The Fort

#354 - Don Tepman (@StripMallGuy) - Strip Malls, Creating Value, Leasing Strategy, X/Twitter, Charlie Munger

May 21, 2024

Real estate fund manager, Don Tepman, shares insights on successful strip mall acquisitions, tenant mixes, drive-thrus, market entry, and leasing strategies. He also discusses the future of his 'StripMallGuy' brand and his memorable meeting with Charlie Munger.

01:30:53

Episode guests

Don Tepman

AI Summary

Highlights

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Efficiently addressing vacancies and market rent gaps to optimize retail property value.

Leveraging Tenant Improvement allowances strategically to boost property values.

Prioritizing hands-on property inspections and strategic market research for property evaluation.

Implementing a branding strategy across properties to attract quality tenants and establish a strong presence.

Deep dives

Stabilizing and Optimizing Retail Properties

Focusing on efficiently addressing vacancies, market rent gaps, and utilizing better tenant mixes to optimize the value of retail properties. Emphasizing the importance of assessing and tackling inefficiencies in properties from day one to enhance NOI.

Insight into the Retail Market and Leasing Challenges

03:16

Quality Over Quantity in Real Estate Deals

00:36

Importance of Price Per Foot in Real Estate Analysis

01:26

Importance of Underwriting Rents in Retail Leasing

01:12

Introduction

3min

Journey from Silicon Valley to New York Real Estate

5min

Strategies for Successful Retail Leasing in Strip Malls

15min

Qualities of Successful Restaurant Operators and Due Diligence Strategies

3min

Optimizing Tenant Mix and Property Value in Strip Malls

12min

Strategies for Adding Value to Properties

20min

Exploring Leasing Strategies and Financial Considerations in Retail and Industrial Real Estate

2min

Unlocking Opportunities Through Social Media Growth

19min

Meeting Charlie Munger: Insights into Investing and Real Estate

8min

10.

Strategies for Building a Personal Brand and Enhancing Credibility in Real Estate

3min

Don Tepman runs a real estate fund that focuses on buying neighborhood strip centers throughout the United States and also runs the 'StripMallGuy' account on X and LinkedIn. Mr. Tepman started his career in 2002 and led his first strip center purchase in 2006. He has completed 40 purchases and raised over $150M in LP capital.

We discuss:

Don’s career and mentors
What makes a successful strip mall acquisition
Building @stripmallguy and the future of the brand

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Links

StripMallGuy on X

Resquared

Topics

(00:00:00) - Intro

(00:04:56) - Don’s upbringing and career background

(00:08:40) - The dynamics of suburban retail

(00:12:42) - Don’s mentor & learnings

(00:21:25) - Restaurants in strip centers

(00:26:35) - Tenant mixes

(00:30:20) - TI

(00:35:41) - Where do folks waste money on exteriors?

(00:37:18) - Drive-thrus

(00:38:36) - Don’s hold period strategy

(00:42:39) - Why do you stick to smaller deals?

(00:45:26) - What is your approach to entering a new market?

(00:53:02) - Why does Price per foot matter so much?

(00:53:44) - Leasing

(00:59:41) - Taxes and insurance

(01:01:19) - StripMallGuy

(01:08:45) - Working a deal through the system

(01:12:44) - Thoughts on the market

(01:18:22) - Luxury retail

(01:19:53) - Meeting Charlie Munger

(01:27:08) - Plans for SMG in the future

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The Fort

#354 - Don Tepman (@StripMallGuy) - Strip Malls, Creating Value, Leasing Strategy, X/Twitter, Charlie Munger

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Stabilizing and Optimizing Retail Properties

Utilizing TI Allowances and Market Knowledge

Investment Strategy and Property Inspections

Unique Branding and Property Management

Importance of Buying and Holding Real Estate

The Role of Social Media in Generating Deal Flow

Challenges and Opportunities in Retail Real Estate

Insight into the Retail Market and Leasing Challenges

Quality Over Quantity in Real Estate Deals

Importance of Price Per Foot in Real Estate Analysis

Importance of Underwriting Rents in Retail Leasing

Remember Everything You Learn from Podcasts