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In an interview with Private Equity Real Estate Pacific Retail Capital Partners managing principal Steve Plenge says retail real estate will have a "terrible year" but also thinks it will be the best buying opportunity in the sector in 30 years.

Speaking to PERE, Plenge said landlords were facing a perfect storm of events, including weakening fundamentals, declining sales and falling rents, that would push valuations down. That storm, he added, would present one of the best buying opportunities in three decades for private equity real estate firms with capital to deploy.

The former Somera Capital executive said 2009 would be “better than the 1980s and 1990s” in terms of investment opportunities, adding: “I have been doing this for 30 years and this is the best opportunity I have seen in my lifetime.”

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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