Brandmarch Podcast: Behind The Lease

Lane Chaplin (EVgo) on Trading Parking Lots for Power Centers and 'Dwell Time'

In this episode of Behind the Lease, we’re joined by Lane Chaplin, Head of Real Estate at EVgo, the nation's largest public fast charging network, to discuss how the electrification of the American parking lot is fundamentally changing the retail real estate landscape. Lane is laser-focused on turning "dead space into power centers" by maximizing dwell time and strategic co-tenancy. Key Topics Covered: * The Golden Ratio of Retail Co-Tenancy: EV charging is driven by amenities, allowing customers to accomplish the "one more thing" during the inevitable 20–30 minutes of fast charging. EVgo’s “bread and butter” sites are grocery-anchored centers with daily needs, a coffee shop, and three to four quick-serve restaurants (QSRs). The ideal location includes high ADT, high traffic, and good access in a dense metropolitan area. * Real Estate and Infrastructure Due Diligence: Site viability is not just about a good parking field. EVgo conducts preliminary due diligence on power availability and utility infrastructure to ensure CapEx costs are not "absurd" and that the site is charging-ready. * Growth Strategies (Real Estate vs. Licensing): Lane details the two core ways EVgo expands its footprint: * Real Estate Plays: Traditional ground leases or acquisitions of outparcels, which are naturally more complicated and take longer. * Licensing Plays: Adding chargers to existing parking stalls (e.g., in a Kroger parking lot), which are generally easier and faster to execute. * The Value of EV Charging for Landlords: Retail landlords are showing increased appetite for EV charging because it increases foot traffic and utilization, attracting customers who will use the extra time to shop, thereby "kill[ing] two birds with one stone". * Clarifying Misconceptions: * Market Growth: While new EV sales are down, used EV sales are substantially up, which still drives demand for public fast charging. Charging Types: "Charging is charging" is a major misconception. Low-speed Level 2 charging is horrible for retail real estate because it requires 8–10 hours; successful retail sites require fast Level 3 and Level 4 chargers.

Mapping Success: The Proprietary Tech & Client-First Philosophy Driving Jono Lapat’s Team at SRS

In this episode, we sit down with Jono Lapat, Managing Principal at SRS Real Estate Partners, to deep dive into the dynamic Boston retail market. Jono shares his candid perspective on the city's growth, his client-first philosophy, and the proprietary technology that gives his team a competitive edge. This episode is a must-listen for retail real estate brokers, national brands, and landlords looking to understand the nuances of the Boston market and what it takes to build decades-long client trust. Key Takeaways for Retail Brands, Brokers, and Landlords * The State of the Boston Retail Market: The current energy is best described as "exciting, decisive, and a bit overwhelming". * What Outsiders Miss: National brands looking at Boston from afar often miss the tricky, intricate way the neighborhoods and suburbs trade. The Boston market is not a single-store market; due to distinct neighborhoods, a brand often needs multiple units (e.g., in the Back Bay and Seaport) to capture full market demand. * The Hottest Sub-Market: The Seaport is the most exciting neighborhood right now. Developers transformed a series of vacant parking lots into an exploding, vibrant community with food, entertainment, office, and residential space. * The SRS Boston Advantage: Jono's team offers a collaborative approach, blending the diverse perspectives of seasoned brokers (25–30+ years experience) and younger talent. Their core focus is placing every client first and making them feel like they are the firm's only client. * The Power of "No": A broker's willingness to tell a client to walk away from a bad deal is critical. It establishes a long-term, trustworthy relationship and assures the client that the broker is protecting their best interests, not just chasing a commission. * Negotiation Style: Jono is primarily a diplomat and a "people person". He adds value by seeing a deal from both sides and acting as a coach to facilitate a mutual closing. * How to Avoid a "Million-Dollar Mistake": Patience is paramount, especially for younger brands entering the tight Greater Boston market. Jono advises clients to wait six months, a year, or even 18 months for the right location rather than rushing into a mistake. * Proprietary Technology: SRS utilizes a game-changing, proprietary mapping system that integrates with an Airtable database. This tool allows for real-time information sharing, giving clients both easy-to-read data and a graphic, visual representation to aid in decision-making. * Career Motivation: After 20+ years, Jono still loves the business because it's fun and allows him to participate in "building places that people like to go touch, see, shop, eat". The lasting impact of seeing a deal close and a project built is a significant motivator. * A Message to Real Estate Leaders: Jono encourages major institutional landlords and heads of real estate considering a move in the market to schedule a meeting to demonstrate his team's track record and the technological tools that differentiate them from competitors.

