Q2 2012 Miami, Florida Retail Property Sales Analysis

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Q2 2012 Miami, Florida Retail Property Sales Analysis


Second quarter 2012 produced the smallest dollar investment volume recorded by Reis for this market since the first of 2011. Its $19.7 million in total sales represented three transactions. The average selling price, however, was very high at $765 psf. The mean cap rate was 7.4%. The 12-month rolling cap rate was 8.6%, up from 6.8% a year earlier. In the latest quarter’s largest deal, Manaca Pinecrest Center paid Adler Group Inc. $8.5 million ($691 psf) at a 7.4% cap rate for the 12,300-square-foot Shoppes of Pinecrest neighborhood center in Miami. In June, Marsha Soffer paid Miguel Mouriz $5.96 million ($768 psf) for a 7,757-square-foot retail center on S.W. 27th Avenue, Miami. In a still smaller transaction in April, a vacant restaurant property sold for $917 psf.

Since the quarter ended, RFR Holding LLC and partner sold the 127,000-square-foot Lincoln Center “high-street” retail property for $132 million, Business Wire reported in July.