Unanchored Retail and UPREITS: The Hidden Gems of Commercial Real Estate with Garrett Lepow

The CRE Connection · Samy Soussan

Join us as we explore the fascinating world of commercial real estate with our special guest, Garrett Lepow, a key player in acquisitions and investor relations at KM Realty. In this episode, Garrett shares his early passion for real estate, sparked in middle school and solidified by a high school internship with a Houston syndicator. Discover how KM Realty focuses on the niche market of unanchored retail strip centers in Texas and Arizona and their strategic plan to consolidate these assets into a real estate investment trust (REIT). Garrett breaks down the concept of an upREIT, explaining its benefits over traditional investment options and the potential for significant value creation in this specialized market.

We also take a closer look at the 721 exchange and its benefits for estate planning, particularly for shopping center owners whose heirs may not wish to manage such properties. Garrett provides a comprehensive overview of the process, from converting property into shares to working with CPAs and attorneys to ensure compliance. This approach not only offers a step-up in basis for heirs but also transforms their inheritance into a truly passive investment, eliminating the complexities of property management.

Lastly, we discuss the current landscape of cap rates amid rising interest rates and the resulting credit crunch, emphasizing the stability and flexibility of investing in free and clear properties. Learn about the potential growth of KM Realty's unanchored retail niche and the strategic benefits of presenting a large, cash-flowing vehicle to public or institutional buyers. Garrett also shares valuable insights on building genuine relationships in the commercial real estate industry, drawing from Dale Carnegie's principles and his own personal experiences.

▶️ If you're interested in learning more about Uri, check out the following links:
▶ LinkedIn: https://www.linkedin.com/in/garrett-lepow-b37863b7/
▶ Website: https://kmrealty.net/
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