Q2 2012 Norfolk/Hampton Roads, Virginia Office Property Sales Analysis

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Q2 2012 Norfolk/Hampton Roads, Virginia Office Property Sales Analysis


Sales activity is minimal. Reis reports only five transactions closed in all of 2011 for a combined total of $46.8 million at an average selling price of $90 psf. No sales closed during the first quarter of 2012. One followed the quarter after with Capital One’s $11.9 million ($99 psf) acquisition from Household Finance Corporation II of 119,946-square-foot multi-tenant property at 1421 Kristina Way in Chesapeake. The deal closed in May at a 9.8% cap rate. The mean 12-month rolling cap rate per second quarter was 9.2%, up from 8.2% a year earlier.