NewMarkMerrill Cos. is a firm that will have a lot to shareon Thursday and Friday at the ICSC Western Division Conferece atthe San Diego Convention Center (booth 1136).Their redevelopment pipeline is strong in this environment. Amongthose are Twin PeaksMall, in Longmonth, CO.; ParkPlaza on Maine, in Baldwin Park, CA; andWinstonPlaza, in Melrose Park, IL. Sandy Sigal, the firm'spresident and chief executive officer spoke with us about theacquistiion market, California and strong tenants.

GlobeSt.com: What is the acquisition market like outthere right now?

Sandy Sigal: It’s been competitive,it’s stayed competitive and it’s gotten even more competitive. Themarket is really broken into two pieces: “A” and “F” properties. Ifit has real cash flow and stability to it, it’s trading at almostrecord caps. If it’s a workout or there’s a real flaw in it, itjust doesn’t trade period. There’s no more grayness right now, nomore “B,” “C,” or “D.” Value-add trade properties a trading at thevalue that you could potentially create, minus 25 or 35 bps. It’samazing. If you put value-add as the description of a property, thebidders come out of the woodwork. You have plenty of value-addedfunds that want to buy value-added properties, even if they aren’tvalue add.