Q2 2012 Westchester, New York Retail Property Sales Analysis

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Q2 2012 Westchester, New York Retail Property Sales Analysis


Retail investment sales slowed after two strongish quarters. Just two properties changed hands in the second quarter of 2012, for just $6.7 million at a mean price of $716 psf and a mean cap rate of 6.0%. As might be expected given the high average price these were two small properties, a 7,200-square-foot building on Mamaroneck Avenue in Mamaroneck and a Chase Bank in White Plains. Many of the other sales over the past year are small as well, aside from the 23,625-square-foot Hillside Plaza in White Plains which sold twice in January. The rolling 12 month cap rate, based on nine sales, is 6.6%.