After more than 40 years in commercial real estate, developer, broker, and general contractor Paul Frank shares why he is shifting away from ground-up development and focusing on brokerage and coaching the next generation of operators.

In this conversation, Paul and Saul break down what has changed in development economics, entitlement timelines, and permitting costs. From six-figure permit fees to multi-year approval delays, they explore why demand for certain asset classes is strong while new supply remains constrained.

They also discuss where opportunity still exists in today’s market, including light industrial shortages, commercial condo strategies, and the long-term value of drive-through retail sites.

In this episode, you’ll learn:

• Why entitlement timelines and permitting costs are reshaping development
• How developers can adapt by shifting strategy and roles
• The growing supply-demand gap in light industrial real estate
• Creative value-add approaches like commercial condo conversions
• Why drive-through retail sites remain a resilient investment

If you want a grounded, real-world perspective on what is actually happening in development today, this episode delivers decades of hard-earned insight.

Connect with Paul:

• Email: paul@pdf-usa.com
• Instagram: https://www.instagram.com/paulfrankpdf/
• LinkedIn: https://www.linkedin.com/in/paulfrankpdf/
• Web: https://www.pdf-usa.com/

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This week, Saul sits down with Michael Kuritnik with Kumo Capital for a practical conversation on where AI is actually working in real estate — and where the hype still outweighs the results.

Mike runs a family office with his brother, dad, and mom, and over the past few years they’ve evolved from multifamily into other asset classes while staying focused on technology, underwriting, and operational leverage. In this episode, the conversation centers on real use cases: how AI is helping with underwriting, broker engagement, deal screening, and internal workflows — without pretending the tools are farther along than they really are.

They also shift into a broader investment discussion and compare which asset classes look most attractive heading into 2026.

• Why most AI implementations in business are still failing
• The importance of educating your team before forcing AI into workflows
• How Mike’s team uses Claude, automation, and scrape tools to support underwriting
• Where AI helps with broker response, OM review, and demographic filtering
• Why Argus still matters and how it fits into a hybrid underwriting process
• Mike’s take on flex industrial, agricultural land, and retail in 2026
• Saul’s case for small bay industrial, retail, and one-story office

Instagram: @mkuritnik Website: investkumo.com

If you’re trying to separate AI signal from noise — or figure out which CRE asset classes still offer real opportunity in 2026 — this episode gives you a grounded, operator-level perspective.

In this episode of the Value Builder Podcast, Saul sits down with Nick Terry, founder of Rifle CRE, a Houston-based commercial real estate platform that blends brokerage, investment, construction, and property management into one vertically integrated ecosystem.

Nick started his firm during the chaos of early 2020, pivoting from office tenant representation into small bay industrial investing just as the market began accelerating. What followed was the creation of a unique operating model where brokerage feeds acquisitions, acquisitions create management opportunities, and construction unlocks additional value.

Instead of building a traditional brokerage, Nick built a real estate flywheel—a platform where every service supports the same strategy: acquiring and repositioning small bay industrial properties.

Saul and Nick dive into how this model works in practice and discuss the operational strategies that drive returns.

They cover:

• Why small bay industrial remains one of the most resilient asset classes
• How spec suites and higher-end finishes can dramatically increase rents
• The importance of staggering lease expirations to maximize exit value
• Why brokerage can be the best sourcing engine for acquisitions
• How vertical integration can create a competitive advantage for operators
• The economics behind value-add industrial renovations
• Why some office buildings may present opportunity again at the right basis

Nick also shares how his team recently raised capital for a multi-property industrial fund and why having committed capital allows them to move faster and win deals.

This episode is packed with practical insights for commercial real estate investors, operators, developers, and brokers looking to build scalable real estate platforms.

Rifle CRE Website: https://riflecre.com Instagram: @riflecre LinkedIn: Nick Terry

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