The Shopping Center GOAT Who Bought 10M Sq Feet Of Commercial Retail Real Estate | Andy Weiner

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What if one decision could set you up for 20%+ cash-on-cash returns — without touching apartments or industrial deals?

In today’s blog, we will feature Andy Weiner, Founder of RockStep Capital, a retail real estate powerhouse managing nearly 10 million square feet across 11 states.

Andy’s track record?

• No capital calls.
• No assets returned to lenders.
• Profitable through multiple economic cycles.

In this blog, you’ll discover:

• Why investing in retail real estate beats multifamily in 2025.
• How Andy buys distressed malls at 15–17% cap rates.
• Why "Hometown America" is the ultimate investment edge.
• Actionable playbooks for beginners, intermediates, and pros.

Ready to find hidden profits others miss? Let’s dive in. 

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Fast Takeaways: Real Estate Lessons You Can’t Ignore

• The "Hometown America" Strategy: Invest in cities with 100K–1M people anchored by universities, hospitals, or major employers.
• Retail Revival Is Real: COVID and Amazon wiped out weak players—survivors are now expanding fast.
• Positive Leverage is Critical: Only buy assets where the cap rate exceeds your loan rate to boost returns.
• Local Partnerships Reduce Risk: Embed yourself in the community—city leaders, banks, and businesses are your allies.
• Buy Below Replacement Cost: Pay 60–80% of rebuild cost for maximum margin and protection.

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The Hometown Advantage: Investing Where Big Money Isn’t Looking

On the podcast: Andy revealed how pivoting from crowded metro markets to “Hometown America” was a game-changer—targeting secondary and tertiary cities fueled by durable industries.

The deeper insight: The best deals aren’t where Wall Street is looking. They're where communities are growing steadily, needing revitalization—and where your investment truly matters.

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Distressed Malls: Why 15%+ Cap Rates Create Generational Wealth

On the podcast: Andy explained how RockStep buys distressed enclosed malls at 15–17% cap rates, then repositions them through partial demolitions, new tenants, and even city partnerships.

The deeper insight: Fear = Opportunity. When others run away from a sector (like malls), savvy investors find asymmetric upside.

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Positive Leverage: The Hidden Force Behind Massive Returns

On the podcast: Retail today offers rare positive leverage — where property cash flows are stronger than loan costs, amplifying returns safely. Multifamily often suffers from negative leverage right now—where debt hurts rather than helps returns.

The deeper insight: Cash-flow day one beats speculative appreciation. Always prioritize assets where you make money now, not just someday.

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Local Leadership: The Ultimate Risk Reduction Strategy

On the podcast: Andy shared how RockStep requires local investors and city leaders to join each deal, aligning interests and unlocking faster leasing, incentives, and political support.

The deeper insight: Real estate success = relationships > buildings. When the community roots for you, everything gets easier: permits, leases, tenant retention, and even eventual exits.

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Your Retail Real Estate Playbook

Master the Hometown Advantage

Beginners:

• Research cities (pop. 100K–1M) with major employers or universities.
• Use Census.gov and EDC websites for fast demographic checks.

Intermediates:

• Build relationships with city leaders, brokers, and bank presidents.
• Visit target cities in-person to feel local momentum..

Advanced:

• Recruit local investors to co-invest and unlock municipal support.
• Institutionalize local buy-in as a core acquisition strategy.

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Capitalize on Distressed Mall Opportunities

Beginners:

• Start with smaller neighborhood centers, not full malls.
• Prioritize "cash flow day one" properties.
  

Intermediates:

• Master base-case underwriting with conservative projections.
• Avoid assuming big redevelopment wins.

Advanced:

• Lead repositioning projects (partial demo, mixed-use conversions).
• Secure city grants and incentives to boost project IRRs.

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Leverage Positive Debt Smartly

Beginners:

• Only invest if the property cap rate > loan interest rate.

Intermediates:

• Structure financing with fixed rates and strong DSCR (>1.5x).

Advanced:

• Blend senior debt + pref equity to optimize returns and limit risk.

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Build a High-Performance Culture Like RockStep

Beginners:

• Define 3–5 core personal values before investing or hiring.

Intermediates:

• Write an "Operating Manual" like Andy’s RockStep Rules.
• Reinforce values weekly across your team or investor group.

Advanced:

• Scale your culture into marketing, deal structuring, and partnerships. 
• Make values a "non-negotiable" competitive advantage.

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Real-Life Wins: Proof Retail Still Dominates

• Manhattan, Kansas Mall: Bought at a 17% cap rate, increased NOI by 50%, delivering 20%+ cash returns to investors.
• Janesville, Wisconsin: Teamed with the city to demolish part of an enclosed mall, built a $50M hockey arena, and repositioned the site for future mixed-use success.

👉 These strategies aren’t theories—they’re happening right now.

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Conclusion: Retail Real Estate Is the Smart Investor’s Edge for 2025 and Beyond

Retail real estate isn't dead — it's quietly becoming one of the smartest plays for investors who know where and how to move.Andy Weiner's journey shows that success in commercial real estate isn't just about buying properties — it's about:

• Finding overlooked opportunities in "Hometown America."
• Structuring deals with positive leverage.
• Building real partnerships with local leaders.
• Creating a strong culture that drives long-term success.

Whether you're just starting out or already scaling your portfolio, these lessons offer a clear roadmap:

➡️ Focus on cash flow over speculation.
➡️ Build relationships, not just buildings.
➡️ Play where others aren’t looking—and protect your downside like a pro.

The opportunity to build wealth through retail real estate has never been better—but it belongs to those willing to think differently, act boldly, and stay disciplined.

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Stay Connected & Learn More

🎧 Listen to the full podcast episode here: LINK

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📅 Book a coaching call w/ Matt Aitchison: LINK

🚀 Enroll in our EXPERT-led courses: LINK

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