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

Links
StripMallGuy on X https://x.com/realEstateTrent
Resquared https://www.re2.ai

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Topics:
00:00:00 Intro
00:02:30 Don’s upbringing and career background
00:06:28 The dynamics of suburban retail
00:10:22 Don’s mentor & learnings
00:19:31 Restaurants in strip centers
00:24:50 Tenant mixes
00:28:42 TI
00:34:12 Where do folks waste money on exteriors?
00:35:54 Drivethrus
00:37:11 Don’s hold period strategy
00:41:09 Why do you stick to smaller deals?
00:44:12 What is your approach to entering a new market?
00:52:10 Why does Price per foot matter so much?
00:52:53 Leasing
00:59:00 Taxes and insurance
00:59:54 StripMallGuy
01:08:21 Working a deal through the system
01:12:23 Thoughts on the market
01:18:04 Luxury retail
01:19:39 Meeting Charlie Munger
01:27:08 Plans for SMG in the future


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