March 11, 2025 • 30 mins
Jeffrey Rosenberg shares the journey of Big V Properties from a family grocery business to a vertically integrated real estate company managing 10 million square feet across 14 states. He reveals how strategic systems implementation and operational efficiency enabled their impressive growth trajectory.
• Started as a family grocery business in 1942, with early crowdfunding through 6% savings bonds sold to customers
• Evolved from small $2-3 million shopping centers to $50-200 million acquisitions in high-growth markets
• Invested in enterprise-level systems like Yardi and custom Salesforce applications to scale without operational impact
• Tracks tenant timelines as KPIs to maximize efficiency and return on investment
• Uses comprehensive credit checks through dedicated credit department to mitigate tenant risk
• Maintains control through strategic ground leases rather than selling outparcels
• Focuses on open-air retail centers with national anchors in the Southern US
• Manages approximately $50 million in annual construction projects
• Prioritizes performing consistently to build reputation with national retailers
• Carefully evaluates profit margins when deciding whether to develop or sell to specialized developers
If you're interested in learning more about Big V Properties, visit bigv.com or contact Jeffrey directly at jrosenberg@bigv.com.
Big V Properties is a family-owned leader in retail real estate with an 80-year history of serving communities and creating superior value for investors. We own, operate, and develop premier retail properties in growing and thriving Sunbelt communities. Our properties are the heart of retail districts in high-growth demographic markets. This careful selection has led to record-high occupancy rates, as our prime locations drive significant business for our tenants, enhance returns for investors, and support vibrant community activity.
To learn more about Tony Johnson and Timeless visit us at:
https://timelessci.com/
https://timelessco.com/
https://www.linkedin.com/in/tonytimeless/
If you would like to discuss investing in Commercial Properties create a profile and schedule a call:
https://timelessci.investnext.com/
Reach out to us directly at:
info@timelessci.com
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome to Timeless Building and Business Strategies
.
This is Tony Johnson.
I'm here today with JeffreyRosenberg from Big V Properties.
Jeffrey, thank you so much forjoining us.
Speaker 2 (00:10):
Happy to be here, Tony.
Speaker 1 (00:13):
So, Jeffrey, could you first give everyone a
background on you and how yougot into real estate and
development?
Speaker 2 (00:20):
Sure, sure, I'll give you my quick elevator speech.
My grandfather started a cornergrocery store in 1942.
He opened a bigger store in1952.
And funny story he actuallysold 6% savings bonds to all of
his customers to raise thecapital.
I would consider one of thefirst crowdsource funded
(00:44):
companies out there.
And I remember back in 19, Iwant to say 85, he was telling
me it was the last bond to bepaid off from the 50s Because it
was a 30 year.
He sold 30 year $100, 6%savings bonds to all of his
customers to raise the capital.
But he opened up a second storeand that grew into a fairly
(01:07):
large supermarket business.
We sold the supermarket companyin 1987, kept the real estate.
We owned a host of shoppingcenters plus the supermarkets in
them, and then over the yearswe have transitioned our assets
to the south and southeast andsouthwest parts of the United
States.
We are completely verticallyintegrated.
(01:30):
Today we have about 10 millionsquare feet in about 14 states
across the US.
Speaker 1 (01:38):
Wow, amazing.
So could you tell us how Big Vevolved over time to stay ahead
of the market and grow?
Speaker 2 (01:46):
Well, we started as a supermarket company.
We owned all of the real estateand so we were always in the
real estate business.
We sold the supermarket companyand, as I mentioned, we
transitioned our assets to theSouth.
But as we've grown as a realestate company, we started off
(02:07):
in the beginning I was buyingsmall $2 million, $3 million
shopping centers, $5 millionshopping centers, mostly strip
supermarket anchored.
We grew and modified ouracquisition targets to a larger
format center back in, let's say, probably started in 2015,
(02:30):
where we started to focus moreon the 20 to $30 million open
air centers, and then we grewthat portfolio and continue to
look at higher and betterproperties and so, at the end of
the day, most of ouracquisitions were best in class
open air, usually target or orWalmart anchored centers in the
(02:56):
best part of the retail marketwithin a high growth demographic
market, and so our acquisitionsrange from, you know, a $50
million center up to we'vepurchased up to $200 million.
Speaker 1 (03:13):
So that is a ton of growth and I know we've spoken
briefly prior to this and beforeyou know, you were at the two
to $3 dollar mark and now you'reat the 50 to 200.
And what you stated, which Ithink, is profound and when
anyone's trying to scale thatmuch, you really have to set up
(03:34):
systems and processes to be ableto get to that level and not be
falling apart, chasing yourtail and be completely
unorganized and have some thingscollapse upon you, chasing your
tail and be completelyunorganized and have some things
collapse upon you.
Could you walk everyone throughhow you set up everything prior
to getting to that level and tomake it a smoother transition
for growth?
Speaker 2 (03:53):
Sure.
So when we were really small,we actually decided to invest in
a much bigger system.
So there are two basic systemsin the industry today for
managing our types of products.
There's MRI and Yardi, and sowe chose Yardi as our base, but
we chose their biggest system.
(04:14):
So we did not use the Yardistarting system or whatever.
We chose the biggest Yardisystem that was out there
because I always knew that weneeded room to grow, because
every time we add a shoppingcenter to our portfolio, there
is no impact to our operationsand so when you think about the
(04:34):
complexity of that rightonboarding new tenants, accounts
, payable accounts, receivablethere is no organizational
impact to the addition ofadditional square footage
because of the systems that wehave in place.
We've also invested heavily inSalesforce and some people like
Salesforce, some people don't,but we've developed our own
(04:57):
Salesforce applications over thelast 10 years.
That really helps to manage ourentire leasing process and it
manages our legal process andmanages the entire system and is
fully convergent with Yardi.
So we have it set up so itcommunicates back and forth with
(05:22):
Yardi so that we are asefficient as possible in
managing our business.
And as you know, in the retailside you know it's a very, very
detail oriented business and youknow when we're doing a build
out and you're in construction.
So you know, you've gottimelines, you've got.
You know you've got varioustrigger dates.
(05:44):
If you have to approve a planwithin 10 days.
If you don't approve the plan,then it's automatically deemed
approved, and if you, you knowso the whole, those whole
trigger dates which, can youknow, potentially really screw
you up if you miss something.
And so we, we built an entireSalesforce system that manages
that, that whole process,process, so we don't miss
(06:08):
trigger dates.
And then we do, I don't know,we do about 50 million in
construction on a yearly basis,and that's.
