Q2 2012 Buffalo, New York Office Property Sales Analysis

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Q2 2012 Buffalo, New York Office Property Sales Analysis


Office investment sales activity for deals matching Reis’ criteria has been slow. Three transactions fetching a combined total of $11.9 million closed during the second quarter. The mean selling price and average cap rate were $89 psf and 7.2%. In the quarter’s largest deal, Ellicott Development Company paid 344 Delaware Avenue LLC $5.525 million ($184 psf) for the 30,052-square-foot Vars Building at 344 Delaware Avenue, Buffalo. The deal closed in June at a 6.6% cap rate. The 100%-occupied Class B/C building was constructed in 1930.