--- title: "The Commercial Real Estate Connection: Dance of Deals" description: Explore Andy Weiner's journey from family retail to innovative real estate strategies, focusing on revitalizing malls and investing in secondary markets. image: https://rockstep.com/hubfs/CRE%20Connection%20Thumbnail.png --- [Skip to main content](https://rockstep.com/blog/the-commercial-real-estate-connection-podcast#maincontent) [ «  View All Posts ](https://rockstep.com/blog) # The Commercial Real Estate Connection: Dance of Deals April 9th, 2025 4 min read By [Belen Worsham](https://rockstep.com/blog/author/belen-worsham) ![the-commercial-real-estate-connection-podcast](https://rockstep.com/hs-fs/hubfs/CRE%20Connection%20Thumbnail.png?width=1280&height=720&name=CRE%20Connection%20Thumbnail.png) Note: This episode is also available on [Apple Podcasts.](https://podcasts.apple.com/us/podcast/ep-9-dance-of-deals-andy-weiners-real-estate/id1698003247?i=1000701949403)  Late last year, RockStep Capital Founder and President Andy Weiner was a featured guest on [The Commercial Real Estate (CRE) Connection Podcast](https://creconnection.transistor.fm/). This podcast, hosted by Samy Soussan, serves as a vital hub for conversations that explore the strategic, personal, and often surprising journeys of leaders in the real estate world. With a reputation for unearthing candid, behind-the-scenes insights, Samy uses his platform to showcase how meaningful relationships intersect with successful real estate ventures. ## From Retail Roots To Real Estate Reinvention  Andy Weiner’s story begins in Houston, where he was born into [a family business: Wiener's Stores](https://rockstep.com/blog/the-weiner-stores-story), a regional clothing chain that eventually grew to 159 locations across Texas and Louisiana. > “These stores were about 20,000 square feet, men's, women's, kids, Levi's, Nike, value pricing,” Weiner recalls. “I worked in the family business for 12 years. I ran operations, which means I was in charge of all the stores, I was in charge of real estate, logistics, HR, accounting, finance.” That early experience gave Weiner an intimate understanding of markets, consumer behavior, and real estate strategy—insight he would later channel into his next venture. In 1997, he founded RockStep Capital, a vertically integrated real estate investment company based in Houston. [![WEBINAR RECORDING The Blueprint for Shopping Center Investments Check out the full recorded session for free!  ](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/22499728/interactive-183245191316.png) ](https://rockstep.com/hs/cta/wi/redirect?encryptedPayload=AVxigLKOcmwCwr0hVvK1zP%2FOMb98h2TZflzar%2BH4b0l8hWiyJ878nqujjViQTuQmnw%2BfyiziRRgMntEsvtR1VyxrvvOXIFG7JnZhWBbiBgTV9Lomucsdt5eiB1Kdh3GxlaKf2aplVvTfGuFkLK6ThEx%2By8L7zc%2FdQmq0raqiwQv%2FElOe9WYbiYy6&webInteractiveContentId=183245191316&portalId=22499728) > “We currently have properties in 11 states. We've got 22 properties, three property types. These include grocery-anchored centers, power centers, and 14 enclosed malls.” ## Betting Big On HomeTown America  Rather than chase deals in major metro areas, Weiner intentionally focused on [secondary and tertiary markets](https://rockstep.com/blog/guide-to-real-estate-markets)—places he calls “HomeTown America.” What drew him there? > “They’re very easy to understand, very easy to understand risk. You could operate with honor. Everybody wants you to succeed.” This philosophy isn’t just about nostalgia—it’s a disciplined strategy that reduces risk while aligning community and investor interests. > “We started that strategy of finding great assets at a great price in a wonderful secondary, tertiary market with local investors and local lender. We've repeated that process again and again.” In fact, local partnerships are now a prerequisite. The RockStep Capital team won't buy a mall unless they are able to get [local investors in on the deal](https://rockstep.com/blog/potential-of-hometown-markets). ## The RockStep Mall Model: Multipurpose And Mission-Driven Weiner’s enthusiasm for malls, which were once dismissed as dying assets, is anchored in a [vision for repurposing and revitalization](https://rockstep.com/blog/cash-flow-vs-redevelopment). > “A mall is a term for a type of property that was built [in the] seventies, eighties,” he says. “I call them multipurpose real estate.” For RockStep, malls are platforms for transformation. > “You can do multifamily, you can do hospitality… we're doing a hockey arena in one of our markets. You're basically buying a multi-purpose piece of real estate that was formally known as a mall, and you're buying it at land value with cash flow of mid-teens cap rates.” ## A New Capital Model For A New Market  To accelerate deal-making and increase agility, RockStep is transitioning from a deal-by-deal approach to a fund model. This model, called The [HomeTown America Fund](https://rockstep.com/the-fund), is a $50 million closed-end fund with 18+ targeted IRR (Internal Rate of Return) and a two X multiple.  