You know.
New pads, new buildings.
We're under construction nowfor a new target in Wilmington,
north Carolina, in yourneighborhood.
Speaker 1 (06:25):
Yes, sir.
Speaker 2 (06:26):
And so that's all tied into our systems and
processes as well.
Speaker 1 (06:33):
And it's really interesting because there are so
many that go through thisprocess and to get to your level
is extremely difficult.
So you know a lot of people canstart getting into development.
But when you try and verticallyintegrate, this becomes not
just a little real estate firmwhere you have a couple of
(06:53):
people.
You can get some VA assistance.
You're running a full operationonce you vertically integrate.
And so when we're talking thesebig deals that you're putting
together, when you transitionedout from the grocer anchors to
the retail, what was the biggestdifference you saw in
(07:14):
operational and the ability forgrowth?
Speaker 2 (07:18):
Well, so a couple of comments.
Number one the grocery businessis very, very low margins, and
so when we were in the grocerybusiness, you have to operate
super efficiently in order tomake money.
And it's similar in ourbusiness In construction.
You know one little miss and wecould be off $100,000.
And so you have to be really,you have to be really efficient
(07:41):
from an operation basis in orderto make sure you don't miss
anything, that you're deliveringwhat you've promised to deliver
to your customers.
I mean, you know it's probablysimilar to your construction
business as well, where you needto be customer centric.
You know our customers are ourtenants, our investors.
You know our constituents.
(08:02):
We've got entitlement issuesright.
So we all have entitlementissues on development and
whether that's dealing with themunicipalities, with the DOTs,
you know those are reallyimportant components that you
have to manage efficiently, andso we've got a whole group of
people that continuously managethat process.
(08:23):
We're doing subdivisions ondevelopment and we're doing
subdivisions on out parcels, andwe're always in various
municipalities, and so thosepieces and the efficiency in
which you're able to handle themhelp to fuel your growth,
because the market rewardspeople who perform and do what
(08:47):
they say they're going to do,and so everybody says, oh, I
could have done that, I could dothat.
But then you know, at the endof the day it's those people who
do what they say they're goingto do and continuously do that
over a long period of time, arethose people who actually do the
new buildings, who get awardedthe contracts, who are able to
(09:09):
grow their business.
Speaker 1 (09:11):
Absolutely.
Yeah, this is a marathon andreputation is everything.
A marathon and reputation iseverything.
So when you're dealing withthese large retailers, you know
it's all about performing onwhat you say you're going to do
over and over and over again.
And so I have a quick questionwhen you're going through this,
you know one of the biggestchallenges on timelines is
(09:31):
getting through that entitlement.
When you're going to thesedifferent areas, dealing with
different municipalities and youhave, you know, dot to deal
with there's constant differentchallenges that you run up with.
Do you guys have your owndesign team that works on your
civil, or do you always farmthat out?
(09:53):
Or do you in-house civil designwork in order to move
entitlement through faster?
Speaker 2 (09:59):
No, we farm it out.
So we have a group of partnersthat we use on a consistent
basis that we've dealt with formany years.
We also sometimes use a localexpediter, which may be a little
bit more costly but certainlyefficient in terms of getting
(10:20):
things done.
I mean, a lot of times we'vegot tenants who are doing their
build outs, and the tenants youknow need really help from us
because they're either sometimesthey're mom and pops and
they're building out a new store, sometimes they're nationals,
but they're franchised and thefranchisee needs help, and so
(10:41):
everybody's goal is to get atenant up, built and operating
and paying rent as fast aspossible.
And so if we can shorten thattime and we track the time so we
track from the time a tenantcalls us to when we sign the
lease, to when we start anddeliver their space, to when
they get open and when theystart paying rent, and we use
(11:02):
that as one of our KPI metricsis to look at squeezing those
timeframes down, because everyweek saved where we can deliver
quicker is a week faster wereceive rent and it's a better
outcome for us and for ourinvestor group.
Speaker 1 (11:22):
Absolutely.
And so to speak to that forpeople who aren't so familiar,
when you're going through andwhen we're talking through this,
so when you're going, he'sgoing through entitlement,
building the shell, he's gettinga lease tenant though it's a,
let's say it's a nationalfranchise, the tenant, the
franchisee he may's say it's anational franchise, the tenant,
(11:43):
the franchisee, he may havenever opened one of these
franchises before.
So Jeff's having to walk themthrough the whole process of
opening this and you're tryingto get all of this done and
you're at one.
You're at an advantage becausewhen you're doing the show, you
can get a portion of that upfitgoing and you already have the
trades there, so you're morecost efficient.
So you have an advantage whenyou're doing that, which is a
great reason to verticallyintegrate the construction to
your development.
(12:03):
But so, yes, to speak to allthis every single week makes a
difference to you to get thatrent earlier because you know
the client probably, based onthe lease agreement, doesn't
have to pay rent till you get aCEO and they're ready to occupy.
So all these things in orderfor you to make money.
You can really make a lot moremoney or really lose a lot of
(12:24):
money based on just a couplemonths turns into quite a bit of
money when you're dealing withthis amount.
Speaker 2 (12:31):
Yeah, yeah.
And actually what's also kindof interesting to remember in
the real estate business, thelandlord is often looked at like
a bank right, and so you knowthat the landlord provides
certain.
We call it tenant dollars rightwhen we'll provide X dollars,
(12:54):
and so typically a tenant may bespending our money, and so our
goal is to make sure thatthey're open faster, because
it's our money that we're givingthem to improve the space, but
we don't start getting a returnon our money until they start
paying rent.
Speaker 1 (13:11):
Right, absolutely, and a lot of these.
They'll want an agreement wherethey are not paying rent for a
few months, even after they getin the space.
So not only are the tenantsasking you to front them money
with the tenant improvementallowance, then they'll want,
you know, three or four monthsrent.
So these things can really putyou in a pinch if you don't hit
that timeline.
And, yeah, you're reallyinvested in and you know, the
(13:35):
shocking thing is some of thepeople that don't have a lot of
experience, that don't have, youknow multiple locations already
, they think the tenantimprovement allowance is
supposed to cover, you know,half their bill or something you
know, and then they want themoney for free.
They don't quite understand theamount of risk and overhead
you're putting in, because whenyou put in those short term
(13:55):
tenants, if they don't survivethe five or seven year lease
agreement, you know they go out,they fall out.
You have to retenant that space.
The new tenant doesn't wantthat build out.
They're wanting TI again.
Speaker 2 (14:10):
That's right, that's right.
