But for the occasional spike ($202.7 million transacted in the fourth quarter of 2011, for example), sales activity is modest. The total for the second quarter of 2012 for six transactions was $23.9 million. The average selling price and mean cap rate for the quarter’s deals were $80 psf and 9.7%. The 12-month rolling cap per quarter-end was 7.9%, down from 8.6% a year earlier. In the second quarter’s largest sale, Feather Sound II LLC paid Highwoods Properties Inc. $9.5 million ($118 psf) for the 80,445-square-foot Feather Sound II, Class B/C, multi-tenant office building at 13577 Feather Sound Drive, Clearwater. The deal closed in April at a 10.8% cap rate. The building was 1.2% vacant at sale date.
According to an August report in the Tampa Bay Business Journal citing a local real estate reporter, “at least six [office] towers [are] currently being shopped, a sign of some serious potential deal making before the end of the year.”