Strip Malls, Creating Value, Leasing, Twitter, Charlie Munger - Don Tepman (@StripMallGuy) -

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 - Drive-thrus
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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