And we, you know, we ownseveral of our own office
buildings where we, where we?
We have an office building inCharlotte, an office building in
the state of New York and thensome additional office buildings
, and the office market,surprisingly, is even worse.
Speaker 1 (14:26):
Right, I don't know if you know much about building
in the office building market.
Speaker 2 (14:30):
But, holy mackerel, you could spend.
Every office tenant wants acomplete build out from scratch
and everybody's different.
And you do this build out andsomeone leaves in two years and
you've spent money where you'regoing to only recoup it over a
five year period, and now you'retwo years in and you lose the
(14:51):
balance of your investment andyou have to reinvest for another
office tenant, and so retail issimilar to that not as bad, but
retail is similar.
Where you're right.
If a tenant goes out ofbusiness, we have that.
Now we have a tenant that wepaid a TI package to.
They can't afford for us to paythem and they pay the
(15:13):
contractor, so we actually hadthe contract assigned to us and
we pay the contract directly.
There are those scenarios aswell.
Speaker 1 (15:22):
Yeah, that happens quite a bit actually with any of
the newer franchisees or justmom and pops there.
They run into that quite a bit.
So that is something you needto do your due diligence
whenever you are leasing outspace, uh, to the mom and pops,
to make sure they're financiallyable to cover what they're
(15:45):
signing on the line for you knowthey.
It's easy for someone whodoesn't have a ton of money to
go sign these things.
So you really have to do yourdue diligence, even if you're
trying to fill a space slowly,slow to approve anyone in the
space, because, like we'retalking about someone, like you
guys, you could really putyourself in a pinch.
If you have two or three ofthose tenants fall apart, that
(16:08):
turns into quite a bit of money,especially if we're talking
about a 20,000 square foot space.
This is no small thing when itfalls apart, right.
Speaker 2 (16:16):
Right, yeah, and that's that.
That's part of our build out inSalesforce.
So when someone comes in, they,they get a lease.
The leasing company then pushesit through Salesforce to credit
Credit, will run backgroundchecks and credit, come back
with an approval or denial orsay something like you need
another guarantor or you needyou know X, and then they'll go
(16:39):
back.
They'll go back, be pushed backto the leasing individual and
they'll say all right, you knowwe can't, we can't approve you
with your credit.
You're, you know, and theydon't see credit scores or
leasing folks.
I mean, it's only through ourcredit department that they,
they see credit scores, they seecredit scores, but the leasing
(17:04):
team and the team who are askingfor credit checks will get a
red or a yellow or a green or agreen with a personal guarantee
or a green with no guarantee orthose types of things.
And really, really important tounderstand the risk that you're
taking when we as bankers youknow we're landlords, but we're
bankers provide capital to ourtenants.
Speaker 1 (17:26):
Right, and so let's.
On the reverse side of that, wecould go to someone like when
you mentioned Target, some ofthese bigger retailers.
So it's a flip difference onthat.
That incorporates your risk aswell, because for them they want
much lower rent.
They want you to get theirspace to a certain portion.
They don't want a TI, they wantthe space built out to a
(17:50):
certain extent, then turned overto them and they just have
their portions come in right.
So could you speak to that tosomeone understand?
That's a.
That's a whole differentballgame.
Speaker 2 (18:00):
So with the bigger retailers, yeah, so, for example
, we're under construction for atarget project in Monkey
Junction, right near you guys inWilmington, north Carolina, and
Target bought their land fromus as part of the as part of it.
They don't want us to buildtheir building, though.
(18:22):
They're building their ownbuilding, but they want us to
create the site, put the parkinglot in, parking lot lights, put
all the access in, do the offsites, which we're doing that
and then once we complete them Ithink it's going to be done
very shortly then we turn itover to them and they'll start
(18:42):
building their store.
And they don't want us to buildtheir store because their cost
of capital is a lot less thanours.
I mean, if you think about it,we're borrowing money at what
everybody else is borrowingmoney 6%, 7%, whatever it is
today, seven and a half butTarget's borrowing money at four
, three and a half, whatevertheir you know, their corporate
internal rate charges, and sothey can borrow money a lot less
(19:06):
than we can.
And so they're all buildingtheir own stores.
And a lot of times we do a lotof pad sites.
We do a lot of ground rentswhere the tenant just wants us
to say here's your piece of dirt, it's got sewer water, electric
to a specific place you'vedesignated.
(19:28):
We've finished all the parkingand the easements are in place.
Now tenant just spends theirown dollars.
A national tenant usually spendstheir own dollars and just
builds their space.
We're doing that with inHouston, texas, as a shopping
center we own.
We're putting in a Twin Peaksto replace a TGI Fridays and
(19:53):
it's the same thing.
It's a ground rent.
They're taking the TGI Fridaysbuilding they're going to I
don't know if they're going totake it down or redo it, but
from our point of view we justhave a ground lease.
Speaker 1 (20:07):
So for those that don't understand ground lease,
could you go through that,Jeffrey, just so someone
understands the difference inyou guys doing a ground lease
versus selling the out parcel.
Speaker 2 (20:18):
Sure.
So when we do a ground lease,we basically sign a lease a
long-term lease, and usuallyit's 20 plus years with a
national tenant who then buildsand owns their own building.
So they actually so we own theground underneath it.
They build the building At theend of the lease term.
The building belongs to us,right, but their cost of capital
(20:41):
is much less and we wouldcharge a lot more rent for us to
build the building.
So right now our rent is basedupon the cost of that dirt.
So if it's a million dollarsthat we assume on the market
piece of dirt, we may charge$100,000 a year for that million
dollars or some return metricsthat we're looking for and not
(21:05):
build a building.
And for us, we like groundleases.
I mean, they're easy to handle,you don't have to worry about
building issues and there areaccess agreements related to
those that the tenant still hasall the access to parking and
driveways or whatever.
And if we had sold that pieceto the tenant instead, we would
(21:30):
then not get the benefit of along-term tenant as part of the
shopping center.
And when someone owns their ownpiece, they can do whatever
they want with it.
And a lot of times we want tomake sure we understand what the
use of that space is going tobe right.
And so because if we sell a Idon't know like the TGI Fridays
(21:51):
if that was a TGI Fridays and wesold that to TGI Fridays and
they're in bankruptcy or theyclose the store, we can't
control what actually goes there.
Right, tgi Fridays could put upI don't know anything that they
want there, but if we own andand have a ground lease, we can
control what actually ends upreplacing tjf fridays right,
(22:14):
because this could ruin you.
Speaker 1 (22:15):
You're having a full center behind you.
