In this episode of the Real Estate Investing for Cashflow Podcast, Kevin brings in real estate and retail expert David Puchi. David is the founder and partner of Baceline Investments, a private real estate investment and management company with a focus on strengthening communities by acquiring and revitalizing neighborhood shopping centers. David has been responsible for raising approximately 300 million dollars for Baceline-sponsored funds.
In the podcast, David talks extensively about the retail sector and how he centered his focus on it. He explains the management structure at Baceline and the stability in their tenant base, which consists of a lot of mom-and-pop retailers. He talks about why it’s actually beneficial to help their tenants succeed.
David also shares the financial strategy behind their business and goes on to explain what physical improvements his team adds to properties to increase value in the market. He shares how their business survived the financial crisis, which circles back to his focus on the retail sector. David shares what the future plans are for Baceline Investments.
“Our company today, really carries on a lot of the traditions that I started with when I broke free from practicing law and primarily, it has never been a transactional type of company, we’ve always been more of an operating company.”
“Our niche in the world is owning and operating multi-tenant neighborhood shopping centers that are primarily unanchored.”
“You know the small mom-and-pop tenants may not be considered credit from a Wall Street perspective, but from a reality perspective they’re actually really good credit because these are family businesses that people fight for everyday.”
“The reason we like to be in the middle of the country is that we find great stability in the cities that we’re in, we also find that there’s less competition…”
“Rolling through the recession, we saw the resilience of our tenant base and then basically turned that to the sole purpose of our company moving forward, as far as investing is concerned.”
7:17 David’s background and getting into real estate
11:01 Asset classes and credit ratings
17:35 Baceline’s geographic focus and seller profiles
21:42 How David adds value to their properties
26:46 Debt, equity and the financial crisis
34:36 SWOT analysis of the retail sector
45:46 Long term plan for Baceline Investments
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