🗞️ News&Moves 🏠

Office-to-Apartment Trend Goes National.

Office conversions are expanding beyond traditional markets as developers seek opportunities across the country.

Vanbarton Group, a New York-based developer led by Richard Coles and Gary Tischler, recently made its first move outside its home market, acquiring a distressed office building for $25 million — a fraction of its previous $185 million value. 

Known for New York City conversions including a 588-unit project at 160 Water Street, Vanbarton's westward expansion signals the broader national movement.

Major players like Don Peebles and TF Cornerstone are launching billion-dollar conversion funds targeting multiple cities.

Peebles' new venture, Donahue Douglas, aims to raise $1.5 billion for projects in ten cities including Boston, Atlanta, and San Francisco, while TF Cornerstone formed a $1 billion joint venture focusing first on Philadelphia's Wanamaker building.

As hybrid work persists and interest rates pressure commercial owners, this trend marks a fundamental shift in reimagining underutilized office spaces nationwide.

Big money is chasing small warehouses. Here’s why.

BKM Capital, industrial experts from Newport Beach, joined forces with Florida's Kayne Anderson.

Kayne is a well-funded newcomer in this field.

Together, they invested $1.5 billion in small-bay warehouses.

Why?

These small spaces are popular among contractors and service pros.

They are in high demand, but often scattered and overlooked.

They’ve already invested $800M in properties from Burbank to Vegas.

They aim to upgrade old warehouses into modern spaces for contractors, manufacturers, and service firms.

The catch?

Small-bay is a hands-on game—fragmented ownership, labor-intensive management, and little built-in scale.

But with sub-4% vacancies and strong demand, many investors see gold where others see hassle and I am of the same opinion.

🚨 The Fed Pulse 🚨

This week’s market update delivered exactly what steady hands prefer: no rate cut, no surprises, no drama.

The economy, aside from April’s brief market stumble, continues to grind ahead with quiet strength.

Retail sales increased by 6.2%.

Auto sales stayed strong, even with tariff challenges.

Wholesale trade remained steady, driven by durable goods.

The Fed’s posture remains unchanged.

Inflation is “somewhat elevated,” but there’s no urgency to act.

Mortgage rates nudged up to 6.76%—a move well within the familiar 6–7% range of the past year.

Speculation about rate cuts in 2025—or even a wave of cuts in 2026—remains just that: speculation.

No firm timeline is taking shape.

For now, interest rates are expected to hold steady, with only brief, opportunistic dips along the way.

The bigger picture is clear: as 2025 progresses, the economy’s foundation continues to strengthen.

Despite the noise around forecasts and headlines, the main story is unchanged: the economy remains stable and steady.

Hey folks,

Saul here—and let me tell you... it doesn't get better than this. 

After months of preparation and countless requests from this community, I'm thrilled to share two significant developments that expand how we'll build value together.

Wall of Raving Fans

First, I'm super pumped to announce the launch of our Wall of Raving Fans, where we're showcasing testimonials from our readers. 

It's incredible how many hundreds of positive pieces of feedback we've received since starting Value Builder last June.

Value Builder Podcast Launch

Second, today I'm excited to officially launch the Value Builder Podcast. 

If you're tuning in, you've either been reading my weekly newsletter at joinvaluebuilder.com, or you've stumbled upon this because you're curious about how to actually build value—whether in real estate, business, or life in general.

Now, real talk: this whole thing started as a side gig. 

I was simply writing about projects we were working on—sharing behind-the-scenes lessons, wins, losses, and honestly, the stuff I wish someone had told me earlier in my journey.

And to my complete surprise, you guys showed up. 

Big time.

The feedback, the engagement, the stories you've shared with me... it's been wild. 

So wild, in fact, that I realized: I can't stop now. I actually owe it to this community to give you more of the magic.

The Power of Voice & Video

So... why a podcast?

Why take this thing to audio and video?

A couple of reasons.

First, I've been lucky enough to connect with some seriously extraordinary people in the commercial real estate world—people who are absolute GOATs at what they do.

And here's the thing: writing about their success is one thing, but hearing their stories in their own voices?

Totally different game.

There's a kind of nuance, a vibe, a rhythm to their insights that text alone just can't capture. 

The best way to bring you into that room, to let you soak up the mindset and strategies of these top performers, is through conversations—real, raw, unfiltered interviews.

And secondly, there is no shortage of "how to" recipes online, on YouTube, or ChatGPT. 

All the recipes are out there—you can easily find 10 steps to do this and that, how to scale this and that using whatever system, spreadsheet, technique, tactic, etc.

But let's be real—even if you know the best recipe but don't know the last ingredient, which I call the magic or the mastery, you won't get the results you're after.

Capturing the Magic

With this podcast, I want to capture the magic of GOATs. 

And if I were to try to describe this magic—it's more like a feeling or unconscious understanding of how these GOATs achieve such incredible depth, wisdom, energy, cadence, oomph, influence, and ability to bend reality in their favor.

And isn't that fascinating to learn about?

Now, just so we're clear—this podcast is primarily for the value-add real estate crowd, but it's not limited to them. 

If you're someone who's obsessed with taking anything—property, business, relationships, life—and making it better and adding more value... welcome home. 

This podcast is about that mindset.

That obsession with improvement.

That drive to leave things better than you found them.

What to Expect

Here's what you can expect:

✅ Episodes will drop every two weeks to start—15 to 30 minutes each. 

✅ Most of the time, I'll be in conversation with a guest—sometimes two. 

✅ And occasionally, I might just hop on solo to riff on something big that's on my mind.

No fluff, no filler.

We're going deep.

Real stories, real strategies, real takeaways you can actually apply.

I've spent the past several weeks recording conversations with some remarkable operators in the commercial real estate space. 

What's struck me most is how these discussions reveal layers of insight that simply don't translate to the written word.

You hear the enthusiasm when someone describes a creative solution to a seemingly impossible zoning issue. 

You catch the subtle caution in their voice when they talk about market timing.

These nuances make all the difference.

For our first season, we're covering everything from creative deal structures to the psychological frameworks that top performers use to evaluate opportunities. 

These aren't your typical "how I built my portfolio" interviews—they're practical masterclasses in the subtle art of value creation.

Key Takeaways

✅ Wall of Raving Fans is now live – check it out to see the community's incredible impact. 

✅ Value Builder Podcast launches today; first episode dropping in the next few weeks.

✅ Same mission, new medium: capturing insights that text alone can't convey.

✅ Subscribe to our Value Builder Newsletter for exclusive first access when episodes release.

I'm genuinely excited to bring these conversations to you. 

This isn't just a new format—it's a deeper, richer way to explore the principles that make value building possible and transformative.

Until next Sunday.

Be well, 

Saul

Got questions? Hit reply. (I read every email and genuinely care about your success.)

P.S. Get to know the man behind Value Builder.

Random Saul Fact: When I'm not talking real estate, I'm probably spending time with my family. Here’s a snapshot of us from June 2018 at Waimea Canyon State Park in Hawaii.