Seventeen shopping hubs were sold for over USD 500 million in the major metro retail markets in Florida in the 1st half of the year 2006.
As per an industry report by Woolbright Development released on Friday, a sum of seventeen shopping hubs was sold in the major metro retail markets in Florida in the 1st half of the year 2006 for over USD 500 million.
The report by Woolbright Development, a South Florida commercial real estate investment firm mainly focuses on retail centers valued at 15 million US dollars or more.
The 520 million US dollars worth of shopping trades business translates to 3.1 million square feet of retail space in the markets, which include Orlando, Tampa, Palm Beach, Jacksonville, Miami and Fort Lauderdale.
According to the report, private companies are continuing to buy more assets than any other group and, thus, acquiring more than 50 percent of the total sold. The Real estate investment trust (REIT) companies bought 26 percent of retail centers, while institutional acquisitions made up for 20 percent of purchases. The Woolbright report also found that the average dollar per square foot was 84 US dollars and the average occupancy was 95 percent.
By the similar token, private companies continued to sell more than other group with overall 65 percent of the total sold, followed by private institutions 5 percent and REITs sold 30 percent.
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