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.

--------------------------------------------------------------------------------------------------------- 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