You have these out parcels infront.
You get somebody to go in thereand does some piece of junk, or
like a garden center whereyou've got something that
doesn't make any sense.
Uh, that matches up, you knowit.
It will deter traffic into thecenter, and so this is a smart
maneuver to hold on to make surethat the because not only does
(22:37):
that outpost you want to keepthat filled, but when you start
getting different types oftenants, then your major
retailers behind you might saywell, we're getting terrible
traffic through here, so now wedon't want to renew.
So it could, it could spoil thewhole entire master site.
Speaker 2 (22:55):
But I will.
I will tell you that there aresome out parcels that we do sell
.
So we own some Chick-fil-A's.
We sold those.
We own, you know some, someuses that we don't think will
change over a very long periodof time.
And if we can build aChick-fil-A for a million
dollars and sell it for amillion and a half, you know
(23:17):
maybe then we know the use won'tchange that could be a benefit
if we like a bank.
So currently we're underconstruction with a Wells Bank
and we have that in the marketto be sold with a Wells Bank and
we have that in the market tobe sold, and so we build it to a
certain cap rate, right or cost, and we understand that we're
probably going to sell it at adifferent cost and give us a
(23:40):
little bit of a you know, a niceprofit.
Now, some of the retailersreally, as you mentioned earlier
, a lot of the retailers controlthe amount of profit you can
make and so you know they'rereally controlling in terms of
your ability to make money.
And you know many of thesupermarkets if you're building
new supermarkets, many of thesupermarket companies control
(24:01):
your profit.
Many of the major retailers fornew development controlled your
profit, and so it used to be.
You know 15, 20 years ago thatit was more profitable than it
is today.
Speaker 1 (24:16):
Yeah, especially right now with the inflation,
because those retailers, theydon't want to go up on the
amount that they're spending.
So there's a crunch there.
You know the land price is up,so they don't.
You know you get your profit alot of times from getting a
great land price, but the landprices are up, right.
So that's crunched.
You then the constructionnumbers up.
(24:36):
Uh, let's say it's up 20, theretailer might go up 10, right.
So there's a variation there inhow much more.
And they're saying, yes, well,this is the max we're going to
pay for you to get this site tothis point, or get the site and
the shell built and hand it overto us and this is the set we're
paying.
So then to your point.
You have to figure that all upand that really, you know you
(24:59):
have investors that just want togo and buy that because you
know you'll walk into a 20 yearlease and so they just, you know
, at a cap rate, want to buythat cashflow.
So there's a lot of pressure onyou to go in there and build it
at the number.
Um, you know, and you don'tknow if you have unforeseens
that come up underground.
Those things don't matter tothem.
(25:19):
That's your problem.
So all you're going in at atight margin.
All of a sudden you couldreally lose your tail.
So it takes a lot of courage todo what you're doing, jeffrey,
and so that's amazing.
Now, if people do you let's sayyou had a developer that wants
you to go find him some land andbuild him Do you, do you ever
(25:42):
do that?
Or is everything just for yourcompany only?
Speaker 2 (25:46):
We do that on a very limited basis and so that's not
a big part of our business.
But, you know, sometimes wecan't.
Even so, sometimes we ownproperty where we want to
develop, but we, because of ourcost of capital, it doesn't make
sense for us and so we actuallysell it to a national you know
(26:07):
Hardee's developer, or anational, you know Chick-fil-A
developer, if there is one or anational McDonald's developer,
right.
And so because they can buildit, if they have a relationship
with McDonald's or arelationship with Hardee's or a
relationship, and they have theplans and they have the exact
(26:28):
costs related and they can do itcheaper, more consistently than
we can.
And you know, for us to make,uh, in a two million dollar
investment, for us to make ahundred thousand dollars, it's
very, you know it's not, it'snot very appealing?
Speaker 1 (26:43):
no, not very, because the risk is.
Speaker 2 (26:46):
we don't know that business well enough and we just
made a hundred thousand dollarmistake and you know whereas a
national developer for you know,for one of those you know quick
service restaurants.
They do it day in and day out.
Speaker 1 (27:02):
Day in and day out.
And I will tell you, they havethose things so tight.
There is not more than ahundred thousand on a two
million build out.
I can tell you that.
So you are, oh, really, is that, is that?
So is that stamp?
Because that's, you know,that's what we were looking at.
Speaker 2 (27:14):
I'm like I passed on it.
I'm like, listen, we own thedirt.
Well, I'd rather sell the dirtto someone who's uh, willing to,
who does that day in a day.
We don't do this day in daylike we don't.
We don't build 50 of these ayear.
We don't do this day in and dayout.
We don't build 50 of these ayear.
We don't build 20 of them.
We build two.
Right, I'd rather let someonewho builds 50 of these a year do
(27:37):
it Much smarter.
Speaker 1 (27:39):
Yeah, it's a niche.
It's the Starbucks, theHardee's, the McDonald's, even
the Chick-fil-A's, all of them,the Freddy's Frozen Custard's, a
lot of these that are reallygrowing and expanding right now.
It is extremely difficult withthe way numbers have moved right
now and, as I was speaking toearlier, these people, they
don't want to go up on theirnumber.
(27:59):
So there is these things thathave tightened up so much so the
labor that you have to get isinadequate to perform the work
that's needed on these spaces.
So you really get yourself in abind because you've got to hit
timelines and dates and then youhave, in order to make the
numbers work, you have to useinadequate subcontractors and
(28:22):
labor forces to hit your number.
That can't hit the timelines,don't have, don't have the crews
to perform the work as promised.
So, yeah, you're you're smart tonot get into that, and so
anybody looking to get intothose things be very cautious.
Uh, we don't want you to getinjured.
So, jeffrey, thank you so muchfor joining us today.
(28:43):
Uh, we'd love to get you backon talk some more, and I
appreciate your time today.
If someone wants to reach outto you directly, what's the best
way to get in touch with you?
Speaker 2 (28:52):
They can reach me by email at jrosenberg, at bigvcom.
They can go to our website,bigvcom, and I think all our
various contact information isthere as well and if you'd like
to learn more about you knowwhat we do in terms of our
development program, ourconstruction, as I mentioned
(29:13):
earlier, we do about 50 milliona year in construction projects,
which is, you know, fairlydecent.
It's not big, but it's notsmall, and so we are always
looking for ways to improve.
Speaker 1 (29:27):
Absolutely, and so also if you have some good land
opportunities that you'd want toshare with Jeffrey.
Jeffrey, where all do youinvest?
Speaker 2 (29:35):
All across the South, so Southeast, southwest.
