Current media coverage and upcoming developments hand-picked from the industry.

Want business success? Learn discipline.

MEDIUM – April 26, 2022

I can recall a great number of times in my life that I’ve felt highly motivated. Studying for the final exam of my first economics course in university, knowing full-well that I had found a subject I was passionate about. Starting my commercial real estate business, staying up until late at night working on building my company while also studying for law school. Collaborating with my team on a big deal, making sure no stone goes unturned before we move forward. Waking up early in the morning to walk my orchid garden before starting my day. Hitting the gym on the days I wished for more sleep.

However, for every time I can recall feeling motivated there are a hundred more that I didn’t. There were days that it was difficult to drag myself out into the freezing cold weather at Bowdoin College to make it to class. So many times I questioned what I was getting myself into as I sat in my home office with papers and law textbooks stacked in front of me. There have certainly been numerous occasions throughout my four decade career that I wanted to skip doing the research and just move forward under the assumption that things would work out. And of course, I often don’t want to wake up early, dreaming of a few extra minutes of sleep rather than hitting the gym.

You will tend to find a lot of articles from entrepreneurs about how “staying motivated” is the secret to finding success in business. They list out a number of tips and tricks that will supposedly keep your passion and energy alive, but while motivation is inspiring it is inevitably also fleeting. This is where discipline comes in.

Motivation is the feeling you get that pushes you to start a new goal or project. With it comes increased focus and productivity, and a sense of purpose that inspires us to pursue what we want to achieve. We as humans often need that initial push to encourage us to move forward when we may otherwise not have. The problem is, motivation is finite. At one point or another you will reach a point in which your motivation runs out, begging the question: what will push you forward now?

If you’re smart, you will have used your initial motivation to focus on building disciplined actions, because even if you are doing what you love there will always still be days that are a grind. Motivation can come in ebbs and flows, and it is in those times that your energy is drained and you feel like giving up that discipline reveals itself to be your true friend.

Humans are creatures of habit. One study conducted by Alex Petland at the Media Lab of the Massachusetts Institute of Technology found that 90 percent of what most people do on any given day follows routines so complete that their behavior could be predicted with just a few mathematical equations. One of the easiest examples of this is your morning routine. You probably step out of bed the exact same way, reach for the door with the same hand, move to the kitchen and start the coffee all without giving it any thought.

Evolutionarily, it is likely that we developed the ability to form habits as a way to survive. When we were in constant danger of being attacked, habits were a way of saving brainpower for where it was needed most. For example, if getting out of bed a certain way caused a crick in your neck you probably wouldn’t move that way in the future, and instead would find a different movement that elicited less pain.

The nervous system is looking to select actions that lead to good outcomes, and with the vast amount of information it needs to process in any given day the brain also certainly benefits from some automation. The more we repeat a task, the less conscious brain activity we need to devote to it and the easier it becomes to repeat without much thought.

Discipline is taking habits to a conscious level. Our brains have the ability to deduce positive habits on a chemical level — the ones that produce dopamine and serotonin or that prevent pain are the ones that we develop on an automatic level. However, when it comes to habits that move us forward in external goals such as those within our career the brain doesn’t understand as well. It can often be tempting to put temporary comfort over future success, meaning when motivation dries up you are left with nothing to continue pushing you forward.

Discipline is the fundamental element to obtaining goals, dreams and desires. It is what keeps you going when times are tough and not going your way. It makes the bad times easier to get through. You must constantly practice, repeat and believe in your purpose, even when it sometimes requires sacrifices to reach the end goal.

Hand in hand with discipline is delayed gratification, the ability to postpone an immediate gain in favor of a greater reward later. When it comes to work and your career, this can often mean continuing to move forward with the task at hand even when your motivation for it has waned. Staying late to finish a report or project may feel like drudgery in the moment, but discipline is recognizing that the reward for completing your work will far outweigh the temporary satisfaction of heading home for the day or out with friends.

