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Shopping Center Investing Explained by a 36-Year Commercial Real Estate Operator

By January 22, 2026Real Estate Pros Show

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Show Summary

In this episode of the Real Estate Pros podcast, host Micah Johnson interviews Benjamin Brant, a seasoned expert in commercial real estate, particularly in managing shopping centers in South Florida. They discuss the intricacies of tenant qualification, the importance of tenant mix, current market trends, and the cyclical nature of real estate. Benjamin shares insights on how to build successful relationships with tenants and property owners, emphasizing the need for collaboration and understanding in the commercial real estate landscape.

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    Investor Fuel Show Transcript:

    Benjamin Brant (00:00)
    Well, I know that most of your listeners are investors and for investors, it’s really a relationship type.

    business for investors to establish a relationship with the property owner and keep in touch with them and keep calling them and just giving them either some advice or something that you noticed about the property. have a friendly chat with them, keeping in touch with them.

    And it’s just a matter of calling, researching, and then calling them and trying to establish a relationship with them.

    Micah Johnson (02:13)
    Hey everyone, welcome to the Real Estate Pros podcast. I’m your host, Micah Johnson. And today I’m joined by Benjamin Brant, who’s been making serious moves in the commercial real estate industry for quite some time now. Benjamin, glad to have you, man. Welcome in.

    Benjamin Brant (02:29)
    Hello there.

    Micah Johnson (02:29)
    I’m excited for you to be here today. I think our listeners are really gonna take something away from just your breadth of experience when it comes to how long you’ve been doing. Shopping centers in particular, which is one I find interesting, and what you can find out by just knowing so many cycles in today’s market. So I’m excited to dig in. So for people who may not know you yet, tell us about what your main focus is and the markets that you operate in.

    Benjamin Brant (02:56)
    Well, my main focus is in South Florida. I’ve been managing shopping centers for over 36 years. The smaller strip centers, although one of the shopping centers I do manage is over 74,000 square feet, located in Pompano Beach, Florida. And every day it brings new challenges to keep the cycle running.

    of collecting rent and paying the bills and maintaining and leasing. And I do get involved in the sale of properties, dealing with the owners of the properties and the tenants on a daily basis. It’s very challenging and very rewarding at the same time.

    Micah Johnson (03:39)
    It sounds like it. There’s so many things going on in the shopping center world. So let’s take a step back for a second. How did you get into this asset class? What was it that ultimately led you to working in this area?

    Benjamin Brant (03:51)
    Well, I was originally at a young age in film and TV production, mainly in film, doing commercials and eventually producing them. And, my mother actually was a real estate broker back in the, the eighties and, she was joined venturing with investors and developers to build shopping centers. And she asked me to come back home and,

    give her a hand in operating the shopping centers. And that’s how I got first involved in it. And in the beginning, you’re crawling, learning, and working on it on daily basis. And you don’t know what’s gonna come up from a day-to-day situation, whether it’s showing space to a prospect and

    I just want to just say it’s one of the things it’s very important to qualify your prospects because they’re going to end up being your partner in the operation of the shopping center. And a lot of times people out there, they don’t have the experience and the capital to operate the business, their business and

    in the property. But that’s from experience you learn.

    Micah Johnson (05:12)
    What?

    let’s dive in there, shed some light on what you mean by properly qualify and in your time in the business, what have you noticed in terms of tenants that tend to make it and tenants that tend to not make it? What are those correlations you’ve seen?

    Benjamin Brant (06:18)
    Well, you have the tenant that wants to take their hobby and turn it into a business. And you have to be very wary of those type of prospects. What you want is you want somebody that’s relocated, that’s been in business. You want somebody that’s expanding to another location. But first off is that you have to make sure that

    you don’t have a like use in the property because you don’t want to be cannibalizing your existing tenants. And with today’s world, especially like a grocery store or another type of business, medical or even services, they try to cover

    Micah Johnson (06:43)
    I’m done.