We own assets from the EastCoast all the way across to
Arizona, and so we're looking tocontinue to invest in the
Southern part of the US, and sowe're looking to continue to
invest in the southern part ofthe US, absolutely and mainly
just retail, correct, jeffrey.
Yeah, we own some like I own acouple of office buildings.
(29:58):
We own I own some multifamilyon some single family, but right
now our focus is really, youknow, open air retail centers.
Speaker 1 (30:09):
Fantastic.
Well, it's been a pleasurehaving you on.
It's a lot of great informationfor anybody that's, you know,
interested in retail developmentand growing their business in
that route.
So, jeffrey, thank you so muchfor joining us.
Speaker 2 (30:22):
sir, I really appreciate it All right, will do
.
Speaker 1 (30:25):
Have a great day, sir .
Speaker 2 (30:26):
You too.
Bye now.
Speaker 1 (30:27):
Bye-bye.
Welcome to Timeless Building and Business Strategies
.
This is Tony Johnson.
I'm here today with JeffreyRosenberg from Big V Properties.
Jeffrey, thank you so much forjoining us.
Speaker 2 (00:10):
Happy to be here, Tony.
Speaker 1 (00:13):
So, Jeffrey, could you first give everyone a
background on you and how yougot into real estate and
development?
Speaker 2 (00:20):
Sure, sure, I'll give you my quick elevator speech.
My grandfather started a cornergrocery store in 1942.
He opened a bigger store in1952.
And funny story he actuallysold 6% savings bonds to all of
his customers to raise thecapital.
I would consider one of thefirst crowdsource funded
(00:44):
companies out there.
And I remember back in 19, Iwant to say 85, he was telling
me it was the last bond to bepaid off from the 50s Because it
was a 30 year.
He sold 30 year $100, 6%savings bonds to all of his
customers to raise the capital.
But he opened up a second storeand that grew into a fairly
(01:07):
large supermarket business.
We sold the supermarket companyin 1987, kept the real estate.
We owned a host of shoppingcenters plus the supermarkets in
them, and then over the yearswe have transitioned our assets
to the south and southeast andsouthwest parts of the United
States.
We are completely verticallyintegrated.
(01:30):
Today we have about 10 millionsquare feet in about 14 states
across the US.
Speaker 1 (01:38):
Wow, amazing.
So could you tell us how Big Vevolved over time to stay ahead
of the market and grow?
Speaker 2 (01:46):
Well, we started as a supermarket company.
We owned all of the real estateand so we were always in the
real estate business.
We sold the supermarket companyand, as I mentioned, we
transitioned our assets to theSouth.
But as we've grown as a realestate company, we started off
(02:07):
in the beginning I was buyingsmall $2 million, $3 million
shopping centers, $5 millionshopping centers, mostly strip
supermarket anchored.
We grew and modified ouracquisition targets to a larger
format center back in, let's say, probably started in 2015,
(02:30):
where we started to focus moreon the 20 to $30 million open
air centers, and then we grewthat portfolio and continue to
look at higher and betterproperties and so, at the end of
the day, most of ouracquisitions were best in class
open air, usually target or orWalmart anchored centers in the
(02:56):
best part of the retail marketwithin a high growth demographic
market, and so our acquisitionsrange from, you know, a $50
million center up to we'vepurchased up to $200 million.
Speaker 1 (03:13):
So that is a ton of growth and I know we've spoken
briefly prior to this and beforeyou know, you were at the two
to $3 dollar mark and now you'reat the 50 to 200.
And what you stated, which Ithink, is profound and when
anyone's trying to scale thatmuch, you really have to set up
(03:34):
systems and processes to be ableto get to that level and not be
falling apart, chasing yourtail and be completely
unorganized and have some thingscollapse upon you, chasing your
tail and be completelyunorganized and have some things
collapse upon you.
Could you walk everyone throughhow you set up everything prior
to getting to that level and tomake it a smoother transition
for growth?
Speaker 2 (03:53):
Sure.
So when we were really small,we actually decided to invest in
a much bigger system.
So there are two basic systemsin the industry today for
managing our types of products.
There's MRI and Yardi, and sowe chose Yardi as our base, but
we chose their biggest system.
(04:14):
So we did not use the Yardistarting system or whatever.
We chose the biggest Yardisystem that was out there
because I always knew that weneeded room to grow, because
every time we add a shoppingcenter to our portfolio, there
is no impact to our operationsand so when you think about the
(04:34):
complexity of that rightonboarding new tenants, accounts
, payable accounts, receivablethere is no organizational
impact to the addition ofadditional square footage
because of the systems that wehave in place.
We've also invested heavily inSalesforce and some people like
Salesforce, some people don't,but we've developed our own
(04:57):
Salesforce applications over thelast 10 years.
That really helps to manage ourentire leasing process and it
manages our legal process andmanages the entire system and is
fully convergent with Yardi.
So we have it set up so itcommunicates back and forth with
(05:22):
Yardi so that we are asefficient as possible in
managing our business.
And as you know, in the retailside you know it's a very, very
detail oriented business and youknow when we're doing a build
out and you're in construction.
So you know, you've gottimelines, you've got.
You know you've got varioustrigger dates.
(05:44):
If you have to approve a planwithin 10 days.
If you don't approve the plan,then it's automatically deemed
approved, and if you, you knowso the whole, those whole
trigger dates which, can youknow, potentially really screw
you up if you miss something.
And so we, we built an entireSalesforce system that manages
that, that whole process,process, so we don't miss
(06:08):
trigger dates.
And then we do, I don't know,we do about 50 million in
construction on a yearly basis,and that's.
You know.
New pads, new buildings.
We're under construction nowfor a new target in Wilmington,
north Carolina, in yourneighborhood.
Speaker 1 (06:25):
Yes, sir.
Speaker 2 (06:26):
And so that's all tied into our systems and
processes as well.
Speaker 1 (06:33):
And it's really interesting because there are so
many that go through thisprocess and to get to your level
is extremely difficult.
So you know a lot of people canstart getting into development.
But when you try and verticallyintegrate, this becomes not
just a little real estate firmwhere you have a couple of
(06:53):
people.
You can get some VA assistance.
You're running a full operationonce you vertically integrate.
And so when we're talking thesebig deals that you're putting
together, when you transitionedout from the grocer anchors to
the retail, what was the biggestdifference you saw in
(07:14):
operational and the ability forgrowth?
Speaker 2 (07:18):
Well, so a couple of comments.
