Q2 2012 Cleveland, Ohio Retail Property Sales Analysis

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Q2 2012 Cleveland, Ohio Retail Property Sales Analysis


The number of sales of retail properties picked up considerably in the second quarter, Reis reports, although the dollar value of first quarter sales was higher. The second quarter had five sales recorded for a volume of $17.2 million and a mean price of $69 psf. The mean cap rate was 5.5% and the 12 month rolling cap rate was 6.8%. The leading sale was the Solar Shopping Center, at 140,000 square feet, which sold in May for $6.9 million ($49 psf). The seller was Solar Center Ltd. and the buyer was Echo Real Estate Services.