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The public markets don’t appreciate the value of retail real estate, driving more sellers to the private markets, according to Reuters. REIT Kimco Realty, for example, recently sold 21 properties to private investors for $210.2 million, placing cap rates on the deals between 7.5 and 8 percent. Those valuations were better than the prices public firms offered for the properties.
“The private market is saying, ‘We do not share the public market skepticism about retail,’ and that’s why you’re seeing the REITs sell assets to private investors,” said Alex Goldfarb, a REIT analyst at Sandler O’Neill + Partners LP in New York who covers Kimco.
But that could change soon, warns Scott Crowe, chief investment strategist at CenterSquare Investment Management in Philadelphia. The public market is an indicator for private market pricings and usually leads because the ease of selling is greater, he told Reuters.
By Brannon Boswell
Executive Editor, Commerce + Communities Today
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