Note: this episode is also available on podcast platforms like Spotify and Apple Podcasts.
Andy Weiner, Founder and President of RockStep Capital, had the opportunity to be a featured guest on the Weiss Advice podcast with real estate industry leader Yonah Weiss.
In this episode, Andy offered a candid look into how his firm acquires and revitalizes shopping centers across secondary and tertiary markets in the U.S. This interview focused on fundamentals: culture, discipline, relationships, and cash flow.
“Retail is misunderstood,” Andy said. “People think Amazon killed it, that it’s a dying sector. But the reality is that bad retail died. What’s left is more resilient than people realize.”
That resilience is something Andy understands personally. His experience didn’t come from textbooks or seminars, but from inside the stores themselves.
“My grandfather started a clothing chain called Weiner’s. We had 159 stores. I ran operations, logistics, and real estate. I was in it,” he told Yonah. “And it gave me this understanding of tenants that most landlords don’t have. I knew how they looked at rent, at sales, at markets. When I started RockStep in 1997, that knowledge gave me a big advantage.”
Over time, he transitioned from retail operations to real estate ownership, not by abandoning his background, but by reframing it.
“A shopping center is a collection of tenants. You’re managing risk. If you understand how those businesses run, you understand what makes a good center.”
That understanding of business operations led Andy to design an investment model that values local expertise as much as financial return. He made it clear that RockStep doesn’t go into a market alone.
“If we can’t find a local partner who’s willing to put money in, we don’t do the deal,” Andy said. “We want someone who knows the town, who’s respected, and who’s willing to pick up the phone to help. They might be the banker, the sheriff, the developer, the doctor. Doesn’t matter. What matters is that they’re invested.”
This approach ensures more than just capital alignment. It forges advocacy.
“They make money, and so do we. But they also give us cover when we need permits, when we need tax help, when we want to bring in new tenants. They’re advocates. And because they’re in the deal, they’re motivated.”
Even on deals where RockStep controls 90 percent of the equity, that 10 percent of local involvement often drives the momentum that matters most.
This same community-first principle shapes how RockStep handles debt. Rather than seeking out large institutional loans, Andy has built strong relationships with local and regional lenders.
“We only work with community banks,” he said. “They understand nuance. If we need to restructure, we can. If interest rates fall, we can refinance without a prepayment penalty.”
This flexibility was tested and proven during the pandemic.
“We had tenants who couldn’t pay. We had to restructure over 600 leases in a couple of months. Try doing that with CMBS. It would’ve been impossible. But with our lenders, it was conversations, not battles.”
With that kind of local support in place, RockStep is able to pursue properties that other investors typically avoid. Malls and big-box centers might seem risky, but for Andy, they represent strong opportunities for yield and repositioning.
“We’re buying at 12 to 17 caps. That’s not theory. That’s actuals. We don’t model backend refi events to make returns pencil. We’re looking for cash-on-cash day one. Our goal is to get 30 to 50 percent of investor returns from current income.”
Each property is approached with a flexible strategy.
“Sometimes the mall works as is. We buy it cheap, clean it up, and just operate. One we bought at a 17 cap returned 20 percent of equity the first year. Other times, we’ll break it up. Sell the ground leases. Maybe a shadow center. That might return all our capital. Then we hold the rest at a zero basis.”
In other cases, the mall becomes a canvas for transformation.
“In some markets, we shrink the enclosed footprint. We might add a Costco, a Target, or a TJ Maxx. We’re doing one with a hockey rink and a hotel. It’s not always about going vertical. Sometimes it’s about using 30 acres of asphalt better.”
As the conversation wound down, Yonah asked Andy what success looks like for him. Andy didn’t hesitate to move past spreadsheets and IRRs.
“Honestly, it’s that my wife feels like I’ve been a good partner. That’s it. Business is part of that, but it’s not all of it. I love what we do at RockStep. But success is about how the people closest to you feel when you’re not in the room.”
It was a personal ending to a conversation rooted in business, but like most of what Andy shared, it came back to values. The kind that shape decisions, strengthen teams, and build places that last.