Deal flow has slowed down in Q4. Most operators are sitting on the sidelines, refreshing their inbox, waiting for something to hit.

But my partner, Rafik Moore, has 7 deals in contract right now.

On Monday, we're going live to break down exactly how he's doing it:

Between us, we've built two 9-figure commercial real estate portfolios.

This isn't theory. It's what's working today.

Join us Monday December 22nd at 3 PM CST for the free live event.

P.S. YES, the event will be recorded, but you must register to get it. NO, we're not selling a course or anything like that. Just free value from two operators who are actively finding deals right now.

Sun Belt retail keeps proving the haters wrong. Tampa ranked No. 2 nationally in CoStar's retail market rankings, with 4.5% asking rent growth and a tight 3.8% availability rate. Charlotte took the top spot; Orlando, Dallas, and Norfolk rounded out the top five.

The AI boom is resurrecting San Francisco's office market. JLL reports the city will hit 9 million SF of leasing in 2025, matching pre-pandemic averages. AI tenants alone took 1.8 million SF (20% of activity), pushing vacancy down. Mission Bay is now under 9% available.

CRE investors got rate relief news Thursday. Inflation came in at 2.7% YoY (below the 3.1% forecast), pushing the 10-year Treasury to down to 4.11%. Markets now price two Fed cuts for 2026. For players waiting on cheaper debt, the trend line is finally cooperating.

Chicago's office-to-resi pipeline is now third-largest nationally at 5,000+ units. The city completed 880 conversion units in 2024, a 400% jump from the prior year. The 135 S. LaSalle project shows the financing formula: $241.5M total cost backed by $98M in city subsidies and historic tax credits.

Warren Buffett once famously said, "if you're in the luckiest one percent of humanity, you owe it to the rest of humanity to think about the other 99 percent."

As I write this, I want to unpack what that really looks like in practice. 

I'm writing this to myself. To my partners. To everyone I do business with. 

(And hopefully, to you)

This week, we had a huge win, but it probably won't look like one on a spreadsheet. 

Let me explain 👇

A few years ago, we bought the Ontario Center in Mansfield, Ohio (a former Richland Mall anchored by a dead Macy's). 

The store had closed, and the space was blighted. 

We had a plan: convert it into small-bay industrial flex space. 

Small warehouses for small businesses. We knew the community needed these spaces, and we knew the numbers worked.

The industrial play would have been worth almost $3 million more than what we ultimately did.

Last year, we hosted an event with the local Chamber of Commerce. 

We walked them through the property (including the Macy's box), now white-shelled and gutted. Just one big empty space. 

We shared our vision for the industrial conversion. People were excited.

Then, Rural King called.

They wanted to buy the box outright. Open a store. Invest another $4 million into the facility. 

Bring jobs, traffic, and energy back to a Mall that had been slowly dying for years.

The catch? Converting to small-bay industrial would have created almost $3 million more in property value.

During that Chamber walk-through, my partner Rafik did something unusual. He turned to the room (about 30 local business owners) and asked a simple question:

"Who'd rather see Rural King here? And who'd rather see small industrial flex spaces?"

Hands shot up. Overwhelmingly for Rural King.

We heard it loud and clear what community wanted. 

You see, these weren't investors optimizing IRR. These were people who live and work in Mansfield. 

They wanted a store! They wanted the mall to feel alive again.

Luckily we didn't have some institutional funds breathing down our necks to maximize every dollar. It was just me, Rafik, and two other partners sitting with this decision.

We chose Rural King.

It took over six months to get the deal done. But this Thursday, we officially closed 🎉

Mansfield, Ohio is getting a Rural King - the community gets a store they actually want. 

The mall gets an anchor that drives traffic, and our remaining property benefits from all of it.

Will this decision look impressive in our quarterly reports? No.

Can I model it cleanly in Excel? Absolutely not.

But I'm 100% certain this benefits everyone long-term: the town, the mall, our partners, and ultimately, property and us. 

It might take 3+ years to fully realize (I'll probably write a follow-up then), but my gut tells me there's more magic coming from this decision. 

The Ontario Center will have its best days again. It will be way more vibrant, way more alive, and will be worth way more at the end when many stores and businesses will come back again (this is happening already).

This is what it looks like to feel beyond two or three tabs on a spreadsheet. To sense how a decision ripples out to everyone involved. 

Sometimes the right deal isn't the most profitable deal. Sometimes it's the one where everybody wins.

When's the last time you went against the grain to sacrifice short-term profit for something bigger?

When did you leave meat on the bone so the next person could win too?

When did you share the stakes instead of gobbling everything yourself?

Reply to this email with your own stories, I’ll read every response (and share some of my favorites in an upcoming edition of the newsletter).