Relative to last year with its $531.9 million in sales, 2012 got off to an exceedingly slow start. Only $62.6 million in nine transactions changed hands through the first half of 2012. The average price, at $138 psf, also was low. The total for second quarter alone for five transactions was $28.2 million. The average selling price and mean cap rate were $103 psf and 7.9%. In the quarter’s largest deal, Omnicom Group Inc. paid New York Life Insurance Company $13 million ($104 psf) for the 124,462-square-foot multi-tenant Cypress Centre property in Fort Lauderdale. The deal closed in April at an 8.4% cap rate. The Class B/C building, built in 1985, was 51.0% vacant at sale date.*
Since the quarter ended, a four-building, 344,260-square-foot Class A office portfolio located within Sawgrass International Corporate Park in Sunrise was acquired by an affiliate of The Brookdale Group for an undisclosed amount, GlobeSt.com reported in August. An institutional investor advised by PNC Realty Investors was the seller. “Investors and owner-users continue to have opportunities to secure competitive deals on sale properties as interest rates remain low and low-priced buildings remain available,” states Cushman & Wakefield.