BUYEROUT, remains significant and positive in 9 out of the identified 11 markets of

interest. These findings reconfirm the strong evidence that retail property out-of-state

buyers pay price premiums.

 The coefficient of the variable representing a sale-leaseback transaction,

SALELEASEBACK, remains positive and significant in the markets of Chicago, Detroit,

Las Vegas, and Phoenix. It is also now significant in San Francisco at the 10 percent

level. These results reconfirm the evidence supporting our hypothesis that sale-leasebacks

are associated with higher transaction prices.

 Finally, results remain unchanged with respect to the coefficient on the variable

representing a portfolio sale, PORTSALE.

 Based on OLS Model II, the percentage sales price changes corresponding to the

estimated and statistically significant coefficients for replacement exchanges, EXREPL,

relinquished exchanges, EXRELQ, relinquished and replacement exchanges,

RELQ REPL, purchases by out-of-state buyers, BUYEROUT, sale-leasebacks,

SALELEASEBACK, and portfolio sales, PORTSALE, are presented in Table 22 by

market.

 Table 22 indicates that the percentage price effect of replacement property

exchange is economically significant and varies from 12.46 percent in Seattle to 44.61

percent in Chicago. Note that the markets with the lowest and highest premiums

associated with replacement exchanges are the same for retail and office properties.

 The average price premium paid when a property is used to complete a replacement

exchange is 26.06 percent. This premium is similar to the premium paid with office