Who wants yesterdays cap rate?
Most pundits agree that assets in high-barrier-to-entry markets, as well as Class A institutional grade assets nationwide, will feel the pinch from the subprime fallout less than the B and C assets. Sperry Van Ness began to focus on the institutional investor recently when Anderson was named president. “Historically, Sperry Van Ness has targeted the high-net-worth individual. That’s where we made our mark as an investment brokerage company. The reason our strategy is expanding and we bought JBM Realty Advisors is that top quality product preferred by institutions is less affected by a weakening economy. The institutions are happy to see some of these high-net-worth individuals and highly-leveraged buyers fall by the way side, said Anderson. “We see less impact on the core properties because there continues to be a lot of capital that needs to be placed and that capital is focusing on only the best submarkets on both coasts. Deals that are in the center of the bulls-eye in Southern Cali
