SF Commercial Property Conversations

What happens when a 30-year career at Intel sparks a pivot into commercial real estate investing? In this episode, Cyndi Peach shares how she transitioned from corporate life into building a successful portfolio of retail strip centers—and why she believes this asset class is full of opportunity right now.
Cyndi walks through her early wake-up call during the dot-com era, which pushed her to seek additional income streams beyond a W-2 job. Starting with residential construction and short-term rentals, she eventually discovered retail strip centers—an asset she now specializes in after completing multiple successful acquisitions and exits.
Bruce and Cyndi dive into what makes retail centers attractive today, how she identifies strong markets, and why she prefers suburban and secondary markets over dense urban areas. She also explains her strategy for tenant mix, property size, and working with local banks to validate deals and secure financing.
With a reported 43% IRR over 12 years, Cyndi shares why she’s now opening the door to investors to scale her model—and what she’s looking for in future acquisitions.
Key Topics Discussed:
Transitioning from Intel to real estate investing
Lessons from the dot-com crash and early investing decisions
Why retail strip centers stood out vs. multifamily and residential
How to identify strong retail markets and tenant mixes
The importance of local banking relationships in underwriting
Current outlook on retail, multifamily, industrial, and hospitality sectors
Scaling a real estate investment business with partners and investors
 
-------------------------------------------------------------------------------------------------------- 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
 

Igor Shaltonov: From Russian Water Polo Pro to American Multifamily Investor
What does it take to go from growing up in post-Soviet Russia to building a multifamily real estate portfolio in the United States? In this episode, Igor Shaltonov shares his journey from professional athlete to disciplined real estate investor—and why “boring” investments may be the smartest path forward.
Igor takes us back to his childhood in Moscow during the 1990s, where he first discovered the concept of earning income through real estate—even within a communist system. That early exposure planted the seed for what would later become a powerful investing philosophy.
After a career as a professional water polo athlete, Igor began investing his earnings into real estate, first in Russia and later in the U.S. He shares the stark differences between landlord experiences in both countries and why single-family investing in California quickly showed him the realities of “active” real estate management.
The conversation then shifts into Igor’s evolution into multifamily investing. He explains how learning through syndications, becoming a limited partner, and even losing money in deals helped shape his disciplined approach today. Rather than chasing high returns, Igor emphasizes stability, downside protection, and consistent cash flow.
He also breaks down key lessons from recent market cycles, including why operator quality matters more than the deal itself, and how “boring markets” like Kansas or Arkansas can outperform flashy, high-growth cities during uncertain times.
Igor’s current strategy is clear: focus on 100+ unit properties, secure positive leverage from day one, and invest in markets with steady rent growth and strong demand. His philosophy? Slow and steady wins in real estate.
Key Topics Discussed:
Growing up in Russia and discovering real estate under a communist system
Transitioning from professional sports to investing
Why single-family rentals aren’t as passive as advertised
The power of multifamily syndications and learning through experience
Lessons from failed deals and market downturns
Why “boring” markets may be the safest investments today
The importance of positive leverage and cash flow
Long-term trends driving apartment demand in the U.S.
 
-------------------------------------------------------------------------------------------------------- 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

What’s really happening in Sacramento right now?In this episode, Bruce Bean sits down with Katherine McComic and Patrick Stelmach to explore the surprising transformation of Sacramento into a creative, fast-evolving hub for commercial real estate and urban development.
From repurposed warehouses to vibrant mixed-use projects, this conversation dives into how a new generation of professionals is reshaping the city—and why Sacramento may be one of the most exciting markets to watch.
Katherine McComic, a real estate attorney with a passion for urban environments, and Patrick Stelmach, a land broker specializing in infill development, bring a unique dual perspective—legal and brokerage—on how deals actually get done.
They share how they each entered the industry through unconventional paths, and how their collaboration helps move projects from idea to reality.
The discussion highlights standout projects like the transformation of a former warehouse into a thriving concert venue, showing how creative redevelopment can energize entire neighborhoods. They also explore innovative strategies like “covered land plays,” where properties are acquired with interim uses before future redevelopment.
A key theme throughout the episode is creativity in today’s market. Despite higher interest rates and broader economic pressures, Sacramento continues to see inventive deals and adaptive reuse projects.
Katherine emphasizes the city’s welcoming and youthful energy, noting how easy it is for motivated individuals to get involved and make an impact. Patrick adds that this momentum is extending beyond downtown, with suburban areas beginning to adopt more walkable, mixed-use “third places” that bring communities together.
Looking ahead, both guests predict that Sacramento will continue to grow into a destination city with its own identity—offering the amenities and experiences typically associated with larger markets like San Francisco, but with its own unique flavor.
 
