Investing in Retail Properties, 3rd Edition: A Guide to Structuring Partnerships for Sharing Capital Appreciation and Cash Flow

Investing in Retail Properties, 3rd Edition: A Guide to Structuring Partnerships for Sharing Capital Appreciation and Cash Flow

by Gary D. Rappaport
Investing in Retail Properties, 3rd Edition: A Guide to Structuring Partnerships for Sharing Capital Appreciation and Cash Flow

Investing in Retail Properties, 3rd Edition: A Guide to Structuring Partnerships for Sharing Capital Appreciation and Cash Flow

by Gary D. Rappaport

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Overview

2024 Axiom Award Bronze Medalist in Real Estate

Growing up in a modest house located in a small lot on New York’s Long Island didn’t exactly make author Gary D. Rappaport a likely candidate to become a successful entrepreneurial owner of multimillion dollar shopping centers and mixed-use properties. But this self-made man attributes his success to a handful of qualities he picked up from his father, among which were his entrepreneurial spirit, optimism, problem-solving, integrity, people skills, and in no small way, to his numbers skills.

From delivering newspapers door-to-door as a boy to building single-family homes to sell to baby boomers while right out of college to just a few years later starting his own company to purchase shopping centers and redevelop them, Mr. Rappaport’s career has been extremely financially rewarding for him as well as for the investors he handpicked along the way, mostly friends and family members.

Using images, tables, and figures, the third edition of Investing in Retail Properties explains in great detail and with frank transparency how Mr. Rappaport did it, and suggests that anyone can learn to do the same while building exceptional wealth in the process. He lays out a roadmap that is not available in any other book for would-be entrepreneurs to follow in his footsteps. He even shares stories of his students who have evolved and adapted his model to achieve incredible success.

However, Mr. Rappaport says that being an acquirer and developer of commercial real estate properties is not for the faint of heart. It comes with stress in personally guaranteeing loans and dealing with the ups and downs of commercial real estate that inevitably fluctuates with macroeconomic cycles. According to Mr. Rappaport, anyone can do what he did, but the individual must have the stomach for high risks, the thirst for exceptional rewards, and the patience to withstand the time horizon that is inherent in the direct ownership of commercial real estate.

In this book, full of real-life case studies, you’ll learn how to:

  • Acquire undervalued commercial real estate
  • Raise equity capital from friends and family and place the debt
  • Identify properties that have upside potential to increase the value
  • Prepare your investor package and make effective presentations
  • Benefit from tax advantages for owners of commercial real estate
  • Set up legal entities for the properties and management company
  • Redevelop and reposition the property
  • Structure the sharing of cash flow and appreciation for your investors and yourself
  • Refinance or sell the investment property to lock-in huge profits

In his entrepreneur’s playbook, Mr. Rappaport talks about structuring partnerships and building an operating real estate business, but more importantly, he talks about his life and experiences. He talks about the great risks he has taken over the past 40 years as an entrepreneurial developer. He says that readers of the previous editions of this book want to learn more than the technical aspects of the business. They want to know how it will affect their lives, and this book lays it out for the reader to easily grasp in an honest and straightforward manner.

Investing in Retail Properties is not only a true rags-to-riches story of Gary Rappaport but it’s also inspirational and provides a step-by-step guide for budding entrepreneurs hoping to achieve similar success in developing commercial real estate.


Product Details

ISBN-13: 9798887503073
Publisher: Advantage Media Group, Inc.
Publication date: 09/19/2023
Pages: 664
Sales rank: 1,032,576
Product dimensions: 7.10(w) x 10.10(h) x 1.80(d)

About the Author

GARY D. RAPPAPORT, CRRP, CRX, CMD, CSM, CLS, CDP is chief executive officer of RAPPAPORT, a retail real estate company he founded in 1984. RAPPAPORT stands among the shopping center industry’s preeminent private owners and operators of open-air shopping centers providing leasing, tenant representation, management and development services for more than 15 million square feet of retail space throughout the mid-Atlantic region.

Mr. Rappaport is a former trustee and chairman of the board of trustees for the International Council of Shopping Centers (ICSC). He authored the first, second, and third editions of Investing in Retail Properties, which explain how to structure real estate partnerships for sharing capital appreciation and cash flow that has been used since 2011 as a guide by other commercial real estate entrepreneurs. Mr. Rappaport is a guest lecturer and regularly teaches classes at several universities, such as the University of Michigan, Syracuse, Johns Hopkins, and Georgetown.

