What does it take to generate consistent 10–12% returns in today’s commercial real estate market? In this episode, Todd Stender shares how private credit and triple net development lending are creating unique opportunities for investors right now.

Todd Stender brings a powerful mix of Wall Street experience and real-world investing insight. From his early career in sales at ADP and Coca-Cola to earning his MBA from Pepperdine, Todd built a foundation that led him into equity research and ultimately to Wells Fargo Securities, where he specialized in REITs. After years of analyzing deals, he made the leap into investing himself—starting with a single triple net property and growing into institutional lending.

In this conversation, Todd explains how his current role at L&L Capital focuses on lending to developers building single-tenant retail properties like Starbucks, Chick-fil-A, and other essential businesses. These projects are backed by long-term leases and strong tenants, creating a lower-risk lending environment with attractive returns.

Bruce and Todd also explore the rise of private credit following the global financial crisis, and how today’s market—especially with billions in loans maturing—has opened the door for new lending opportunities. Todd shares why requiring signed leases before construction begins is key to minimizing risk, and how short-term loans (typically 12–15 months) allow for faster capital turnover.

The conversation also touches on broader market trends, including reshoring of manufacturing, the strength of industrial real estate, and the ongoing demand for “Amazon-proof” retail assets. Todd highlights how investor demand—from institutions to international capital—continues to flow into U.S. real estate for its stability and predictability.

If you’re interested in private credit, triple net investing, or where commercial real estate is headed over the next few years, this episode offers valuable insights from someone operating at the front lines.

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What does it really take to build thousands of homes in California—and navigate one of the most complex entitlement systems in the country? In this episode, Bruce Bean sits down with Nick Aronson to unpack the realities of large-scale homebuilding, from land acquisition to community pushback.

Nick shares his journey from engineering major infrastructure projects to working with Walt Disney, and ultimately becoming a leader in California homebuilding and land development. Now involved in master-planned communities like Mountain House, he brings deep insight into entitlements, market shifts, and housing demand.

The conversation dives into how recent legislation like SB330 is reshaping the development landscape, making it easier to move projects forward while still balancing community concerns. Nick also explains how developers manage relationships with local communities, including strategies for addressing NIMBY opposition and gaining broader support.

They explore the critical role of infrastructure—especially schools—and how funding mechanisms like SB50 and community facilities districts make large-scale developments possible. Nick also shares how environmental concerns, traffic, and quality of life all factor into planning decisions.

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Ryan Brown’s journey into real estate didn’t start in finance—it started in medicine. From growing up in a small Northern California town to becoming a nurse anesthesiologist, Ryan built a strong W-2 career before discovering the power of real estate investing. In this episode, he shares how one well-timed triplex purchase changed everything—and how that led to building a 5,500-unit self-storage portfolio across seven states.

Ryan breaks down the realities behind rapid growth, the lessons learned from scaling quickly, and why he focuses on “slow, unsexy” investing built on strong fundamentals. He also explains how disciplined operations, smart leverage, and a relentless focus on net operating income (NOI) have shaped his company’s success.

You’ll also hear how Ryan and his team use technology, remote management, and customer experience to stand out in a competitive market. From hiring his first overseas team member through a cold call to building a global support team, Ryan shares practical insights operators can apply immediately.

If you’re interested in self-storage, scaling a portfolio, or building a resilient real estate business, this episode is packed with actionable takeaways.

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Dave Lucas joins Bruce Bean for a practical guide to triple net real estate and 1031 exchange planning. In this episode, Dave explains what investors need to know before moving from a management-heavy property like apartments into a more passive triple net investment. He also shares the biggest mistakes buyers make when they wait too long, move too fast, or fail to review the lease carefully.

Bruce and Dave walk through the basics of triple net investing, including why these properties appeal to investors focused on capital preservation, cash flow, and simpler long-term ownership. Dave explains that while triple net properties can be a strong fit for later-stage investors and families planning for the next generation, not every deal is a good deal.

