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Retail Investment: Strong on Interest, Light on Opportunity

SEATTLE, WA-As long as interest rates remain somewhere in the 7's, Paul Sleeth of Colliers International says demand for retail investment product will remain strong. The bottle neck in deal flow in Puget Sound, however, continues to be lack of product.

By Janet Parker | Updated on March 27, 2002

SEATTLE, WA-”The demand for retail investments is running strong. In fact, better than the market was expecting at the end of last year,” says Paul Sleeth with Colliers International. The broker, who specializes in retail investment, notes that demand is ahead of available opportunities and that a number of deals are under contract.

“If you believe everything you hear on the street,” quips Sleeth, “then there is about $100 million of Puget Sound product under contract right now.” He notes that some of the deals he’s hearing about have three or four months to go before their scheduled closings. “And you never know what’s actually going to close,” Sleeth adds. “Sometimes deals fall out, especially when you’re talking about multi-property transactions. They have a lot of moving parts and a higher likelihood of not succeeding.”

The downtown Seattle market is out of the loop as far as deal flow. “There aren’t that many opportunities for classic retail plays in downtown–most of the buildings with retail are matched with something else above, like offices.”

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