Q2 2012 Detroit, Michigan Retail Property Sales Analysis

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Q2 2012 Detroit, Michigan Retail Property Sales Analysis


There were just two retail investment sales during the second quarter for just $6.2 million, at a mean price of $98 psf and a mean cap rate of 7.8%. In the largest deal of the quarter the 18,024-square-foot West Marine, a boating store in Harrison Township, sold for $4 million ($222 psf). The deal closed in April, with Srrwm LLC as the seller and Cole Real Estate Investments as the buyer. The rolling 12 month cap rate was 7.3% as of the second quarter. It is based on 13 deals.