Number one the grocery businessis very, very low margins, and
so when we were in the grocerybusiness, you have to operate
super efficiently in order tomake money.
And it's similar in ourbusiness In construction.
You know one little miss and wecould be off $100,000.
And so you have to be really,you have to be really efficient
(07:41):
from an operation basis in orderto make sure you don't miss
anything, that you're deliveringwhat you've promised to deliver
to your customers.
I mean, you know it's probablysimilar to your construction
business as well, where you needto be customer centric.
You know our customers are ourtenants, our investors.
You know our constituents.
(08:02):
We've got entitlement issuesright.
So we all have entitlementissues on development and
whether that's dealing with themunicipalities, with the DOTs,
you know those are reallyimportant components that you
have to manage efficiently, andso we've got a whole group of
people that continuously managethat process.
(08:23):
We're doing subdivisions ondevelopment and we're doing
subdivisions on out parcels, andwe're always in various
municipalities, and so thosepieces and the efficiency in
which you're able to handle themhelp to fuel your growth,
because the market rewardspeople who perform and do what
(08:47):
they say they're going to do,and so everybody says, oh, I
could have done that, I could dothat.
But then you know, at the endof the day it's those people who
do what they say they're goingto do and continuously do that
over a long period of time, arethose people who actually do the
new buildings, who get awardedthe contracts, who are able to
(09:09):
grow their business.
Speaker 1 (09:11):
Absolutely.
Yeah, this is a marathon andreputation is everything.
A marathon and reputation iseverything.
So when you're dealing withthese large retailers, you know
it's all about performing onwhat you say you're going to do
over and over and over again.
And so I have a quick questionwhen you're going through this,
you know one of the biggestchallenges on timelines is
(09:31):
getting through that entitlement.
When you're going to thesedifferent areas, dealing with
different municipalities and youhave, you know, dot to deal
with there's constant differentchallenges that you run up with.
Do you guys have your owndesign team that works on your
civil, or do you always farmthat out?
(09:53):
Or do you in-house civil designwork in order to move
entitlement through faster?
Speaker 2 (09:59):
No, we farm it out.
So we have a group of partnersthat we use on a consistent
basis that we've dealt with formany years.
We also sometimes use a localexpediter, which may be a little
bit more costly but certainlyefficient in terms of getting
(10:20):
things done.
I mean, a lot of times we'vegot tenants who are doing their
build outs, and the tenants youknow need really help from us
because they're either sometimesthey're mom and pops and
they're building out a new store, sometimes they're nationals,
but they're franchised and thefranchisee needs help, and so
(10:41):
everybody's goal is to get atenant up, built and operating
and paying rent as fast aspossible.
And so if we can shorten thattime and we track the time so we
track from the time a tenantcalls us to when we sign the
lease, to when we start anddeliver their space, to when
they get open and when theystart paying rent, and we use
(11:02):
that as one of our KPI metricsis to look at squeezing those
timeframes down, because everyweek saved where we can deliver
quicker is a week faster wereceive rent and it's a better
outcome for us and for ourinvestor group.
Speaker 1 (11:22):
Absolutely.
And so to speak to that forpeople who aren't so familiar,
when you're going through andwhen we're talking through this,
so when you're going, he'sgoing through entitlement,
building the shell, he's gettinga lease tenant though it's a,
let's say it's a nationalfranchise, the tenant, the
franchisee he may's say it's anational franchise, the tenant,
(11:43):
the franchisee, he may havenever opened one of these
franchises before.
So Jeff's having to walk themthrough the whole process of
opening this and you're tryingto get all of this done and
you're at one.
You're at an advantage becausewhen you're doing the show, you
can get a portion of that upfitgoing and you already have the
trades there, so you're morecost efficient.
So you have an advantage whenyou're doing that, which is a
great reason to verticallyintegrate the construction to
your development.
(12:03):
But so, yes, to speak to allthis every single week makes a
difference to you to get thatrent earlier because you know
the client probably, based onthe lease agreement, doesn't
have to pay rent till you get aCEO and they're ready to occupy.
So all these things in orderfor you to make money.
You can really make a lot moremoney or really lose a lot of
(12:24):
money based on just a couplemonths turns into quite a bit of
money when you're dealing withthis amount.
Speaker 2 (12:31):
Yeah, yeah.
And actually what's also kindof interesting to remember in
the real estate business, thelandlord is often looked at like
a bank right, and so you knowthat the landlord provides
certain.
We call it tenant dollars rightwhen we'll provide X dollars,
(12:54):
and so typically a tenant may bespending our money, and so our
goal is to make sure thatthey're open faster, because
it's our money that we're givingthem to improve the space, but
we don't start getting a returnon our money until they start
paying rent.
Speaker 1 (13:11):
Right, absolutely, and a lot of these.
They'll want an agreement wherethey are not paying rent for a
few months, even after they getin the space.
So not only are the tenantsasking you to front them money
with the tenant improvementallowance, then they'll want,
you know, three or four monthsrent.
So these things can really putyou in a pinch if you don't hit
that timeline.
And, yeah, you're reallyinvested in and you know, the
(13:35):
shocking thing is some of thepeople that don't have a lot of
experience, that don't have, youknow multiple locations already
, they think the tenantimprovement allowance is
supposed to cover, you know,half their bill or something you
know, and then they want themoney for free.
They don't quite understand theamount of risk and overhead
you're putting in, because whenyou put in those short term
(13:55):
tenants, if they don't survivethe five or seven year lease
agreement, you know they go out,they fall out.
You have to retenant that space.
The new tenant doesn't wantthat build out.
They're wanting TI again.
Speaker 2 (14:10):
That's right, that's right.
And we, you know, we ownseveral of our own office
buildings where we, where we?
We have an office building inCharlotte, an office building in
the state of New York and thensome additional office buildings
, and the office market,surprisingly, is even worse.
Speaker 1 (14:26):
Right, I don't know if you know much about building
in the office building market.
Speaker 2 (14:30):
But, holy mackerel, you could spend.
Every office tenant wants acomplete build out from scratch
and everybody's different.
And you do this build out andsomeone leaves in two years and
you've spent money where you'regoing to only recoup it over a
five year period, and now you'retwo years in and you lose the
(14:51):
balance of your investment andyou have to reinvest for another
office tenant, and so retail issimilar to that not as bad, but
retail is similar.
Where you're right.
If a tenant goes out ofbusiness, we have that.
Now we have a tenant that wepaid a TI package to.
They can't afford for us to paythem and they pay the
(15:13):
contractor, so we actually hadthe contract assigned to us and
we pay the contract directly.
