Retail investment sales have been somewhat more active, part of the strong demand for single-tenant assets nationwide. Three traded in the second quarter according to Reis, for $8.0 million at a mean price of $67 psf and a mean cap rate of just 3.1%. Not surprisingly given the low cap rate these were single-tenant deals—the 11,600-square-foot The Palace, the 82,780-square-foot Schubert Lumber Company (sold by the company), and the 23,860-square-foot Star Tracks Arcade. Other recent sales include an Outback Steakhouse and a Sun Trust Bank, but sales over the past four quarters are dominated by the 549,000-square-foot Colonial Pinnacle Turkey Creek, sold by Colonial Properties Trust to a pension fund last December for $131.7 million ($240 psf). The rolling 12 month cap rate as of the second quarter of 2012 was 3.9%.