Buckhead Shul Launches Jewish Business Network

June 12 ushered in The Buckhead Shul’s first Jewish Business Network (JBN), a night of education and inspiration.

Jason Chaliff, founder and managing director of Rise Property and Denali Investment Group, along with Josh Ahlzadeh, managing director of development and leasing for Delza Properties, representing the “up and comers,” were in conversation with experienced real estate macher Jan Saperstein, president of Southeastern Asset Management Group.

Josh Feldberg kicked off the JBN concept by relating how Jews wandering in the desert were therefore “good at real estate.” Saperstein was introduced as a University of Georgia grad and self-made “titan” associated with blue chip retail brands like Chick-fil-A, Home Depot, and PetSmart. In 1990, he founded his asset management group focusing on ownership, development, syndication, and management of retail centers. Saperstein began his career with Ackerman & Co. in retail site selection and commercial leasing. His portfolio includes tenants like Target, Trader Joe’s, CVS, Kroger, HomeGoods, and Starbucks.

Chaliff and Ahlzadeh peppered Saperstein with well-prepared questions ranging from weathering business cycles, tenant mix, and trends. Saperstein started by explaining that raising funds and finding money takes a back seat to finding the right real estate.

“Break the code and find what value you bring, then the funds will come … tenants come and go. It’s all about the land. Real estate is scarce … female customers are ultimately what make the world go round … that’s why Home Depot and Lowe’s lowered their shelves.”

Ahlzadeh urged Saperstein to talk about what he learned from Chick-fil-A’s founders who realized that owning and leasing back to the franchisee was the “golden ticket.” Saperstein recalled in 1980 that they came out of the malls to a location at Briarcliff and North Druid Hills. “The lease was $35,000 a year. They made that in 10 days.”

Chaliff asked about trends and the matrix for growth. Saperstein noted that the cost of doing business in Atlanta has gotten so expensive that he is looking at LaGrange, Austell, Hinesville, even Dahlonega, where the Publix is on the side of a mountain. In terms of property tax and bureaucracy, Saperstein has used tax incentives as an offset buy, but cautioned, “Don’t buy tenants or financing. Buy real estate with or without tax incentives.”

Chaliff queried Saperstein about what excites him about the real estate profession. “It’s really a cerebral chase, like Rubik’s cube. I moved away from development because it is a massive pain in the a–.”

Chaliff asked what route Saperstein would have pursued had he not chosen commercial real estate. Saperstein related that his mother, a bank secretary, told him that five or six of the largest depositors were in commercial real estate … then he said “Well, I like fly fishing but …”

Ahlzadeh asked Saperstein to talk about the action in layers, where the money lies. “The $30 to 40 million range is where the herd thins out — more opportunities. Get out of being beholden to ‘mom-and-pop’ tenants … Hobby Lobby may have challenges and issues, but they are going to stay in business.”

Onto some retrospection, Saperstein laughed at a deal he turned down with a tenant, Snake Museum. “Know when to sell to leverage funds to buy more stable properties.” Then, he reminisced about his role in Sandy Springs Plaza recalling that they had bathrooms in the basement in 1958 for “colored” people. Later, in a genius move, he got Trader Joe’s into that center. Chaliff noted that his own favorite deal was with owners/debtors who “have to sell.”

Rabbi Israel New closed the meeting noting the success of this first JBN event and to stay tuned for more. He thanked Saperstein and shared how their initial meeting was a Zoom call when Rabbi New realized that he (Jan) “was a man of the people, down to earth and started with Yiddish roots.”

The Buckhead Shul is part of the Chabad Buckhead and Brookhaven, located at 133 E. Wesley Road The Buckhead Shul will hold a pickleball tournament at Bitsy Grant from 10 a.m. to 2 p.m., June 29, with light refreshments. Entry is $35 per couple, or $20 per individual. For more information and to RSVP, please visit info@theshul.org.