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

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


Investment in local retail property remains slow. Only $26.8 million changed hands all told in three transactions through the first half of 2012. The average selling price was $252 psf. The total for the second quarter alone for a single sale was $4.925 million. The 12-month rolling mean cap rate for second quarter was 5.3%, down from 6.8% a year earlier. In the latest quarter’s sole deal, Cole Real Estate paid MGH ACQ LLC $334 psf for the 14,736-square-foot, fully-occupied Walgreens freestanding property at 2902 Godwin Boulevard in Suffolk. The deal closed in May.