Q2 2012 Detroit, Michigan Office Property Sales Analysis

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Q2 2012 Detroit, Michigan Office Property Sales Analysis


Reis Transaction Analytics reports five qualifying* single property office investment sales in metro Detroit during the second quarter, but the dollar values of these transactions was just $11.4 million and the mean price was just $16.00 psf. At North Troy Corporate Park, Lone Star funds sold three separate buildings totaling 701,500 square feet to Rialto Capital for just $13.00 psf. The mean cap rate for second quarter sales was high at 9.5%, and the rolling 12 month cap rate was higher at 10.0%. It is expected to remain in double digits for a few years.