There's no secret to Andrew Dunn's success in Commercial Real Estate! He just never stops showing up.

I sit down with Andrew Dunn, Co-Founder and Principal at VAC Development, affectionately known in the market as the Value Add Cowboys . Andrew is operating at an incredibly elite level in the middle-market commercial space across Las Vegas, Reno, and Phoenix, and he brings a masterclass in market awareness and execution to the microphone today . We dive into Andrew's transition from executing 75 intense residential turnarounds to commanding massive commercial assets. He pulls back the curtain on how his team successfully completed a 110,000-square-foot office-to-industrial conversion, generating an incredible exit . We also discuss why he prefers the granularity of unrated small business tenants over credit deals, how to successfully manage investor trust, and how pushing your physical limits in endurance sports prepares you to handle high-stakes commercial risk . Key Takeaways From This Episode: The Operating Arbitrage: Why treating your role as a general partner like an "information dealer" allows you to mitigate risks that scare away institutional cash . Granular Protection: How relying on a diversified base of essential, blue-collar logistics and fulfillment entrepreneurs keeps your cash flow completely AI-resistant . Creative Debt Structures: A raw look at borrowing at an 80% LTC debt fund structure at 11% interest to fully back your conviction when JV partners hesitate . Adapting Under Pressure: Why surviving a real estate cycle means abandoning "in-a-box" thinking, managing the bid-ask spread, and knowing when to "GTFO" before a market shifts . The Cowboy Creed: How Andrew and his partner skipped generic corporate branding to build a company that honors their scrappy, competitive, and agricultural roots . Whether you are looking to scale your own syndication model, break into the light manufacturing vertical, or simply build the work ethic required to win, Andrew's unfiltered, high-energy advice is mandatory listening. Connect with Thaddeus Campbell (S3 Partners):Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Andrew Dunn (VAC Development)Email: [email protected] LinkedIn: https://www.linkedin.com/in/andrewmdunn41 This Episode was brought to you by:https://www.kiwisteel.com/