Note: This episode is also available on platforms like Apple Podcasts and Spotify.
Andy recently joined Chris Hanslik, host of the Building Texas Business podcast by BoyarMiller, to share how his retail background, Texas roots, and focus on culture have shaped RockStep into a distinctive leader in the commercial real estate industry.
The conversation covered small-town investing, leadership lessons, and how Andy’s “fierce” culture, grounded in 25 guiding behaviors called the RockSteps, has become the heart of RockStep Capital.
Andy’s journey began long before the founding of RockStep Capital. His family owned and operated Weiner’s Stores, a Houston-based retail chain that once boasted 159 locations.
As Andy recalled, “I ran the operations for the company (stores, real estate, finance, systems, HR), I grew up in retail.”
After the company's closure in the 1990s, Andy channeled those hard-won lessons into a new pursuit: real estate. “I started doing shopping center investing in 1997 and have been doing it since then,” he said. Partnering early on with friend Brad Schlosser, Andy learned the business from the ground up, even developing several Walmart-anchored power centers in the Houston area.
The irony wasn’t lost on him: “Walmart was one of the reasons our family business went under, and they became my first client.”
RockStep’s investment strategy centers on what Andy calls “HomeTowns”—secondary and tertiary markets often overlooked by institutional investors.
The shift began with a project in Vicksburg, Mississippi, during the 2008 financial crisis. With construction loans scarce, Andy recognized that acquiring existing shopping centers in smaller markets could be both financially viable and community-driven.
“When we go into a hometown, we do two things,” Andy explained. “We get local investors, local business leaders to be part of the equity, and we get a local community bank lender who understands the community to be the lender.”
The result is a model where each property becomes a shared investment between RockStep and the towns it serves.
“We’re not outsiders coming in to extract value. We know how to run a shopping center, but local investors know their communities. They sit on the hospital board or the community college board. They become our partners in every sense.”
When Hanslik asked what defines RockStep’s culture, Andy explained that the company’s name itself came from a dance move.
“A rock step is a quick pivot,” he said. “It’s about being nimble and responsive.”
That spirit led to the creation of 25 RockSteps, clear and actionable behaviors that guide how the company operates.
“Every Monday morning, all 100 people get on a call to talk about one RockStep,” Andy said. “Someone shares what it means to them, and it becomes a shared conversation.”
The approach is simple but powerful: personal responsibility, clear communication, and mutual respect.
“It’s how we build trust,” he said. “It’s not about being perfect, it’s about being consistent.”
RockStep’s success has stemmed from its ability to adapt to market shifts rather than chasing trends. The firm’s move from a syndication model to a fund structure is one example.
“When you’re buying distressed assets, you don’t have six weeks to raise money,” Andy said. “You need committed capital to win those deals.”
The fund structure allows RockStep to move quickly, but it also means maintaining strong, ongoing relationships with investors.
“We’ve become a marketing and relationship company as much as a real estate company,” he said. “You can’t wait until the deal shows up to communicate.”
Andy also spoke candidly about how the changing interest rate environment has reshaped the commercial real estate sector.
“Rates have changed the entire industry,” he explained. “Multifamily and industrial have been squeezed, but retail has positive leverage now. Cap rates are higher than borrowing costs, and that creates immediate yield.”
He sees opportunity in the overlooked corners of the retail world, particularly in enclosed malls and community shopping centers that larger investors often avoid.
“Some of these assets are the wild west,” he said. “They’re complicated, but they produce cash flow. You can shrink, redevelop, or sell off parts depending on the market. You just have to get creative.”
Andy believes retail is undergoing a healthy reset.
“Amazon and COVID killed the weak players,” he said. “The survivors have better balance sheets and e-commerce strategies. They’re expanding again.”
He also noted that despite predictions about the so-called death of retail, community-based shopping centers remain essential.
“People still want to shop local. They still need convenience, service, and connection,” Andy said. “That’s where we focus, real towns with real needs.”
Reflecting on his early career, Andy shared one of his biggest takeaways from his family’s retail business.
“You cannot live without consequences,” he said. “If something’s not working, you have to shift. Otherwise, you’re stuck, and you go down with everyone else.”
That experience shaped his leadership philosophy.
“You’ve got to be gritty. You’ve got to work harder than anyone else — especially when no one’s looking. I can tell who’s gritty and who’s not.”
Even with that drive, Andy emphasizes the importance of balance.
“Act Two should always be more important than Act One,” he said. “For me, Act Two is my wife, Meredith. There’s nothing more important.”
Asked how he stays balanced, Andy’s answer was a mix of humor and routine.
“I love the Astros, and I love Chick-fil-A,” he said. “Breakfast six days a week, lunch seven days, dinner four. I’ve even been invited to their headquarters in Atlanta. I call it the Chick-fil-A diet.”
It’s a lighthearted reminder that leadership, like life, is as much about rhythm as it is about drive.
“It’s quirky,” he laughed. “But it keeps me grounded.”
And when it came to Hanslik’s final question, Tex-Mex or barbecue, Andy didn’t hesitate.
“Tex-Mex,” he said. “El Tiempo, without question.”