-------------------------------------------------------------------------------------------------------- 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

In this conversation, Bruce Bean sits down with Tim Vi Tran to explore a remarkable career path built on resilience, discipline, and technical expertise. Tim begins by sharing his early life—leaving Vietnam at age five, spending time in a refugee camp in the Philippines, and eventually settling in Dallas, Texas. From there, his academic success led him to the United States Merchant Marine Academy, followed by a role as a systems engineer and later a software engineer working on complex naval projects.
Tim explains how his analytical background eventually guided him into commercial real estate after exploring roles in appraisal and residential sales. Over the past 25 years, he has built a strong niche in industrial properties, particularly along the 880 corridor in the Bay Area.
He also discusses how founding the Ivy Group allowed him to combine technical analysis with core values learned from the military—integrity, transparency, and self-motivation. The conversation dives into how his team operates today, including the use of virtual assistants and the growing role of AI in streamlining processes like property analysis and marketing.
Tim shares insights into the Fremont industrial market, highlighting low vacancy rates, strong demand, and the factors driving companies to relocate there. He also explains how his business has shifted from cold calling to inbound marketing through SEO, digital presence, and relationship building.
Beyond business, Tim emphasizes the importance of community involvement and personal discipline, including his commitment to running and fundraising efforts.
 
-------------------------------------------------------------------------------------------------------- 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

Bruce Bean sits down with Jonathan Kathrein, a transactional real estate attorney, to explore the evolving landscape of San Francisco commercial real estate. Jonathan shares his unique journey into law—from studying real estate at UC Berkeley to working in nonprofit leadership, teaching public speaking, and eventually attending law school while raising a family.
The conversation dives into the current state of the market, which Jonathan describes as “hot,” with a noticeable return of activity in downtown San Francisco. However, one major shift stands out: lease terms are significantly shorter than in the past, typically 3–4 years instead of 10–20. This reflects both optimism and uncertainty as companies—especially those tied to AI—navigate funding cycles and future growth.
Jonathan also discusses how AI is impacting his legal practice. While it hasn’t reduced his workload, it has made him more efficient, allowing him to handle more transactions. Still, he emphasizes the importance of human oversight, noting that AI tools are helpful for tasks like proofreading and document review, but must always be double-checked.
The episode also explores broader trends, including increased urgency in deal-making, the role of interest rates in driving transactions, and how San Francisco is experiencing a strong comeback in foot traffic and business activity.
Key Topics & Takeaways
Why San Francisco’s commercial real estate market is heating up again
The shift toward shorter lease terms and what it means for the future
How AI companies are driving demand for office space
The role of AI in legal workflows—and its limitations
Why urgency is shaping today’s leasing and sales environment
How interest rates and funding cycles are influencing buyer behavior
Signs of San Francisco’s post-pandemic recovery
 
-------------------------------------------------------------------------------------------------------- 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

What does it take to build a career that spans hands-on construction, finance, insurance, and entrepreneurship? In this episode, Scott Van Arsdale shares his unconventional journey and the lessons he learned along the way.
Scott’s story starts in construction, swinging a hammer and learning the trade from the ground up. Over time, he transitioned into management, launched his own framing company, and later returned to school to deepen his knowledge in real estate development and finance. His career then took an unexpected turn into banking during a turbulent economic period, where he gained firsthand experience navigating distressed assets and market downturns.
From there, Scott moved into construction defect litigation, blending his expertise across construction, finance, and legal processes. Eventually, he returned to his entrepreneurial roots by rebuilding and growing TCE Constructors, the company he founded years earlier.
In this conversation, Scott also shares how modern tools like AI are changing the construction industry. From using AI to generate detailed scopes of work to improving estimating and project communication, he explains how technology is helping streamline operations and reduce inefficiencies.
Scott offers valuable insights into market cycles, noting that he has experienced multiple economic ups and downs. He shares his outlook on today’s market, including the impact of interest rates and why he believes the real estate sector may be positioned for growth in the next 12 to 18 months
 
-------------------------------------------------------------------------------------------------------- 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

