Retail sales were active, with eleven taking place, but small, as the total dollar value was $44.5 million. The mean price was $89 psf, and the mean cap rate was 6.9%. As evidence that it is the lease and not the building that has value, the quarter’s leading sale was a 14,070-square-foot Walgreens in Bay Point, which traded for $8.48 million ($603 psf). Meanwhile an 181,550-square-foot former Target in Newark sold for just $5.3 million ($29 psf). General Growth Properties bought it from Target Corp. The rolling 12 month mean cap rate closed the quarter at 7.0%, up from previous quarters.