Q2 2012 Jacksonville, Florida Office Property Sales Analysis

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Q2 2012 Jacksonville, Florida Office Property Sales Analysis


Sales of office property meeting Reis’ criteria have been minimal. Only three deals were completed through the first half of 2012 for a combined total of only $8.5 million. The average selling price and mean cap rate were $96.5 psf and 11.0%. The second quarter saw only one transaction close as Suntrust Bank paid San Pablo LLC $3.1 million ($133 psf) for the 23,424-square-foot 4315 Pablo Oaks Court multi-tenant Class B/C office building in Jacksonville. The sale completed in June at an 8.9% cap rate.