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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