    Benjamin Brant (06:58)
    each other’s businesses, so you have to be aware of that. But you do want experienced prospects because you’re going to end up depending on their monthly rent.

    Micah Johnson (07:08)
    Like how you mentioned earlier, like you’re partnering with them. That’s a whole different mindset to take towards looking at a tenant versus, and they’re going to be using my space. And then the one where you’re taking on where no, we’re partners in making this place successful. It takes you and it takes me. This ain’t just a one-off one person kind of thing. I love the way that you’re approaching that. That’s a, it’s like a people first mentality. Appreciate that.

    Benjamin Brant (07:31)
    Well, you want them to exceed and you sometimes even have to tell them, your store needs to be be freshened. You need to offer specials. You need to be competitive with your other within your market. And I’ve seen where they get lax and they fall behind.

    and they need to be coached along.

    Micah Johnson (07:55)
    to do that for them. Cause that’s that stuff. If you’re not in that world, you’re not really thinking about that. You’re just, if you’re visiting the shopping center, that’s not going through your mind as you’re walking around it, but behind the scenes, it makes sense. Freshening up your stuff, making sure that even competing in the market. Cause you said this a second ago, avoiding the ones that are turning their hobby into a business. And that, that is one that you do see.

    fail quite often because there’s a misunderstanding in the business world that if you just got a good product, it’ll work. And that’s not the case. It’s been studied for a long time. You can get a PhD in it if you want to. There is a system, there is a process, it operates a certain way. And if you build it, it’ll work. And that’ll let you do that thing you’re passionate about, that’s fine. But it’s not just doing that well is gonna create a second.

    successful business.

    Benjamin Brant (08:53)
    Well, in shopping centers also, you want the customer to come to your center and not only

    become a destination location for that customer. But then when he sees, ⁓ I didn’t realize that UPS is there, that they also can go to UPS or another store. In a shopping center, a customer, you want them to go there 1.7 times. And it’s that other time that they go there that helps the

    the tenants and helps the cash flow at the end of the day of the business.

    Micah Johnson (10:03)
    You got me thinking I’m thinking of the there’s two shopping centers I go to in St. Augustine. There’s only two. And the reason is, Publix is at both of them. And one has a UPS store. And the other one has where I get my haircut. And I like what you’re describing is fascinating because there’s a science to it. There’s a and then you said cannibalized where I get my haircut, they just put in another haircut place in there. And there’s only like seven spots. It’s not a big shopping center. So also I was thinking like

    Benjamin Brant (10:16)
    That’s right.

    Micah Johnson (10:31)
    Wow, that’s very interesting. A little hiccup on the manager’s part of, you know, what we do know in business is it’s super expensive to get new customers. It’s way more effective to keep one for a long time. That’s how you really make money with them. And yeah, I can see where that would kind of upset somebody.

    Benjamin Brant (10:50)
    Yeah, we call that the tenant mix of a, and now you’re describing what’s known as a neighborhood shopping center or a grocery anchor shopping center where they have, um, the larger tenants, publix, the CVS, and, there are a couple of restaurants, but the industry is turning more towards service type tenants. Like you mentioned, the barbershop.

    Micah Johnson (11:08)
    Hmm.

    And it’s, I could see why it’s consistent. It’s one of the things like everybody’s going to need. You always think about, I’ve talked to a lot of people about businesses in Florida. Like there’s always going to be an AC company here. You don’t have to worry about that business going down. Same kind of thing with haircuts. It’s everybody’s going to need one until you figure out how to do it yourself. They’re all going to walk around with just skinheads.

    Benjamin Brant (11:33)
    Yes.

    I mean,

    now today I have an attorney in a shopping center. I have a driving school, maybe even a daycare center, but you have to be careful with that because they do use parking spaces and the drop off. But you really have to think about if it will work. a prospect calls my sign,

    I have an answering service that will actually screen the call for me and ask them not only what location they’re calling about, but what business they’re in. Because if I have a vacant space and they’re calling about putting a salon in there, well, I already have a salon in there and maybe a nail spa and also a therapy, physical therapy.