There are those scenarios aswell.
Speaker 1 (15:22):
Yeah, that happens quite a bit actually with any of
the newer franchisees or justmom and pops there.
They run into that quite a bit.
So that is something you needto do your due diligence
whenever you are leasing outspace, uh, to the mom and pops,
to make sure they're financiallyable to cover what they're
(15:45):
signing on the line for you knowthey.
It's easy for someone whodoesn't have a ton of money to
go sign these things.
So you really have to do yourdue diligence, even if you're
trying to fill a space slowly,slow to approve anyone in the
space, because, like we'retalking about someone, like you
guys, you could really putyourself in a pinch.
If you have two or three ofthose tenants fall apart, that
(16:08):
turns into quite a bit of money,especially if we're talking
about a 20,000 square foot space.
This is no small thing when itfalls apart, right.
Speaker 2 (16:16):
Right, yeah, and that's that.
That's part of our build out inSalesforce.
So when someone comes in, they,they get a lease.
The leasing company then pushesit through Salesforce to credit
Credit, will run backgroundchecks and credit, come back
with an approval or denial orsay something like you need
another guarantor or you needyou know X, and then they'll go
(16:39):
back.
They'll go back, be pushed backto the leasing individual and
they'll say all right, you knowwe can't, we can't approve you
with your credit.
You're, you know, and theydon't see credit scores or
leasing folks.
I mean, it's only through ourcredit department that they,
they see credit scores, they seecredit scores, but the leasing
(17:04):
team and the team who are askingfor credit checks will get a
red or a yellow or a green or agreen with a personal guarantee
or a green with no guarantee orthose types of things.
And really, really important tounderstand the risk that you're
taking when we as bankers youknow we're landlords, but we're
bankers provide capital to ourtenants.
Speaker 1 (17:26):
Right, and so let's.
On the reverse side of that, wecould go to someone like when
you mentioned Target, some ofthese bigger retailers.
So it's a flip difference onthat.
That incorporates your risk aswell, because for them they want
much lower rent.
They want you to get theirspace to a certain portion.
They don't want a TI, they wantthe space built out to a
(17:50):
certain extent, then turned overto them and they just have
their portions come in right.
So could you speak to that tosomeone understand?
That's a.
That's a whole differentballgame.
Speaker 2 (18:00):
So with the bigger retailers, yeah, so, for example
, we're under construction for atarget project in Monkey
Junction, right near you guys inWilmington, north Carolina, and
Target bought their land fromus as part of the as part of it.
They don't want us to buildtheir building, though.
(18:22):
They're building their ownbuilding, but they want us to
create the site, put the parkinglot in, parking lot lights, put
all the access in, do the offsites, which we're doing that
and then once we complete them Ithink it's going to be done
very shortly then we turn itover to them and they'll start
(18:42):
building their store.
And they don't want us to buildtheir store because their cost
of capital is a lot less thanours.
I mean, if you think about it,we're borrowing money at what
everybody else is borrowingmoney 6%, 7%, whatever it is
today, seven and a half butTarget's borrowing money at four
, three and a half, whatevertheir you know, their corporate
internal rate charges, and sothey can borrow money a lot less
(19:06):
than we can.
And so they're all buildingtheir own stores.
And a lot of times we do a lotof pad sites.
We do a lot of ground rentswhere the tenant just wants us
to say here's your piece of dirt, it's got sewer water, electric
to a specific place you'vedesignated.
(19:28):
We've finished all the parkingand the easements are in place.
Now tenant just spends theirown dollars.
A national tenant usually spendstheir own dollars and just
builds their space.
We're doing that with inHouston, texas, as a shopping
center we own.
We're putting in a Twin Peaksto replace a TGI Fridays and
(19:53):
it's the same thing.
It's a ground rent.
They're taking the TGI Fridaysbuilding they're going to I
don't know if they're going totake it down or redo it, but
from our point of view we justhave a ground lease.
Speaker 1 (20:07):
So for those that don't understand ground lease,
could you go through that,Jeffrey, just so someone
understands the difference inyou guys doing a ground lease
versus selling the out parcel.
Speaker 2 (20:18):
Sure.
So when we do a ground lease,we basically sign a lease a
long-term lease, and usuallyit's 20 plus years with a
national tenant who then buildsand owns their own building.
So they actually so we own theground underneath it.
They build the building At theend of the lease term.
The building belongs to us,right, but their cost of capital
(20:41):
is much less and we wouldcharge a lot more rent for us to
build the building.
So right now our rent is basedupon the cost of that dirt.
So if it's a million dollarsthat we assume on the market
piece of dirt, we may charge$100,000 a year for that million
dollars or some return metricsthat we're looking for and not
(21:05):
build a building.
And for us, we like groundleases.
I mean, they're easy to handle,you don't have to worry about
building issues and there areaccess agreements related to
those that the tenant still hasall the access to parking and
driveways or whatever.
And if we had sold that pieceto the tenant instead, we would
(21:30):
then not get the benefit of along-term tenant as part of the
shopping center.
And when someone owns their ownpiece, they can do whatever
they want with it.
And a lot of times we want tomake sure we understand what the
use of that space is going tobe right.
And so because if we sell a Idon't know like the TGI Fridays
(21:51):
if that was a TGI Fridays and wesold that to TGI Fridays and
they're in bankruptcy or theyclose the store, we can't
control what actually goes there.
Right, tgi Fridays could put upI don't know anything that they
want there, but if we own andand have a ground lease, we can
control what actually ends upreplacing tjf fridays right,
(22:14):
because this could ruin you.
Speaker 1 (22:15):
You're having a full center behind you.
You have these out parcels infront.
You get somebody to go in thereand does some piece of junk, or
like a garden center whereyou've got something that
doesn't make any sense.
Uh, that matches up, you knowit.
It will deter traffic into thecenter, and so this is a smart
maneuver to hold on to make surethat the because not only does
(22:37):
that outpost you want to keepthat filled, but when you start
getting different types oftenants, then your major
retailers behind you might saywell, we're getting terrible
traffic through here, so now wedon't want to renew.
So it could, it could spoil thewhole entire master site.
Speaker 2 (22:55):
But I will.
I will tell you that there aresome out parcels that we do sell
.
So we own some Chick-fil-A's.
We sold those.
We own, you know some, someuses that we don't think will
change over a very long periodof time.
And if we can build aChick-fil-A for a million
dollars and sell it for amillion and a half, you know
(23:17):
maybe then we know the use won'tchange that could be a benefit
if we like a bank.