The conversation focuses heavily on 1031 exchanges and the pressure created by the 45-day identification period. Dave shares why investors should begin searching early, build their team in advance, and avoid treating the deadline like a window to find the perfect deal. Instead, he recommends defining risk tolerance early and targeting a solid market deal before time runs out.

Dave also breaks down his four-part quick test for reviewing triple net opportunities. He looks at whether the rent is replaceable, how the location performs at the unit level, the credit quality of the tenant, and the economic strength of the surrounding market. He explains why investors should never rely on the tenant name alone and why the lease is the main document that drives value.

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Breck Bard joins Bruce Bean to discuss his unique path from architecture to commercial real estate ownership and asset management. Starting with a background in computer engineering and architecture, Breck explains how macroeconomic shocks like the Great Financial Crisis and COVID-19 shaped his career decisions and perspective.

He shares how earning an MBA helped him transition from design into the ownership side of CRE, ultimately leading to his work on major redevelopment projects like Hilltop Mall in Richmond.

The conversation also dives into today’s challenging investment environment. With high interest rates, compressed cap rates, and ongoing uncertainty, Breck explains why his firm is choosing to stay patient rather than rush into acquisitions.

A key highlight of the episode is Breck’s approach to using AI in real estate operations. From drafting tenant communications to improving workflow efficiency and even assisting with website SEO, AI is becoming a valuable tool—though still one that requires human oversight.

Breck also reflects on how his architecture background continues to give him an edge in project management, especially when dealing with complex retail repositioning and tenant improvements.

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What does it really take to design buildings that can withstand earthquakes, support growing cities, and adapt to new technologies like AI? In this episode, structural engineer Natalie Tse shares how engineering decisions shape the safety, sustainability, and future of our built environment.

Natalie Tse, a structural engineer with over 20 years of experience in the Bay Area, joins Bruce Bean to discuss the evolving world of structural design. From designing buildings to handle seismic forces to exploring new materials like mass timber, Natalie offers a practical and insightful look into how buildings are engineered to perform under real-world conditions.

She explains how structural engineers account for forces like gravity, wind, and earthquakes, and how building codes and historical seismic data influence design decisions. Natalie also breaks down how performance-based design works, helping owners understand trade-offs between safety, cost, and post-earthquake usability.

The conversation also explores current market trends. Natalie shares how her work has shifted over the years—from retail projects to schools, hospitals, and now a strong focus on affordable housing. With demand high and funding uncertain, engineers are constantly looking for smarter, faster, and more efficient ways to build.

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Bruce Bean sits down with longtime developer Greg Margetich to explore his decades-long career in commercial real estate and his latest project near the Tahoe Reno Industrial Center (TRIC).

Greg walks through how he started in real estate in the late 1970s, transitioning from residential into commercial brokerage and eventually into large-scale development. Along the way, he worked on government-leased properties across the country and developed retail and office projects from the ground up.

The conversation then shifts to his current 20-acre development in Silver Springs, Nevada. This ambitious project will include:

• A Chevron gas station with ExtraMile convenience store

• A casino and bar

• Two quick-serve restaurants

• Tesla supercharging stations

• A large RV park with over 150 spaces

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In this conversation, Bruce Bean sits down with Howard Kline to explore his unique journey through commercial real estate law. Howard began his career as general counsel for a supermarket chain, where he gained hands-on experience in developing grocery-anchored shopping centers, leasing, and litigation.

After experimenting with a career in real estate sales across multiple states, Howard realized his strengths were better suited to the legal side of the business. He returned to law and built a practice focused heavily on commercial leasing, negotiations, and landlord-tenant matters—areas that now make up the majority of his work.

Howard also shares how he launched CRE Radio & TV during the early days of online broadcasting, using it as a creative way to connect with potential clients and build authority in the industry.

During COVID-19, Howard leaned into his expertise, producing webinars on force majeure and lease renegotiation. This positioned him as a go-to expert and led to a surge in new clients, particularly in Northern California.

--------------------------------------------------------------------------------------------------------- We’re excited to feature your voice in the conversation about building wealth and legacies through commercial real estate. Join us to share your journey and insights with our growing audience! Learn more and apply at https://sfcommercialconversations.com/guest