Q2 2012 Miami, Florida Office Property Sales Analysis

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Q2 2012 Miami, Florida Office Property Sales Analysis


Investment in office properties leapt forward in the second quarter following a slow first period. Indeed, the $337.4 million exchanged in 12 sales during the latest quarter exceeded the total accumulated through all of 2011 by $57 million. The mean selling price and average cap rate for second-quarter sales were high at $246 psf and relatively low at 6.4%. The 12-month rolling cap rate per quarter-end was 8.0%, up from 7.0% a year earlier. In the quarter’s largest deal, the largest in a year, Crocker Partners paid Sumitomo Corporation of America $262.5 million ($336 psf) for the 782,210-square-foot, multi-tenant, Class A Miami Center building. The deal closed in June. The building, completed in 1983, was 16.0% vacant at sale date.*