Q2 2012 Fort Lauderdale, Florida Retail Property Sales Analysis

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Q2 2012 Fort Lauderdale, Florida Retail Property Sales Analysis


As in the office market, a high 2011 retail property sales volume, $503.1 million, has been followed by a slowdown in 2012 to date. Through the first half of the year, 26 properties changed hands for a combined total of $174.8 million. The total for second quarter alone for 14 sales was $90.5 million. The average selling price and mean cap rate were $84 psf and 6.5%. The 12-month rolling cap rate per quarter-end was 6.7%, down from 7.6% a year prior. In the quarter’s largest transaction, second largest in a year, IMC Property Management Inc. paid RMS Properties $23 million ($94 psf) in April for the 245,000-square-foot Lauderdale Lakes Mall community center in Lauderdale Lakes. The property was built in 1972.