The question likely on your mind at this point is “how do I begin to have discipline?” My advice would be to begin implementing it in small ways throughout your entire life. Take small, actionable steps toward a habit you wish to form. For example, if you want to start working out you can begin going to the gym on your way home from work or at the start of the day. The catch is, you don’t immediately need to start doing full-blown workouts. Take a five minute walk on the treadmill and head home one day, and maybe visit the elliptical on another.

This is a small habit change — instead of going straight home you go to the gym. From here the habit can be built upon, still moving in incremental steps until you’ve achieved your goal. The same can be applied to your career goals. Instead of trying to change all of your habits at once, focusing on doing one thing consistently at a time will help you avoid becoming discouraged when trying to change your mindset.

However, it is important to recognize that a habit is not the same as discipline. Habit behaviors are traced back to a part of the brain called the basal ganglia, which is associated with emotions, patterns and memories. On the other hand, decisions are made in the prefrontal cortex, meaning that when trying to turn a behavior into a habit, we are trying to transition processing of that action from one part of the brain to another. The idea is to turn the decision of discipline into an automatic function, allowing you to obtain your professional goals as a result.

 

 

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Mindy McIlroy, President of TerraNova Corp.

Parkinson’s Diagnosis Hasn’t Hindered Terranova President’s Success: ‘Outlook Plays a Big Role in How You Feel’

DAILY BUSINESS REVIEW – April 12, 2022 BY MELEA VANOSTRAND

Mindy McIlroy, president of commercial real estate investment firm Terranova Corp., has completed $1 billion in retail leasing deals throughout her unique career in South Florida, but her success hasn’t come without challenges.

McIlroy was diagnosed with Parkinson’s disease in 2014. But instead of letting it slow her down, she decided not to view herself as a victim and tackle the disease head-on by being open about it with her colleagues.

“It hasn’t been a challenge as far as how the community views me. Some days, physically, are more challenging for me than others, but I really believe with any sort of illness, whether physical or mental, your outlook plays a big role in how you feel,” said McIlroy.

Parkinson’s is a central nervous system disorder that affects movement and often causes tremors.

Even while battling her condition and on top of her responsibilities at Terranova, McIlroy joined the board of directors of the National Parkinson Foundation and became chairwoman of the Moving Day Miami, the foundation’s annual fundraising walk. She also served as co-chair of the development committee for the foundation.

Today, in her role as president of Terranova, Mindy oversees all day-to-day operations for the company’s national retail portfolio. She focuses on a variety of retail properties, such as suburban shopping centers, lifestyle, entertainment centers, urban retail and mixed-use projects.

During the most challenging times of the COVID-19 pandemic, McIlroy is credited with leading her company to complete over $230 million in capital markets transactions in 2021 and closing deals worth over $61.7 million across 200,000 square feet of South Florida commercial retail space on behalf of a Terranova-affiliated landlord.

McIlroy is also known for conceptualizing establishments such as The Lincoln Eatery, a food hall in Miami Beach’s Lincoln Road district. She co-founded the Lincoln Road Property Owners Association, which is now the Lincoln Road Business Improvement District, and is currently an executive board member.

Employees ‘Aren’t Just People Sitting at a Desk’

McIlroy said one of her biggest accomplishments is creating a work environment that feels like a family.

“We care about each other, we have a nice working environment and everybody helps each other to get things done. Being a leader and developing that culture has been very rewarding and is one of the highlights of my career,” she said.

To create that kind of culture, McIlroy said business owners must take the time to get to know their employees on a personal and professional level.

“They aren’t just people sitting at a desk. It takes time, energy and effort to really care about your staff. You need patience, to spend time offline and not always within the confines of the office, and take them out to lunch from time to time,” said McIlroy.

McIlroy’s career began in 1997, when McIlroy moved from Atlanta to South Florida. After going through a staffing agency, McIlroy was hired as an executive assistant at Terranova working under its chairman and founder Stephen Bittel.

