Season 3, Episode 6: Andy Weiner, CEO of RockStep Capital, joins the show to explain why the retail apocalypse was overhyped and how his firm is turning overlooked malls into long-term cash-flow plays.

With 50+ shopping centers under management, Andy walks through the real risks, the CMBS fallout, and why Class B markets still offer upside, if you know how to operate.

We discuss:
– Why “retail is dead” doesn’t hold up in the data
– The problem with chasing national tenants
– How to convert retail boxes into healthcare and entertainment
– Why CMBS debt caused lasting damage to retail.

TOPICS
00:00 – Cold Open and Retail Misconceptions
02:20 – Andy’s Path and RockStep’s Strategy
07:00 – The Retail Apocalypse Was Overblown
10:30 – Picking Markets and Making Malls Work
15:45 – Why Big Boxes Can Hurt NOI
20:10 – CMBS Mistakes and Risk Discipline
26:00 – Repurposing Retail Into Healthcare and Entertainment
32:00 – Leasing Timelines and Tenant Credit Today
37:50 – Anchor Replacements and Nontraditional Uses
44:30 – Pricing Gaps, Cap Rates, and Lender Pullback
50:00 – What’s Next for Retail in 2025

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About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.