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Lisa Sedlar, the former CEO of New Seasons Market, likes to reminisce about a small butcher鈥檚 shop her family frequented when she was growing up outside of Detroit. She feels time left something behind there.

鈥淵ou developed this relationship with the neighborhood butcher,鈥� she said. 鈥淚 would come in and they would know my name, and my brother鈥檚 and sister鈥檚 names. It鈥檚 sort of this idea of bringing back the neighborhood grocery store, like when it was when we were kids. That went away when everything got big.鈥�

This past November, Sedlar launched a new concept: Green Zebra Grocery, a convenience store-size market that will sell primarily local healthy items like vegetables, cured salami and gourmet cheese. She plans to open one store in Northeast Portland and another in Southeast Portland by winter, and 18 more by 2020.

It鈥檚 an ambitious plan, but Sedlar may be ahead of the curve. Industry professionals say investor demand for grocery-anchored properties is at an all-time high, but the inventory of available assets is dwindling. As a result, specialty grocery stores are gaining attention 鈥� and Northwest developers are favoring small, local businesses over large, national ones.

鈥淎 national credit grocery like Safeway or Fred Meyer or Whole Foods 鈥� that would have more investment interest typically because their credit rating is higher,鈥� said Jeff Sackett, a principal at Capstone Partners LLC. 鈥淭he regional retailer doesn鈥檛 meet that standard, but once you get to the local level there鈥檚 a lot of cachet that goes with certain retailers. New Seasons is certainly a grocery that has a lot of cachet.鈥�

Capstone is preparing to break ground this spring on Grant Park Village, a $60 million project with eight buildings, 211 housing units, 47,000 square feet of retail space. New Seasons will be the anchor tenant. The developer is in the process of closing a deal with a group of national and international investors. Sackett led them on a tour of New Seasons to tout its appeal.

But is that interest indicative of a growing trend among investors?

鈥淚 think so,鈥� said Scott Frank, a partner at Capital Pacific, a commercial real estate brokerage firm in Portland. 鈥淭hey have to. There鈥檚 no supply or very little of national-branded grocery-anchored centers on the market. It鈥檚 a great opportunity for these guys who own the second and local-tier markets.鈥�

Investors with substantial credit limits have flocked to buy grocery-anchored properties in recent years. As demand increased, supply fell 鈥� capitalization rates for grocery-anchored sites in the Northwest have decreased from more than 8.5 percent in 2010 to 7 percent in 2012, according to Capital Pacific.

A cap rate is a ratio that describes a property鈥檚 yield. As cap rates drop, properties are able to fetch higher prices.

Capital Pacific is in the process of selling the yet-to-be finished New Seasons on North Williams Avenue to a Northwest-based investor. Frank said the property will fetch a cap rate similar to that of a Safeway-anchored deal, which is a telling sign of its perceived value.

鈥淭he national guys that come in from out of state, they take a little more explaining,鈥� Frank said. 鈥淏ut people in Portland get it. They like to shop locally and support local businesses, and New Seasons and Market of Choice do a good job of branding themselves that way.鈥�

That鈥檚 why C.E. John recently chose to anchor its new Con-way Commons development with a 28,000-square-foot New Seasons, despite interest from several national grocers. Tom DiChiara, the company鈥檚 vice president of development, said the store catered more closely to the concept of a 20-minue neighborhood.

鈥淚t鈥檚 almost like your own, personal, little farmers market,鈥� he said. 鈥淪o it鈥檚 kind of a lifestyle piece and that differentiates them from some of the larger box retailers.鈥�

Size also matters.

While national grocers tend to seek spaces 30,000 square feet and larger, specialty grocers can take advantage of 15,000- to 20,000-square-foot spaces. That creates more opportunities, which Walmart has pursued via its Neighborhood Market concept. At least five such stores have opened in the greater Portland area in the past year or so.

Colorado-based Natural Grocers by Vitamin Cottage is looking to expand in Oregon, and will open an approximately 12,000- to 15,000-square-foot store in Medford in March. It will be the company鈥檚 65th location in 13 states.

Frank said one big question is: What will happen to 础濒产别谤迟蝉辞苍鈥檚 now that it has been acquired by a consortium of real estate investment trusts? Many of the grocer鈥檚 Northwest locations have languished for years.

鈥淚f they decide to shut some of their stores, that could provide a good opportunity for specialty grocers to backfill some of those,鈥� Frank said.

Portland is home to numerous neighborhood markets, but New Seasons has been the most prominent. Since opening in 1999, the company has built 12 stores totaling 380,000 square feet. Another 125,500 square feet is on the way, and Wendy Collie, the company鈥檚 new CEO, said the plan is to open one or two more stores each year for the foreseeable future.

In 2009, Endeavor Capital, a Portland-based equity group, became a majority shareholder in the company. Collie thinks the quality of New Seasons鈥� product is fueling demand.

鈥淲hen we started, the types of products we were bringing in were really innovative for the grocery industry at that time,鈥� Collie said. 鈥淥rganic products, straight from the farm in 24 hours 鈥� It鈥檚 this really interesting hybrid that has incredible integrity and from that is this incredible following that has been great.鈥�

Sedlar hopes to garner a similar following, but on a smaller scale.

鈥淕rocery stores play a key role in having a vibrant 20-minute neighborhood,鈥� she said. 鈥淭here鈥檚 not always an opportunity to build a big 20,000-square-foot store 鈥� But you can have a little neighborhood grocery store in every neighborhood. Essentially, that was the model this was built on.鈥