A major single property investment sale in the fourth quarter of 2011 dominates recent qualifying transactions according to Reis Transaction Analytics.* The second quarter of 2012 saw two small deals totaling just $13.1 million at a mean price of $151 psf and a mean cap rate of 8.9%. The 12-month cap rate is 9.1%. In the quarter’s largest sale, Zeller Pennwood LLC sold the 77,004-square-foot Pennwood I&II in Carmel to Pennwood LLC in May for $7.1 million ($92 psf). The 433,972-square-foot Intech Park I-3 had sold for $85 million two quarters earlier.