Navigating the Salt Lake Boom: Tech Slopes, Pro Sports, and Olympic Growth

Andy Moffitt serves as the Senior Managing Director at Newmark Mountain West in Salt Lake City, Utah. He specializes in both landlord and tenant representation, working with sophisticated global retailers and major development projects across the Mountain West. Formerly considered a "flyover" or tertiary market, the Salt Lake City area has transitioned into a primary/secondary position due to strong demographics and consistent top-five national rankings for large employers. Meanwhile, Park City is regarded as a highly affluent area experiencing significant relocation. The city maintains strict "chain licenses," barring retailers with 10 or more global locations from operating on Main Street once the maximum allocation is reached. * Key Brands & Developments: * Foothill Village: A best-of-class, grocery-anchored east-bench shopping center in Salt Lake City currently undergoing a $25 million reimagining by Asana Partners. * The Point: A 600-acre redevelopment of the former Utah State prison in Draper, located within the "Silicon Slopes" tech district. * Retail & Dining: Notable brands entering or expanding in the market include Culinary Dropout, Uchi, and the Cheesecake Factory, the latter of which sees exceptional sales in Utah despite lower-than-average alcohol revenue. * Local Market Trends: * Sports & Entertainment: The creation of a new district in Salt Lake's urban core, supported by a $2 billion tax allocation, will house the Utah Jazz (NBA) and a professional hockey team, with future goals for Major League Baseball. * Tourism Surge: A historic six-month open house for the Salt Lake City Temple is expected to draw 4 to 6 million visitors starting in Spring 2025. * Future Growth: The state is preparing for the 2034 Winter Olympics, which is anticipated to be a generational event for the region's economy and real estate. * Low Vacancy: Class A retail space is currently extremely scarce, with overall market vacancy sitting below 3%.

The Experience Renaissance & the Influencer Effect in LA, with Kyle Kavanaugh

Kyle Kavanaugh, founder of the boutique brokerage Main and Main, shares insights from over 30 years in the Los Angeles retail scene, emphasizing the importance of mentorship and active listening. He explores the shift toward an "experience" economy where digital transformation and the "influencer effect" accelerate neighborhood trends and prioritize authentic customer service in physical spaces. When building his team, Kavanaugh values integrity and reputation over technical skill, especially as Southern California enters a modern renaissance driven by major global events like the Olympics. This resurgence is attracting diverse international concepts to LA, and Kavanaugh highlights the role of digital platforms like Brandmarch in bridging the gap between established industry relationships and new entrants.

The Chicago Retail Renaissance: Securing Huckberry, Gap Inc., and the Future of the Magnificent Mile with John Vance

John Vance specializes in retail real estate, specifically focusing on the Downtown Chicago/CBD urban environment, which he was drawn to for its visibility and the interesting "characters" of retailers and developers. He brings a dual perspective to his work, having been active on both the brand (tenant) side and the landlord/asset side. This experience allows him to understand the information tenants require to deem a site viable, as well as the criteria landlords need to meet to make a deal worthwhile. His key area of focus is Michigan Avenue and the Magnificent Mile in Chicago, where he has been active in observing and influencing the post-pandemic recovery. He also works on classic CBD leasing, such as his current assignment at One East Wacker in the East Loop, which involves securing amenities like great coffee, sit-down, and fast-casual restaurants to serve the building's office tenants, tourists, hotel guests, and residents. Brands mentioned: Huckberry, Gap Inc., Uniqlo, Mango, H&M, Bloomingdale’s, Museum of Ice Cream and the Harry Potter store * Background: Before real estate, John went to grad school for modern European history, specializing in 1920s Berlin Cultural History. * Market Dynamics: He noted that the recovery of High Streets like the Mag Mile was hampered by the pre-COVID shift where "flagship" spaces became unnecessarily enormous (e.g., 60,000 square feet over four floors), leaving landlords with un-leaseable upper-level space until they pivoted on economics. * Current Projects: He credits the turnaround at 900 North Michigan to fundamental work, including bringing in the local food group Aster Hall and keeping the anchor, Bloomingdale's. * Trend Assessment: He believes that "the trends" themselves are overhyped, warning against taking them as a matter of course. He emphasizes that technology (like Google Earth or AI for renderings) should be worked to one's advantage, but still requires core tasks like in-person property visits