    I have to be careful and I might just call them and say, sorry, I can’t use you as a tenant because I already have an existing tenant like that. So immediately I might not even call them back or ⁓ I direct them somewhere else that I know has a possibility for them.

    Micah Johnson (12:59)
    And again, stuff most people don’t even think about. You see an open space? I can get into there. So it’s, I love seeing the behind the scenes of how it’s done, why people are where they’re at, how to position them well. There’s a guy I follow on Twitter named Strip Mall Guy.

    who he does a lot of content about this. He was talking about something the other day called the elbow in a shopping center and how that’s like the hardest spot that it is to lease because it gets the least visibility. doesn’t have, and so now every shopping center I drive by, I’m like, what’s in that elbow back there?

    Benjamin Brant (14:15)
    Yep. I have a restaurant for rent right now in the elbow of a shopping center. It’s the worst.

    Micah Johnson (14:21)
    That’s

    typically what I see there is a restaurant. Out of the ones I’ve seen, it’s been restaurants in that corner.

    Benjamin Brant (14:27)
    That’s a bad location for a restaurant because the parking is tight there and you have other issues but a good place for good tenants for an elbow is maybe a medical office or the type of tenant that is a destination type tenant.

    One of the things I did want to mention is that there are two types of properties. There is a destination property and there is a transient property and the transient property is one that’s in line and where you drive by it and you go there because there’s a particular tenant that you are drawn to.

    The other one is a destination property which is located near a mall. It might be on a corner. that is of course going to be the rents are going to be higher there and the value is going to be higher at those properties.

    Micah Johnson (15:23)
    And who do you typically see in the destination versus the transient? In it wise.

    Benjamin Brant (15:30)
    A destination

    will usually have a national tenants there and the transient location will have more mom and pop or local type tenants. But they might be peppered with national tenants depending if it’s a major state road or just a thoroughfare road.

    Micah Johnson (15:41)
    stuff.

    That’s got me thinking about another one and yep, there’s a Dick’s Wings in there, Dollar General, and then, and it’s not a big one, it’s an older one. And then a few local restaurants right there. Interesting, man, I love seeing that. So let’s think about taking all that experience. What are you noticing right now in the market? What are you seeing out there happening? How’s it compare to what you’ve seen before?

    Benjamin Brant (16:11)
    Well, right now, I think we’re more of a downward market. Unfortunately, prices are very high now. There’s less business expansion. And this is really a situation where you want to hold on to what you got. The tenants are struggling. Right now, I am billing the tenants from their expenses of last year.

    because we have triple net leases, which is where the tenants will, are paying a proration of their premises, the expenses of the maintenance and the care of the shopping center, their real estate taxes and the property’s insurance. I’ve been trying to keep the expenses.

    low and fixed. Insurance went down slightly. Florida did not have any major storms last year. and um real estate taxes went up. So I’m billing the tenants now for those expenses. Their rents are going to be readjusted in February. And yes, I am going to be getting some phone calls that I can’t afford it. And we will

    Micah Johnson (17:02)
    Mm.

    Benjamin Brant (17:15)
    work with these tenants and keep them in place. I’m having a few more vacancies now where I didn’t have vacancies just two years ago. It has to do with the real estate cycles that we go through.

    Micah Johnson (17:27)
    Does this one currently remind you of another one you’ve seen before?

    Benjamin Brant (17:31)
    Well, hopefully it doesn’t turn into 2007 where we had to readjust our rent rates because we were trying to attract new tenants and it did infill. But hopefully we’re not headed that way again.

    Micah Johnson (17:47)
    What are the signs that remind you of it? And like make that jump out that, okay, hope we’re not going there.

    Benjamin Brant (17:53)
    Well, I just have tenants that are getting behind in their rents and unfortunately I’m having a vacancy in two of the shopping centers where that wasn’t an issue just a year or two ago.

