EPISODE · Nov 26, 2023 · 1H 14M
The World's Largest Owner of Small-Town Walmart Shadow Retail Centers | Jordan Breck
from T.U.T — The Unwritten Teachings · host Raj Tut
Raj Tut is joined by Jordan Breck, President and Partner of MRP Capital Group - the world's largest owner of small-town Walmart shadow anchored retail centers. Jordan, along with his partner, has developed and grown a niche commercial real estate strategy focused on retail. Since formulating the strategy, he has raised around $200 million from investors. Today, his company has around $125 million of capital deployed into 100 properties in 27 states, collectively worth around $350 million. Their current REIT structure has allowed for massive growth. Jordan has a unique perspective through which he views retail real estate. He maintains a vertically integrated operation from property management through to asset management. Listen to him share his strategy and how MRP executes at such a high level. On this episode, Raj and Jordan discuss: ⚫ His experience getting started in real estate with single tenant retail ⚫ Coming up with the niche strategy of buying retail centers in small towns next to Walmarts ⚫ How he evaluates markets ⚫ How he performs due diligence on properties ⚫ The types of tenants they try to bring to their centers and why ⚫ Forming a REIT and moving away from a fund structure ⚫ How they think about operations in a fast growing company Topics: 00:00 Intro 01:19 What MRP Capital Group is 02:10 Growing up in a suburb of St. Louis 03:20 Getting exposed to real estate in school 06:46 Getting started in real estate with an internship 09:07 Working for a company that was buying single tenant Dollar Generals 15:24 How him and his partner figured out their current strategy 18:26 The concept behind their chosen asset class 19:22 The most important factors they look at when evaluating a market 24:38 Due diligence and underwriting for specific properties 30:08 Current return targets 33:09 Their structure for raising capital 34:59 Types of deals they are seeing today 37:13 Why there's more competition in their asset class 39:07 The national tenants they target for their centers 43:20 The mom and pop tenants they target for their centers 46:14 Being vertically integrated and building operations infrastructure internally 53:27 How they decide to implement new tools in their organization 55:25 Jordan's role in the organization 58:26 Why they switched from a fund to a REIT 1:04:36 Debt options in retail real estate 1:07:49 Hole In One - Jordan's advice for you to improve your life and business Support our Sponsors: Storyboard Living - If you are looking to sell a multifamily property in the St. Louis region or Southern IL/MO please email [email protected] Follow Storyboard Living on LinkedIn - https://www.linkedin.com/company/storyboard-living/ Raj Tut on Social Media: Twitter: twitter.com/ItsRajTut LinkedIn: https://www.linkedin.com/in/rajtut/ Instagram: instagram.com/ItsRajTut TikTok: https://www.tiktok.com/@itsrajtut YouTube: https://www.youtube.com/ @ItsRajTut Learn More about Jordan Breck: https://mrpstl.com/ https://twitter.com/FlyoverCRE Leave a review on Apple: https://podcasts.apple.com/us/podcast/country-club-conversations/id1709895268 Leave a review on Spotify: https://open.spotify.com/show/4ovakj2lJMS7GLqgBdt766 #business #businessideas #multifamilyindustry #realestate #motivation #multifamily #entrepreneur #entrepreneurship #rajtut #raj-tut
What this episode covers
Raj Tut is joined by Jordan Breck, President and Partner of MRP Capital Group - the world's largest owner of small-town Walmart shadow anchored retail centers. Jordan, along with his partner, has developed and grown a niche commercial real estate strategy focused on retail. Since formulating the strategy, he has raised around $200 million from investors. Today, his company has around $125 million of capital deployed into 100 properties in 27 states, collectively worth around $350 million. Their current REIT structure has allowed for massive growth. Jordan has a unique perspective through which he views retail real estate. He maintains a vertically integrated operation from property management through to asset management. Listen to him share his strategy and how MRP executes at such a high level. On this episode, Raj and Jordan discuss: ⚫ His experience getting started in real estate with single tenant retail ⚫ Coming up with the niche strategy of buying retail centers in small towns next to Walmarts ⚫ How he evaluates markets ⚫ How he performs due diligence on properties ⚫ The types of tenants they try to bring to their centers and why ⚫ Forming a REIT and moving away from a fund structure ⚫ How they think about operations in a fast growing company Topics: 00:00 Intro 01:19 What MRP Capital Group is 02:10 Growing up in a suburb of St. Louis 03:20 Getting exposed to real estate in school 06:46 Getting started in real estate with an internship 09:07 Working for a company that was buying single tenant Dollar Generals 15:24 How him and his partner figured out their current strategy 18:26 The concept behind their chosen asset class 19:22 The most important factors they look at when evaluating a market 24:38 Due diligence and underwriting for specific properties 30:08 Current return targets 33:09 Their structure for raising capital 34:59 Types of deals they are seeing today 37:13 Why there's more competition in their asset class 39:07 The national tenants they target for their centers 43:20 The mom and pop tenants they target for their centers 46:14 Being vertically integrated and building operations infrastructure internally 53:27 How they decide to implement new tools in their organization 55:25 Jordan's role in the organization 58:26 Why they switched from a fund to a REIT 1:04:36 Debt options in retail real estate 1:07:49 Hole In One - Jordan's advice for you to improve your life and business Support our Sponsors: Storyboard Living - If you are looking to sell a multifamily property in the St. Louis region or Southern IL/MO please email [email protected] Follow Storyboard Living on LinkedIn - https://www.linkedin.com/company/storyboard-living/ Raj Tut on Social Media: Twitter: twitter.com/ItsRajTut LinkedIn: https://www.linkedin.com/in/rajtut/ Instagram: instagram.com/ItsRajTut TikTok: https://www.tiktok.com/@itsrajtut YouTube: https://www.youtube.com/ @ItsRajTut Learn More about Jordan Breck: https://mrpstl.com/ https://twitter.com/FlyoverCRE Leave a review on Apple: https://podcasts.apple.com/us/podcast/country-club-conversations/id1709895268 Leave a review on Spotify: https://open.spotify.com/show/4ovakj2lJMS7GLqgBdt766 #business #businessideas #multifamilyindustry #realestate #motivation #multifamily #entrepreneur #entrepreneurship #rajtut #raj-tut
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The World's Largest Owner of Small-Town Walmart Shadow Retail Centers | Jordan Breck
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