Real estate marketplace Auction.com reports that it had handled 127 commercial real estate transactions in December with a total combined value of more than $327 million.
Of that, retail properties accounted for more than $129 million of the month's closings.
‘We saw robust activity in the brick-and-mortar retail segment as 2014 came to a close,’ says Rick Sharga, executive vice president of Auction.com, in a statement. ‘Deal volume is up, but prices are cooling in the sector due to trends like the growth of e-tailing, and excess inventory coming to market as big box stores shutter thousands of locations.’
Some notable closings included the following:
- A 30,102-square-foot retail center in East Hanover, N.J., was auctioned on Oct. 8 and the sale closed on Dec. 22.
- Park West, a 92% occupied, 133,000-square-foot retail strip center in Pinellas Park, Fla., was auctioned on Oct. 22 and the sale closed on Dec. 23.
- Panasonic Office Building, a 78% occupied, 128,000-square-foot, three-story office building in Farmington Hills, Mich., was auctioned on Oct. 23 and the sale closed on Dec. 1.
- Indian Wells Apartments, an 87% occupied, 176,000-square-foot multifamily property in Apache Junction, Ariz., was auctioned on Oct. 8 and the sale closed on Dec. 30.
- A 17,000-square-foot vacant office property located in Newport Beach, Calif., was auctioned Dec. 3 and the sale closed on Dec. 12, 2014.