"At this point, we don't know if we're at the bottom, but it appears we're pretty close, from the pricing perspective,” Lee Menifee, Global Strategy senior director with CBRE Investors, told CPN. "Over the last two or three months, there's been a firming of prices on income-producing assets with secure tenants, especially smaller deals."Waiting for the absolute bottom, as the story points out, could mean lost opportunity costs.
There's one bugaboo, however: money. Money, that is, at LTVs that allow the deal to work, at reasonable interest rates and on legal terms that borrowers can stomach. So, let's see if these guys are right. (The customary full disclosure: I worked with CBRE Investors in its capacity as an advisor on many deals some years ago, and perhaps even represented them once on a small transaction, but I have never worked with Lee Menifee.)
Have a good weekend! And thanks to Doug Lytle for pointing out this story to me on Twitter.