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Implicit Liquidity Premiums in the Disposition of RTC Assets

Recent research investigated the relationship between physical factors and the asking price of industrial buildings. We extend prior research by including physical, locational, financial, and economic variables to determine the factors that influence the sales price. This research provides an initial valuation framework for appraisers and is a first step toward the development of an industrial property index. Eleven variables - building size, office space, dock doors, ceiling height, age, distance to the Dallas/Fort Worth Airport, county of sale, industrial cap rate, prime rate, tenant type, and date of sale - are found to explain the sales price of industrial property.

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Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 8 (1993)
Issue (Month): 3 ()
Pages: 365-376

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Handle: RePEc:jre:issued:v:8:n:3:1993:p:365-376
Contact details of provider: Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Order Information: Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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  1. Brent W. Ambrose, 1990. "An Analysis of the Factors Affecting Light Industrial Property Valuation," Journal of Real Estate Research, American Real Estate Society, vol. 5(3), pages 355-370.
  2. Hoag, James W, 1980. " Towards Indices of Real Estate Value and Return," Journal of Finance, American Finance Association, vol. 35(2), pages 569-80, May.
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