    Micah Johnson (18:08)
    Hmm.

    So what would you tell somebody who’s in the business? What’s their big opportunity for 2026? You may have mentioned it already a little bit, but what are you mainly focusing on to get through this year?

    Benjamin Brant (18:21)
    I’m mainly focusing on keeping what I have and working with the tenants to make sure that they stay and can have rents where encourage them to keep paying and we will work with them. Some of the tenants just push through and continue paying, keeping costs down where I can, but

    that’s becoming more more difficult.

    Micah Johnson (18:44)
    Yeah, it’s interesting. Like you said, it’s a cycle. We’re all living in it. There’s something to do in each version of it as it comes. Identify what those actions are to keep things going and just keep capitalizing as you go. Right? You’ve seen enough of them now. You know how it works. And that’s where, you know, if you’re new to real estate, you’re just getting in, you’ve only been in for a couple of years.

    Benjamin Brant (19:01)
    Yes.

    Micah Johnson (19:08)
    This happens. Don’t think it’s new. Don’t think it won’t happen again. It is as regular as it gets. We just don’t know what does it each time. That’s the difference. We’re not sure what the situation is going to look like, but it’s as cyclical as it gets. I always think about how many Warren Buffett’s seen at this point, right? Like how many times have you seen this? And then which one were you finally like, all right, this is the opportunity. Now I get it. Because there is something to capitalize on each time.

    Benjamin Brant (19:35)
    Well, I know that most of your listeners are investors and for investors, it’s really a relationship type.

    business for investors to establish a relationship with the property owner and keep in touch with them and keep calling them and just giving them either some advice or something that you noticed about the property. have a friendly chat with them, keeping in touch with them.

    And it’s just a matter of calling, researching, and then calling them and trying to establish a relationship with them.

    And then hopefully you’ll call them at the right time. Timing is extremely important when trying to find out if a property would be available and you have to come in very strong.

    Micah Johnson (20:16)
    Mm-hmm.

    Benjamin Brant (20:26)
    And I’ve been fortunate where I was called in to take over the management of the company, the property, and then turn around and sell the property for the current owners. But that’s kind of rare to be in that situation.

    Micah Johnson (20:42)
    Interesting.

    And that’s the same that I’ve heard what you just described is especially in commercial and shopping centers. It’s a long term relationship you’re after. It’s not like a house. You don’t just call them once and buy it. That’s not the way that conversation ever goes. So knowing going into it, I’m here for the relationship. And if you can get the relationship, then you got a chance later to get the property. Maybe.

    Maybe you call at that right time and it works out. But without that relationship upfront, it’s just not a deal that gets done typically.

    Well, Benjamin, man, I appreciate your time. Before we wrap up, if someone wanted to get in touch with you possibly, learn a little bit more from what you have to offer. What’s the best way to find you?

    Benjamin Brant (21:29)
    My email is [email protected] My website is centergroup1.com and Or they can just call me and have a quick chat if they have a problem with the lease they have a problem with the tenant they have a maintenance issue a Sale of a business that I do a lot of transactions they can just call me at 305

    525-5572.

    Micah Johnson (21:58)
    Excellent, man. Thank you so much. And if you’re listening, we’ll have that information in the show notes so you can reach out to Benjamin. Take advantage of that expertise in the market for so long. Talking to folks who know is the game changer for your business. That is relationships are everything. So again, Benjamin, I appreciate you here. Thanks for telling us your story, sharing your perspective. I think we need more people in the space doing it like you partnering with people.

    making sure their business is successful, being smart out of the gate. I love the way you’re approaching that. And for those of you tuning in, if you got value from today’s episode, please like this podcast or like this episode, subscribe to our podcast. We’ve got more conversations coming up with operators, just like Benjamin out there, creating real businesses in the space. We’ll see you on the next episode.

    Benjamin Brant (22:45)
    Thank you.

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