"At the top of the market, the cap rates of tertiary-market properties were similar to properties in primary and secondary markets." (CCIM Institute) Coupled with the fact that Balance Sheet Lenders, i.e., institutions that lend per the Balance-Sheet, aka, Portfolio Lenders, are filling the void left by the dearth of solvent secondary Commercial Mortgage Backed Securities (CMBS) markets, it may be time to take another look at investing in smaller commercial real estate markets, because local lenders know their towns and commercial property real estate values are dropping in tertiary markets, too.
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