Note: This podcast episode is also available on Spotify and Apple Podcasts.
Andy Weiner, RockStep Capital President and Founder, recently joined Matty A on episode #948 of the Millionaire Mindcast podcast. On this show, Matty delves into the wealth-building journeys of entrepreneurs, investors, and leaders who have found enduring success through discipline and strategic vision.
In this episode, Weiner shares how his background in retail led to a focus on shopping centers in overlooked American towns, and why, despite broader trends, he believes retail in “HomeTown” markets remains one of the most attractive commercial real estate strategies today.
Unlike many real estate investors who entered the field through finance or development, Andy Weiner’s story began in the aisles of family-owned retail stores. His experience wasn’t theoretical. Instead, it was built from the ground up.
“It started with my grandfather, Matt. He started a chain of clothing stores in Houston—Wiener Stores. We had 159 stores… These were clothing stores about the size of a TJ Maxx, around 20,000 square feet. Half of them were in big metros, half were in secondary, tertiary markets.”
Managing operations, logistics, and finance gave Weiner a retailer’s perspective—one that would later prove invaluable when evaluating the performance potential of shopping centers.
Weiner didn’t immediately transition into real estate; instead, he spent years gaining firsthand understanding of retail dynamics. When he did pivot, he did so with laser-like focus on shopping centers and, specifically, markets that others often overlooked.
In a world where most investors chase high-profile urban markets, Weiner deliberately chose a different path. His target? Mid-sized towns with economic resilience and strong community ties—what he calls "HomeTowns."
“We use the term ‘HomeTowns’ to define markets we like. Places between 100,000 to 1 million in population. They’ve got to have essential drivers that keep population stable or growing. We look for five: a major university, major tourism, a large hospital system, major government presence like military, and Fortune 1000 employers.”
Rather than getting lost in the hyper-competitive landscapes of New York, Dallas, or Los Angeles, Weiner’s firm finds opportunity where others see little glamour but substantial stability.
The HomeTown focus also allows for more defensible investments, often at a fraction of replacement costs. It’s a classic case of lower acquisition basis and higher relative returns—an advantage not lost on sophisticated investors.
One of RockStep’s most distinctive practices is requiring local business leaders to invest alongside them. This is a practical, risk-mitigating move.
“Every time we buy an enclosed mall, we require local business leaders to be part of the equity. They don’t have to invest a lot, but they have to be alongside our investor capital.”
Local investors offer deep market intelligence that would otherwise take years to uncover. They inform RockStep about changing dynamics, hidden risks, and emerging opportunities. Moreover, these partners create natural alignment with city leaders, chambers of commerce, and economic development agencies. These are relationships that can be pivotal in property operations and value creation.
Weiner underscores the importance of this alignment:
“If the business leadership doesn’t believe in us, the property, or the town—we walk. Even if it’s a good deal.”
While many investors fled from retail after the rise of e-commerce and the COVID-19 pandemic, Weiner sees this disruption as an opportunity, not a threat.
He points out that the pandemic and the dominance of Amazon acted as a natural culling force, removing weaker retailers and leaving behind a stronger, more resilient class of operators.
“Amazon and COVID wiped out the weak retailers. The ones that survived have figured it out. They’ve got great apps, strong e-commerce strategies, and they're expanding.”
Adding to the bullish case for retail is the lack of new construction. With construction costs soaring by as much as 40% and financing becoming tighter, new retail development is almost nonexistent. This lack of supply sets the stage for improved performance of existing assets, particularly those well-located.
Weiner is unapologetically positive about the fundamentals:
“We’re buying at 8.3% or 8.4% cap rates and borrowing at 6.5%. That’s positive leverage. In the mall space, we’re buying at 15–17 caps. You can generate day-one cash returns north of 20%—not based on a refinance, but actual cash.”
Beyond assets and returns, RockStep’s internal culture has been a cornerstone of its long-term success. Rooted in a philosophy of agility and ethics, RockStep’s name originates from a dance move that symbolizes nimbleness and adaptability.
“RockStep is actually a swing dance move. You rock step on count seven and eight. For us, it means staying nimble, listening to the industry, and being ready to pivot. When we’ve got a problem, we say, ‘we need to rock step.’”
This mentality isn't just symbolic. It’s institutionalized in 25 “RockSteps,” clear behavioral standards that guide how the team operates, interacts, and makes decisions. Twice a year, employees engage in company-wide discussions on these principles to ensure they remain ingrained in RockStep’s DNA.
Weiner is quick to highlight the seriousness of cultural alignment:
“We hire and fire based on these. You’ve got to have the right skills to get in. You’ve got to live by the RockSteps to stay.”
One of the most intriguing aspects of RockStep’s strategy is its aggressive yet disciplined focus on enclosed malls—an asset class that many deem too risky.
Rather than avoiding complexity, Weiner embraces it, provided the base economics make sense.
“There’s $50 billion of insolvent mall debt out there. We’re buying at 15 caps. In some cases, we’re reducing the retail footprint by 50% and bringing in hockey arenas, medical facilities, or multifamily. In other cases, we’re just holding and collecting strong cash flow.”
The team pursues three primary strategies depending on the asset: operating it as-is, redevelopment, or partial sale of outparcels for cash generation.
Weiner shared a success story:
“We bought a property in Manhattan, Kansas at a 17 cap, and we’ve increased NOI 50%. We’re returning cash 20% per year. Not with refis, cash.”
Currently, RockStep is offering accredited investors an opportunity to participate through its Hometown America Fund, with a targeted 18%+ IRR and an 8–9% preferred return. The fund will consist of five to seven diversified assets, with a blend of open-air centers and malls.
Investors can also co-invest in individual deals, a structure particularly attractive for local participants or those seeking asset-specific exposure.
“The fund will have five to seven assets, about a third open-air, two-thirds enclosed malls. You can also co-invest in individual properties, especially if you’re local to that market. Our goal is to align incentives, reduce risk, and build something sustainable.”
With decades of success behind him, Weiner could easily step away. But when asked why he remains so passionate, his answer was simple and powerful:
“Because I love what I do. Business is about solving problems. And I get to work with great people, improve communities, and deliver returns to our investors. And when something unexpected shows up, an opportunity or a challenge, you’ve got to rock step.”
For Andy Weiner and RockStep Capital, investing is about more than returns. It's about community, integrity, and adaptability, traits that seem more vital now than ever before.