuss the changing business landscape surrounding college athletics, NIL, and the broader evolution of real estate strategy. With more than 30 years of experience and over $3 billion in retail transactions, Dave has advised some of the nation’s largest brands including JCPenney, Hobby Lobby, Aldi, Gap, Darden, CVS Pharmacy, and Signet. Throughout his career — including leadership roles at CB Richard Ellis, Staubach Retail, and X Team Retail Advisors — he has become known for helping shape corporate real estate strategies, executing large-scale retail rollouts, and mentoring the next generation of industry leaders. Jeremy and Dave dive into how NIL is reshaping college sports, how universities and brands are adapting, and why understanding market dynamics matters more than ever. The conversation also explores the parallels between sports and real estate - from stadium developments and student housing demand to long-term investment strategy and navigating changing economic cycles. This episode is a practical discussion on leadership, adaptability, relationship-driven business, and what it takes to stay ahead in industries that are constantly evolving.

From Deloitte to IOS: Chris Wong’s Path Into Industrial Real Estate

In this episode of The Industrialist, Jeremy Mercer sits down with Chris Wong to talk about his unconventional path from tax and M&A work at Deloitte into the world of real estate investment. Chris shares how his background in accounting and corporate tax gave him a unique lens on transactions, development, and investment strategy. The conversation covers his time at Hillwood, helping build out real estate operations at Austin Industries, and how those experiences shaped the way he approaches deals today. They also get into the growth of industrial real estate in Dallas-Fort Worth, the influx of institutional capital into the market, and why understanding operations and market fundamentals matters more than ever. Chris breaks down lessons learned from both successful deals and difficult ones, emphasizing the importance of due diligence, adaptability, and long-term thinking. This is a practical conversation about career pivots, real estate fundamentals, and what it takes to navigate an increasingly competitive market. And for anyone looking to break into the business, Chris’s story is proof that there’s no single path into real estate.

The Truth About Small Bay Industrial Investing with Cody Payne and Michael Tran of Flex Parks USA

In this episode, Jeremy and Will sit down with Michael Tran and Cody Payne to break down what they're seeing in the small bay industrial market. They cover how to analyze sites, what actually matters in development, and where they see people get leasing and management wrong. The conversation gets into real operating challenges, from rent collection to tenant relationships, and why execution on the ground is what separates good deals from bad ones. They also talk through current market trends across Texas, where the opportunities are, and why small bay continues to attract serious investor attention. If you’re looking at this asset class, or already in it, this is a practical discussion on what works, what doesn’t, and where things are headed. https://flexbusinessparks.com/ [https://flexbusinessparks.com/]

BIG Announcement from Matador

Jeremy announces some big news about Matador business and then the rest of the episode is a mix of real-time market talk, deals in motion, and what we’re seeing on the ground right now. They also get into: * Why responsiveness is more important than ever in today’s market * How small delays can completely change the outcome of a deal * What Matador seeing on active transactions right now * A property management lesson on older industrial buildings and why you need to physically check on your assets, especially during weather events * Some Dallas development news and a few stories from deals we’ve been around

The Advantage You Can’t Fake: Romy Cheema on Local Presence in Real Estate

In this episode, Jeremy sits down with Romy Cheema to talk about what actually drives success in real estate, and what most people get wrong. They get into the importance of being in your market, not just analyzing it from a distance. Romy breaks down how proximity leads to better relationships, better information, and ultimately better deals. They also cover common mistakes investors make, missing local demand signals, overlooking tenant quality, and relying too heavily on data without real-world context. One of the bigger themes in this conversation is storytelling. Not in a marketing sense, but in how you build trust. Romy shares how his background and experience have shaped the way he connects with clients and builds credibility in the market. This is a straightforward conversation about fundamentals—what works, what doesn’t, and what actually compounds over time. Topics covered: * Why being physically present in your market matters * The most common mistakes investors make early on * How to think about tenant quality and long-term value * Why relationships still drive this business * The role of storytelling in building trust