“I never sought this career. I think it sought me,” said McIlroy. “I ended up in that role because I was in the hospitality industry and I was in a sales position, and, in order to grow in sales, you have to be able to relocate often to larger locations.”

After a couple of years, McIlroy resigned from Terranova with the intent to go back into sales in the hospitality industry, when Terranova’s then-president offered her a real estate sales position. From there, she moved through the ranks.

McIlroy credits much of her success to her mentors, including Terranova chairman and founder Stephen Bittel, along with her predecessors Trish Blasi and Beth Azor.

“People who are in leadership roles should absolutely be conscious of the fact that they need to give back and mentor someone,” said McIlroy. “A lot of my acceleration in my carerr was due to the fact that I had worked directly for him [Bittel] for two years.”

Since Bittel is such an icon in the real estate industry, McIlroy said she was able to recognize all of the big hitters who came through the office and get acquainted with them.

“You develop a relationship where you can talk very candidly with each other, so he certainly didn’t miss any opportunity to tell me when I wasn’t doing something right,” said McIlroy. “From that, I would learn very quickly, because you want someone you trust to tell you what you need to do differently to improve your situation.

It’s Not Who You Know, But ‘Who Knows You’

Being successful in any field means developing thick skin, in McIlroy’s experience. She said the key to success in being involved in the community, nit just for networking purposes, but to improve it.

“It’s not who you know, it’s who knows you,” said McIlroy.

McIlroy held a leadership position for two consecutive terms as president of the Coral Gables Business Improvement District, and has also served as a retail advisory board member of the Kelley A. Bergstrom Center of Real Estate Studies at University of Florida’s Warrington College of Business Administration, and as a mentor in the Women of Tomorrow Mentor and Scholarship Program. She’s currently a member of the International Council of Shopping Centers. 

For fun, McIlroy said she likes to work.

“Because I find all aspects of my work fun, including the work I do for my company and the work I do for my community,” she said.

In her downtime, she enjoys traveling, planting and growing fruits and vegetables, and considering new real estate concepts from around the world to better enhance Terranova’s real estate portfolio.

 

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Stephen-Bittel

Stephen Bittel of Terranova: Five Things You Need To Know To Succeed In The Real Estate Industry

AUTHORITY MAGAZINE – March 22, 2022 BY JASON HARTMAN

As part of my series about the ‘Five Things You Need To Know To Succeed In The Real Estate Industry’, I had the pleasure of interviewing Stephen Bittel, chairman and founder of Terranova Corp.

Stephen Bittel is the Founder and Chairman of Terranova Corporation, an opportunistic alternative investment firm with a core focus on U.S. real estate and an investment portfolio valued at nearly $1 billion. With a long-standing commitment of building better communities, the company is distinguished as a national leader making an indelible imprint on the commercial real estate industry.

Thank you so much for doing this with us! Can you tell us the “backstory” about what brought you to the Real Estate industry?

I was born in Miami in our public hospital in 1956 and went to K-12 public schools, in which I ‘m still very much engaged. As a child, I grew up hearing my family and their successful professional friends over dinner at our house talking about business and real estate investments, so these concepts were ingrained in my mind from an early age. I’ve always viewed real estate as the ultimate adult game of monopoly, and for some reason, I’ve always had an uncanny knack for it.

Interestingly, while I loved real estate, I grew up thinking I would naturally follow the footsteps of my father and grandfather, who were both very successful lawyers. I applied to law school while traveling Europe under the Thomas J. Watson Fellowship grant, after graduating magna cum laude with an economics degree from Bowdoin College. Since it was always my plan to come back to Miami, I attended the University of Miami School of Law with a partial scholarship and supported myself in law school by working full time at a commercial real estate firm.

