Q2 2012 Cleveland, Ohio Office Property Sales Analysis

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Q2 2012 Cleveland, Ohio Office Property Sales Analysis


Cleveland office transactions in the second quarter of 2012 marked the third consecutive two-sale quarter, Reis reports.* The two sales totaled a transaction volume of $13.6 million and an average price of $161 psf. The mean cap rate was 6.5%, and the 12 month rolling cap rate was 8.5%. The quarter’s leading sale was the 51,000-square-foot Medical Mutual of Ohio building, which sold for $8 million ($157 psf) in the Chagrin Corridor submarket. The sale took place in June.