Even with a fund structure, local investment remains critical. > “If we can't find local business leaders who care about their community… we walk. Local investors will invest at the asset level, not at the fund level. They're going to want to invest in their city.” ## A Culture That Dances: Inside The RockStep Capital Ethos The company name—RockStep—is more than a catchy brand. > “Rock step is a dance move,” Weiner explains, referencing his love for swing-era music. “When there are either opportunities or problems, switch direction quickly.” This philosophy permeates RockStep’s culture through what they call the [“RockSteps”—25 written rules of behavior](https://rockstep.com/company/rockstep-way) that define how employees engage with each other, partners, and the communities they serve. > “We have a RockStep of the Week. Monday at 10:00 AM, the whole company gets on a Teams call and talks about the RockStep of the week. We've been doing it for nine years.” Weiner has his favorites: “*Do the right thing always*,” “*Be punctual*,” and “*Keep family first*.” He also candidly shares the ones he struggles with: “*Listen generously*,” “*Speak straight*,” and “*Keep things fun*.” Andy shared that this is one of his greatest weaknesses, and his wife often tells him that he “takes the fun out of fun.” But what binds the culture together is relentless improvement. > “RockStep #10: *Be relentless about improvement*,” he says. “That’s one of my favorites.” ## Retail Resilience In The Age of E-Commerce Despite the rise of online shopping, Weiner sees [strength in brick-and-mortar](https://rockstep.com/blog/renaissance-of-retail)—especially post-COVID. The retailers that survived the rise of Amazon and other e-commerce options have essentially eliminated the weak retailers. The ones that survived have their own effective e-commerce strategy that they have used to thrive in an omnichannel marketplace, resulting in strong balance sheets. With minimal new retail development on the horizon, [demand for existing second-generation retail is strong](https://rockstep.com/blog/understanding-second-gen-spaces). > “You’ve got the ability to drive rents higher and no one's going to compete with you. You're buying something at, let’s call it a nine cap… and you're borrowing at seven and a quarter. That’s positive leverage.” In contrast, Weiner points out the fragility of multifamily deals now facing “[negative leverage](https://rockstep.com/blog/positive-vs-negative-leverage)” and downward pressure on valuations. [![FREE 82-PAGE EBOOK The One-Stop Guide to Retail Property Investing Instantly access everything you could need to get started with passive retail investing.  ](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/22499728/interactive-185151129879.png) ](https://rockstep.com/hs/cta/wi/redirect?encryptedPayload=AVxigLLokYIKGBBSdBs4JONRNea%2BIWMtp%2FRnsTZ9wbUrnXQ3Dx%2BuhZYVc%2BecxGiHcJ%2FqqE11dST7zoObsYgsRiXGkvC5STEjVqO%2BVvCjIDNXw6W4q874MlHhAREmIMLlJPzO4jNToPRCaj5CXjePMQiF6jed0yptsSU8DGMHTYD3&webInteractiveContentId=185151129879&portalId=22499728) ## Relationships At The Core  Relationships drive RockStep’s success—from brokers and tenants to city leaders and architects. > “You want to be honorable with them. You want to speak straight,” Weiner says. “You've got to invest in these types of relationships.” He applies the same care internally, stating that having the right team that lives by the RockSteps is everything. You will be able to build and maintain great relationships, both within your company and externally. ## Final Words Of Wisdom  Weiner offers this advice for younger professionals—or his younger self: > “Always keep pushing. Have an intensity of life as if it's your last day.” And when it comes to character, he adds, “Be nice in little ways. It's very important.” It’s clear that for Andy Weiner, real estate isn’t just about property—it’s about people, purpose, and pushing forward with precision. RockStep Capital’s success is a testament to doing business with heart, discipline, and just the right amount of rhythm. 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