"The investor market is not as transparent as it once was," says NewBridge principal Gary T. Saykaly. "Finding the most aggressive buyer often entails working with CPAs, lawyers, financial planners and 1031 Exchange intermediaries in each of the markets of the asset's region."

NewBridge's strategy has been to "control the capital raising, which allowed us to maintain momentum and minimize potential issues and price deductions," the consultant says.

Saykaly says that "as investors fleeing the stock market seek the higher returns of the commercial real estate market, we could see cap rates go even lower for quality assets, assuming the debt markets remain at current levels." He says, however, "increased creativity is required to minimize the bid/ask spread of class B and C retail assets."