So currently we're underconstruction with a Wells Bank
and we have that in the marketto be sold with a Wells Bank and
we have that in the market tobe sold, and so we build it to a
certain cap rate, right or cost, and we understand that we're
probably going to sell it at adifferent cost and give us a
(23:40):
little bit of a you know, a niceprofit.
Now, some of the retailersreally, as you mentioned earlier
, a lot of the retailers controlthe amount of profit you can
make and so you know they'rereally controlling in terms of
your ability to make money.
And you know many of thesupermarkets if you're building
new supermarkets, many of thesupermarket companies control
(24:01):
your profit.
Many of the major retailers fornew development controlled your
profit, and so it used to be.
You know 15, 20 years ago thatit was more profitable than it
is today.
Speaker 1 (24:16):
Yeah, especially right now with the inflation,
because those retailers, theydon't want to go up on the
amount that they're spending.
So there's a crunch there.
You know the land price is up,so they don't.
You know you get your profit alot of times from getting a
great land price, but the landprices are up, right.
So that's crunched.
You then the constructionnumbers up.
(24:36):
Uh, let's say it's up 20, theretailer might go up 10, right.
So there's a variation there inhow much more.
And they're saying, yes, well,this is the max we're going to
pay for you to get this site tothis point, or get the site and
the shell built and hand it overto us and this is the set we're
paying.
So then to your point.
You have to figure that all upand that really, you know you
(24:59):
have investors that just want togo and buy that because you
know you'll walk into a 20 yearlease and so they just, you know
, at a cap rate, want to buythat cashflow.
So there's a lot of pressure onyou to go in there and build it
at the number.
Um, you know, and you don'tknow if you have unforeseens
that come up underground.
Those things don't matter tothem.
(25:19):
That's your problem.
So all you're going in at atight margin.
All of a sudden you couldreally lose your tail.
So it takes a lot of courage todo what you're doing, jeffrey,
and so that's amazing.
Now, if people do you let's sayyou had a developer that wants
you to go find him some land andbuild him Do you, do you ever
(25:42):
do that?
Or is everything just for yourcompany only?
Speaker 2 (25:46):
We do that on a very limited basis and so that's not
a big part of our business.
But, you know, sometimes wecan't.
Even so, sometimes we ownproperty where we want to
develop, but we, because of ourcost of capital, it doesn't make
sense for us and so we actuallysell it to a national you know
(26:07):
Hardee's developer, or anational, you know Chick-fil-A
developer, if there is one or anational McDonald's developer,
right.
And so because they can buildit, if they have a relationship
with McDonald's or arelationship with Hardee's or a
relationship, and they have theplans and they have the exact
(26:28):
costs related and they can do itcheaper, more consistently than
we can.
And you know, for us to make,uh, in a two million dollar
investment, for us to make ahundred thousand dollars, it's
very, you know it's not, it'snot very appealing?
Speaker 1 (26:43):
no, not very, because the risk is.
Speaker 2 (26:46):
we don't know that business well enough and we just
made a hundred thousand dollarmistake and you know whereas a
national developer for you know,for one of those you know quick
service restaurants.
They do it day in and day out.
Speaker 1 (27:02):
Day in and day out.
And I will tell you, they havethose things so tight.
There is not more than ahundred thousand on a two
million build out.
I can tell you that.
So you are, oh, really, is that, is that?
So is that stamp?
Because that's, you know,that's what we were looking at.
Speaker 2 (27:14):
I'm like I passed on it.
I'm like, listen, we own thedirt.
Well, I'd rather sell the dirtto someone who's uh, willing to,
who does that day in a day.
We don't do this day in daylike we don't.
We don't build 50 of these ayear.
We don't do this day in and dayout.
We don't build 50 of these ayear.
We don't build 20 of them.
We build two.
Right, I'd rather let someonewho builds 50 of these a year do
(27:37):
it Much smarter.
Speaker 1 (27:39):
Yeah, it's a niche.
It's the Starbucks, theHardee's, the McDonald's, even
the Chick-fil-A's, all of them,the Freddy's Frozen Custard's, a
lot of these that are reallygrowing and expanding right now.
It is extremely difficult withthe way numbers have moved right
now and, as I was speaking toearlier, these people, they
don't want to go up on theirnumber.
(27:59):
So there is these things thathave tightened up so much so the
labor that you have to get isinadequate to perform the work
that's needed on these spaces.
So you really get yourself in abind because you've got to hit
timelines and dates and then youhave, in order to make the
numbers work, you have to useinadequate subcontractors and
(28:22):
labor forces to hit your number.
That can't hit the timelines,don't have, don't have the crews
to perform the work as promised.
So, yeah, you're you're smart tonot get into that, and so
anybody looking to get intothose things be very cautious.
Uh, we don't want you to getinjured.
So, jeffrey, thank you so muchfor joining us today.
(28:43):
Uh, we'd love to get you backon talk some more, and I
appreciate your time today.
If someone wants to reach outto you directly, what's the best
way to get in touch with you?
Speaker 2 (28:52):
They can reach me by email at jrosenberg, at bigvcom.
They can go to our website,bigvcom, and I think all our
various contact information isthere as well and if you'd like
to learn more about you knowwhat we do in terms of our
development program, ourconstruction, as I mentioned
(29:13):
earlier, we do about 50 milliona year in construction projects,
which is, you know, fairlydecent.
It's not big, but it's notsmall, and so we are always
looking for ways to improve.
Speaker 1 (29:27):
Absolutely, and so also if you have some good land
opportunities that you'd want toshare with Jeffrey.
Jeffrey, where all do youinvest?
Speaker 2 (29:35):
All across the South, so Southeast, southwest.
We own assets from the EastCoast all the way across to
Arizona, and so we're looking tocontinue to invest in the
Southern part of the US, and sowe're looking to continue to
invest in the southern part ofthe US, absolutely and mainly
just retail, correct, jeffrey.
Yeah, we own some like I own acouple of office buildings.
(29:58):
We own I own some multifamilyon some single family, but right
now our focus is really, youknow, open air retail centers.
Speaker 1 (30:09):
Fantastic.
Well, it's been a pleasurehaving you on.
It's a lot of great informationfor anybody that's, you know,
interested in retail developmentand growing their business in
that route.
So, jeffrey, thank you so muchfor joining us.
Speaker 2 (30:22):
sir, I really appreciate it All right, will do
.
Speaker 1 (30:25):
Have a great day, sir .
Speaker 2 (30:26):
You too.
Bye now.
Speaker 1 (30:27):
Bye-bye.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.