When that firm offered to take me from salaried pay to commission, I decided to quit because I thought I could make more money by establishing my own business. I still earned my law degree and passed the bar exam, although my true passion was always in the world of business and, particularly, commercial real estate.

I started Terranova in the fall of my second year of law school out of my house. I had a great few years and graduated with an office, seven employees and three properties that we syndicated under management. We had a great run until about 1986 when the real estate industry blew up with the combined effects of the Tax Reform Act of 1986 and The Financial Institutions Reform, Recovery, and Enforcement Act of 1989. We then roared into building what would become the largest third-party management leasing business in the southeast United States. I named the company after seeing the word “Terranova,” which is Latin for “new land,” in a section on foreign words in the back of the dictionary. Today, I find it incredible that I get to have fun playing this game of adult Monopoly every day and make a lot of money at it.

Can you share with our readers the most interesting or amusing story that occurred to you in your career so far? Can you share the lesson or take away you took out of that story?

My entire career is so full of interesting and amusing stories that it’s hard to pick just one. So I’ll share something that illustrates an important characteristic that has been integral to our success , which can bring value to anyone making any strategic investment.

Years ago, when I purchased Terranova’s first set of properties on Lincoln Road in Miami Beach for $52 million at $850 per square foot, I was widely criticized for spending an amount many called “staggering.” It always amuses me that I later sold these and other properties for a more “staggering” number: $342 million. This deal, which at first was so widely criticized by the masses, solidified Terranova Corporation’s position as a leader which today owns and operates an investment portfolio worth almost $1 billion. So the lesson is: know when to follow your gut and ignore other people’s opinions. It takes vision and courage, but that’s how most great things are achieved.

Do you have a favorite “life lesson quote”? Can you share a story or example of how that was relevant to you in your life?

“The road to success is always full of unexpected twists and turns. Some of the most important lessons can be learned from the mistakes you made and the ones you didn’t make. Embrace everything as a lesson, informing you what to do next.”

The deals where I’ve made the most money and for which I’m best known are ones where people called me “crazy.” I’ve always been grateful that I chose to ignore the noise and listen to my gut.

Are you working on any exciting new projects now? How do you think that will help people?

In addition to all the charitable and nonprofit work we’ve always done, much of which we have kept behind the scenes and under the radar, we will continue to pursue local, national and international opportunities beyond real estate. Terranova today is investing in innovative companies in such dynamic industries as life sciences, technology, healthcare, petroleum and agriculture that will increase public access to new ideas and solutions that will make life better for people.

What do you think makes your company stand out? Can you share a story?

Beyond our success in business, Terranova is distinguished for its long-standing history of building better communities. We’ve always donated our time, talents and treasure to impactful projects toward a greater good. One key example is the Parkinson’s Foundation. Our President, Mindy McIlroy, has Parkinson’s and serves as a board member of the organization, and I’ve personally been a major donor. With our help, the nonprofit has been able to open multiple Centers of Excellence across the country developing new treatments and improving care. Mindy has led campaigns for Moving Day Miami, which is the National Parkinson’s Foundation’s annual fundraising walk, and has set fundraising records which remain unsurpassed.

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?

I’ve always been naturally inquisitive and open to learning anything valuable from anyone, so it’s hard to narrow it down to one person. However, interestingly, I’ve learned most of my greatest life-changing lessons from those who weren’t necessarily trying to help me. One of the earliest examples was when I was at law school at the University of Miami, and the commercial real estate firm where I worked to support myself tried changing my pay from salaried to commission. Believing I could make more money on my own, I quit to start Terranova — and this has always served as a powerful reminder that it’s important to know who we are and believe in our ability to achieve our goals.

Ok. Thank you for all that. Let’s now jump to the main core of our interview. Can you share 3 things that most excite you about the Real Estate industry? If you can please share a story or example.

I’m excited by the continued growth of markets like South Florida, as evidenced by the fact that leasing of restaurant space at Terranova properties is at 100% and rates are higher than pre-pandemic levels.