Table of Contents

Acknowledgments
Foreword
Preface
Chapter I
Introduction To Ownership And Investing In Shopping Centers
Chapter II
Getting Started As A Developer And General Partner
Chapter III
Leasing
Chapter IV
Setting Up The Management And Leasing Company
Chapter V
The Fees
Chapter VI
Raising Capital
Chapter VII
Tax Advantages Of Owning Commercial Real Estate
Chapter VIII
The Cyclical Nature Of Commercial Real Estate
Chapter IX
The Investor Package And Presentation
Chapter X
Your Investment Partners
Chapter XI
Maintaining Partner Relations
Chapter XII
Structuring The Partnership
Chapter XIII
Other Partnership Structures
Chapter XIV
Setting Up The Deal
Chapter XV
Case Study Number 1
Chapter XVI
Case Study Number 2
Chapter XVII
Case Study Number 3
Chapter XVIII
Case Study Number 4
Chapter XIX
Contracts, Agreements, Legal Correspondence, And Exhibits
Epilogue
Reflections On Life, Work, And Giving Back
Glossary
About The Author
Index

What People are Saying About This

From the Publisher

Investing in Retail Properties is much more than an academic textbook for developers wishing to develop properties and structuring the ownership entities. This new edition has added benefits with new case studies that the author shares and new chapters like the “Tax Advantages of Owning Commercial Real Estate.” For me and other investors, it teaches us about the fundamentals of retail real estate and what investors can expect from holding such investments on a passive manner for the long term. I would encourage anyone who is considering investing in retail properties to read it and understand the nuts and bolts that while they may never need the tools in their toolbox to develop, acquire, lease and manage the shopping center asset, at least they’ll be able to know who can and whether an investment makes sense to invest in or dispose of on a timely basis.”
—Harold Zirkin
Managing Member, Hz Investments Inc. Chevy Chase, Maryland, U.S.A.

“The new case material in Investing in Retail Properties contains the most complete information that is directly applicable on the street today and reflects the important changes that have occurred since the Covid pandemic began. After 40 years of work and experience, I learned from this book a number of truly important principles and tools to employ today in my business.”
—Russell Pratt
The Pratt Company Mill Valley, California, U.S.A.

“This third edition of Investing in Retail Properties is greatly expanded; with the updates of deal structures, we are typically seeing today and the addition of structures used by other developers. Gary Rappaport’s very personal writing style and real-world examples reflect his passion for this business, serving to motivate and inspire readers more than the usual textbook.”
—James E. Maurin, CRX, CSM
Founder and Past Chairman, Covington, Louisiana, U.S.A.

“Gary Rappaport’s comprehensive ‘soup to nuts’ book on structuring retail real estate partnerships is a must read for both the entrepreneur putting together the deal and the investor seeking a solid investment opportunity.”
—Elizabeth I. Holland
Chief Executive Officer and General Counsel, Abel Associates,Chicago, Illinois, U.S.A.

“Gary Rappaport’s Investing in Retail Properties is an essential resource for anyone who wants to invest in commercial real estate but particularly in retail properties. I assign it as a required textbook to my students working toward their master’s in real estate degree at Georgetown Universityand recommend it to real estate professionals with the same advice, ‘read it using a highlighter to underscore your learning objectives; it is filled with insights that you’ll want to revisit and reference.’”
—Brian D. Friedman
Partner, Friedman Capital and Adjunct Lecturer, Georgetown University, Washington, District of Columbia, USA

“Our students at the University of Colorado Real Estate Center at the Leeds School of Business have found that Investing in Retail Properties gives them real-life case studies beyond what any commercial real estate textbook can provide. This book has also been a handy desk-side resource for many students in their other real estate classes. I am recommending this new third edition to anyone considering a career in commercial real estate.”
—Michael P. Kercheval, Ph.D.
Sherman R. Miller Executive Director, CU Real Estate Center, Leeds School of Business, University of Colorado, Boulder, Colorado, USA

Investing in Retail Properties Second Edition cited as one of “five must-read books to get started in real-estate investing, according to (Dan Lane) an expert who’s interviewed hundreds of successful investors and built a six-property portfolio.”
— Business Insider – March 16, 2023

“Supermarkets and grocery-anchored centers run through my blood. My great-grandfather was a cofounder of Giant Food, and my father founded and has overseen a successful shopping center investment company where I developed a love for the business and rose through the ranks. I am extremely fortunate as I have been mentored by Gary Rappaport, and I cannot speak highly enough of Gary as an entrepreneur in the shopping center business, and more importantly, as a person. I have read all three editions of Investing in Retail Properties, but the third edition is by far more comprehensive than its predecessors. Even at this stage of my career, I find his latest book not only entertaining, as Gary shares experiences over his lifetime and career, but also educational, as I continue to learn and adapt to an ever-evolving retail real estate business.”
—Max Lehrman
President, Lehrco Corp. Washington, District of Columbia, USA

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