August 6, 2011
DataVest | Sperry Van Ness completed a reconciliation of sales and statistical information compiled by Real Capital Analytics over the past 24 months on Dallas Retail Strip Centers. Sales Volume increased about 171% from 2009. Sales moved from $263.7 Million in 2009 to $714.5 over the past 12 months and an annualization of the past six months would indicate a 12 month pro-forma sales volume of $1,096 Million reflecting 416% increase.
Sales Price Per Square Foot Numbers have also increased from asking prices in 2009 at $120.40 per square foot to year-to-date sales under contract and/or closed of $158.50 which represents a 32% increase.
Deals transacted over the past 12 months in this category represent 41 transactions verses 11 transactions in 2009 representing a 372% increase. Over the past six months 30 transactions have been reported closed or contracted or an increase of 272%.
In terms of deal size the total square footage of this product type represented 920,077 square feet in 2009 verses 4,842,481 square feet over the past 12 months which reflects a 635% increase.
Cap rates have moderately compressed and in 2009 newly offered products reflected a Mean Cap Rate of 8.58%. The past 12 months this mean cap rate decreased to 8.34% which is a 24 basis point compression. Year to date cap rates reflect 8.31% on newly offered properties and 7.49% on properties closed or in contract in Dallas.
When comparing Dallas Cap Rates to National Cap Rates, investors still have opportunity ahead of them as Dallas has a year-to-date Mean Cap Rate of 8.31% versus 7.77% on properties currently on the market resulting in a 54 basis point differential. On actual closed transactions, this gap narrows to 19 basis points as the National Average reflects a 7.68% on this product sector and 7.49% in the Dallas Marketplace.
Bruce Marshall
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