What does it take to go from chemical engineering to owning 30+ multifamily properties in Los Angeles? In this episode, Maxx Feldman shares how he made an unconventional leap into real estate—and what it takes to survive and grow in today’s challenging market.
Maxx Feldman didn’t start in real estate. With a background in chemical engineering and early ambitions in professional baseball, his path shifted when he was introduced to real estate syndication through close connections. What began as a 60-day trial turned into an 8-year journey building a portfolio of over 30 buildings and 400+ units across Los Angeles.
In this conversation with Bruce Bean, Maxx walks through the realities of scaling a multifamily portfolio during both boom times and market downturns. He shares how his team aggressively acquired deals between 2018 and 2022, then shifted focus to operations as interest rates rose and market conditions tightened.
A major theme of the episode is adaptability. Maxx explains how today’s environment requires operators to prioritize cash flow, manage rising costs like insurance and maintenance, and maintain investor distributions. He also dives into their value-add strategy—renovating older properties, upgrading systems, and adding ADUs (Accessory Dwelling Units) to increase revenue and long-term value.
 
-------------------------------------------------------------------------------------------------------- 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

In this episode of SF Commercial Property Conversations with Bruce Bean, Bruce sits down with Scott Furniss of 7th Street Development to explore the fast-moving industrial market in Los Angeles and Orange County. From aerospace-driven demand to speculative development strategies, Scott shares what it really takes to build and lease industrial projects in today’s environment.
Scott walks through his career journey across residential, office, retail, and industrial real estate—bringing a well-rounded perspective to his current role managing and developing industrial properties. He also gives a behind-the-scenes look at a 70,000 square foot speculative industrial project currently under construction in West Orange County.
The conversation dives into how developers make key decisions without a committed tenant, including building design, power capacity, and flexibility for multiple use types. Scott also explains why aerospace and defense companies are dominating demand right now—and how that trend is shaping the future of the market.
You’ll also hear insights on leasing strategies, working with brokers, and how different submarkets across Southern California are performing today.
 
-------------------------------------------------------------------------------------------------------- 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

In this episode of SF Commercial Property Conversations with Bruce Bean, Bruce sits down with Peter Belisle, founder of Belcon Advisors and former executive at JLL, to explore the complexities behind some of today’s most ambitious development projects.
Peter shares his experience advising on the Lucas Museum of Narrative Art in Los Angeles—a 400,000-square-foot, architecturally stunning project set within a fully mature park—and what it takes to manage projects of this scale from concept to completion.
The conversation dives into Peter’s career journey, from engineering at UCLA to leadership roles at The Walt Disney Company and JLL, where he oversaw billions in project development. He also discusses his current work advising institutions like UCSF on cutting-edge facilities, including a first-of-its-kind proton therapy cancer treatment center.
Bruce and Peter explore key trends shaping the industry, including:
The explosive growth of data centers driven by AI demand
Private equity’s increasing interest in construction and infrastructure
The role of AI as a tool—not a replacement—in development
The importance of communication, alignment, and early problem-solving in complex projects
-------------------------------------------------------------------------------------------------------- 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

What does it really take to create places people love—and why is it so hard to build them today? In this episode, Ryan Lovett shares a fresh, multidisciplinary approach to solving some of the biggest challenges in real estate development, from housing shortages to community resistance.
Ryan Lovett, founder and CEO of Lovett, brings together architecture, planning, and real estate strategy to tackle complex urban problems. With over 20 years of experience across major U.S. cities and international projects, Ryan focuses on large-scale developments that prioritize sustainability, community value, and long-term success.
In this conversation with Bruce Bean, Ryan explains how thoughtful design and storytelling can help overcome NIMBYism by reframing development around what people truly value—walkable neighborhoods, vibrant local businesses, and meaningful places. He shares practical strategies for aligning community interests with smart growth, including how to address concerns like traffic, density, and infrastructure.
Ryan also dives into the realities of affordable housing, explaining why current systems are struggling to scale and how innovation—particularly around land use, policy flexibility, and construction methods—can help unlock new solutions. He highlights the importance of reducing unnecessary complexity and focusing on supply to meet growing demand.
The discussion also touches on iconic projects like New York’s High Line, exploring the importance of not just designing great spaces, but ensuring their long-term economic sustainability through smart planning and partnerships.
 
--------------------------------------------------------------------------------------------------------- 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