Also excited to see that restaurant tenants are figuring out how to reinvent their businesses with new online ordering, takeout and delivery and outdoor dining options — and for this reason the restaurant industry will continue to come back stronger. Markets like Coral Gables, for example, are continuing to grow in popularity for meals any time of day.

Most importantly, we can expect to see continued opportunities for strategic investment in real estate, including i​ndustrial and multifamily, in key markets across the country.

Can you share 3 things that most concern you about the industry? If you had the ability to implement 3 ways to reform or improve the industry, what would you suggest? Please share stories or examples if possible.

The return to office is always a concern. Every company will have its own policy based on its unique situation, and I am not sure we will see folks returning in full force for a while. We’ll just have to wait it out.

Staffing shortfalls in construction will continue to cause project delays for the foreseeable future. Considering that we’ve kept our borders closed for five years, it shouldn’t come as a surprise to anyone that many of these positions are going unfulfilled.

Traditional retail had been suffering long before the pandemic and is probably the commercial real estate sector that will have the trickiest recovery. Retailers, especially those like Kmart with older models that haven’t updated their offerings, will continue to hurt. Modernization is key, and Walmart and Target are great examples of the benefits of creating an online presence and changing store offerings.

What advice would you give to other real estate leaders to help their teams to thrive and to create a really fantastic work culture?

Involve your company in corporate social responsibility initiatives that support meaningful causes and enhance the community you call home. Engage your team members in these initiatives — there’s nothing like bringing people together to work toward a greater good. This has always been part of Terranova’s DNA.

Ok, here is the main question of our interview. You are a “Real Estate Insider”. If you had to advise someone about 5 non intuitive things one should know to succeed in the Real Estate industry, what would you say? Can you please give a story or an example for each?

  1. Know your passions and follow them because that’s where you’ll find your greatest destiny. While it wasn’t easy at the time to not follow the footsteps of my larger-than-life father and grandfather, my decision to not become a lawyer after graduating law school has made all the difference.
  2. Don’t just take what you’re offered because it’s easy — think outside the box and follow your vision. My decision to turn down a high-paying position at a commercial real estate firm in order to start my own company enabled me to achieve the success I have today. I always knew I could make more money on my own, and indeed, I was correct.
  3. Follow your gut. I bought Terranova’s first set of properties on Miami Beach’s iconic, world-famous Lincoln Road for $52 million at $850 per square foot — a price many criticized as “staggering.” Interestingly, I later sold these and other properties together for a more “staggering” number: $342 million. This deal solidified Terranova Corporation’s position as a leader which today owns and operates nearly $1 billion in assets.
  4. Cultivate leaders within your company. Our President, Mindy McIlroy, started out as my assistant in 1997. Our culture of empowerment and mentoring positioned her two predecessors — former Terranova presidents Trish Blasi and Beth Azor, together with me — to support Mindy. With our mentoring and guidance, she grew into this leadership position where she ​​oversees all day-to-day operations for Terranova’s diverse retail portfolio and has personally completed over $1 billion in retail leasing transactions.
  5. Outwork your competition. Don’t be afraid to make mistakes, but be bullish and put in the time to know everything possible about every detail so that you can tell a cohesive story. Manage viciously. Retire the biggest debt first. Take advantage of long-term plays. Pick the right person as a source and that you look up to, get to the office before them, stay later and be always available when they want you to go look at a deal on a Saturday or Sunday. There is no easy way out, but to outwork your competition.

Because of your position, you are a person of enormous influence. If you could inspire a movement that would bring the most amount of good to the greatest amount of people, what would that be? You never know what your idea can trigger. :-)

I would like to see clean meat really take off and clean meat labs replacing farms and slaughterhouses. We are continuing to see demand for vegan meat increasing, a trend I fully expect will continue as people get smarter and wiser about the wellbeing of our population and our planet. Investment opportunities in this arena are very exciting.

 

 

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