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The Fort - An Entrepreneurship Podcast

#315 - Dean Adler - Co-Founder @ Lubert-Adler Partners - Current Market Conditions, Private Credit, Pref Equity for the Win, Office, and Their Best Deal of All Time

Oct 17, 2023

Dean Adler, CEO and Co-Founder of Lubert-Adler Partners, discusses analyzing the current market, vetting folks for private credit, thoughts on the office asset class, accidentally building a grocery empire, and dying asset classes in today's market.

01:19:42

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Quick takeaways

Investing in assets that offer equity-like returns with lower risk is ideal for investors.

Innovative solutions like preferred equity and private credit are needed to meet the financing needs of borrowers in the current capital market environment.

Evaluating office space as an asset class is challenging due to lack of transparency, changing work dynamics, and uncertainty in the market, making it less appealing compared to other investment opportunities.

Deep dives

Seeking Asymmetrical Returns

In this podcast episode, Dean discusses the importance of seeking asymmetrical returns when investing in any asset class. He explains that the ideal investment is one where you can achieve equity-like returns with lower risk. Finding investments that offer this combination is the ultimate goal for investors.

1.

Introduction

3min

2.

Current Market Conditions and Challenges in the Real Estate Industry

4min

3.

Impact of Loans Coming Due and Refinancing Options

5min

4.

Factors for Market Normalization

19min

5.

Navigating Permission and Bringing in New Investors for a Deal

2min

6.

Challenges and Uncertainties in Office Investments

15min

7.

Exploring Dying Asset Classes: Life Science and Retail in Today's Market

5min

8.

Building a Real Estate Empire

25min

Dean S. Adler is CEO and Co-Founder of Lubert-Adler Partners, L.P., a real estate equity firm with over $9 billion in equity raised. Dean is the Head of the Investment Committee and is responsible for leading the strategic direction of the team. He is also an Executive Committee Member and Research Sponsor for the Zell/Lurie Real Estate Center of The Wharton School and a member of the Board of Directors of the Dominion Real Estate Company.

On this episode, Chris & Dean discuss:

Analyzing the current market
How to vet folks looking for private credit
Thoughts on Office as an asset
Accidentally building a grocery empire

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Links:

Topics:

(00:00:00) Intro

(00:03:16) What are you thinking right now about capital markets?

(00:05:36) Is there another cycle you could compare to today’s environment?

(00:07:29) How do you think banks are thinking about upcoming renewals?

(00:12:56) What needs to happen to normalize the market?

(00:20:08) What are you seeing in fundraising?

(00:21:56) How are you vetting folks looking for a private credit deal?

(00:34:20) Thoughts on the Office Asset class

(00:44:54) Does high levels of institutional investment in office affect the market?

(00:49:13) Is there an asset class today that’s dying but no one knows?

(00:53:56) How did you end up in the grocery business?

(01:04:12) Is it possible to still pursue an opportunity like you did with Albertson’s today?

(01:09:58) Looking back, what do you wish you had focused on more?

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