The Fort

#360 - Andy Weiner - President @ RockStep Capital - Investing in Shopping Malls in Secondary / Tertiary Markets at 15-25% Cap Rates

Jul 23, 2024

Andy Weiner, President of RockStep Capital, shares his mall thesis and deals in small-town America. He discusses deal killers, capitalizing deals, zombie malls, and battling Amazon. Also, alternative ways to monetize mall assets and implementing a successful company culture via Rocksteps are explored.

01:10:02

Episode guests

Andy Weiner

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Episode notes

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Quick takeaways

Distressed malls offer opportunities for alternative use like sports complexes or educational facilities.

Specialized staffing firms can provide solutions for businesses with financial or operational challenges.

Investing in distressed malls requires strategic considerations like lease renegotiation and tenant mix diversification.

Deep dives

Repricing Malls with Insolvent Debt

Malls in the US face insolvency with $50 billion of debt being repriced at dramatically lower values, leading to opportunities for alternative uses like sports complexes or educational facilities to revitalize these spaces.

Intro

5min

Exploring the Guest's Background in the Retail Business

1min

Retail Pricing Strategies and Consumer Behavior

7min

Navigating Shopping Center Investments in Small Markets

17min

Investing in Shopping Malls in Secondary and Tertiary Markets

23min

Implementing Company Values with 'Rock Steps'

11min

Exploring Values and Embedding Culture in a Company

5min

Andy Weiner, President of RockStep Capital, started RockStep Capital Corporation in 1996. Weiner has built or acquired over 9 million square feet of shopping centers throughout the United States.

Prior to founding RockStep Capital, Weiner served as Vice President of Operations for Weiner Stores, a chain of 159 family clothing stores with locations in Mississippi, Louisiana, and Texas.

We discuss: