RETAI - Matthews€¦ · RETAI 2015 YEAR IN REVIEW PUBISED ANUARY 2016 Retail 2015 Year in Review...
Transcript of RETAI - Matthews€¦ · RETAI 2015 YEAR IN REVIEW PUBISED ANUARY 2016 Retail 2015 Year in Review...
RETAIL
2015 YEAR IN REVIEW P U B L I S H E D J A N U A R Y 2 0 1 6
Retail 2015 Year in Review• Across all property sectors, retail posted the weak-
est gains in volume for 2015 with 1% yoy growth on sales of $88b. Despite this overall sign of weakness, the view from the perspective of individual asset sales is one of a market that is healthy and growing.
• The sale of individual assets grew 9% in 2015 on sales of $59b. These sales are an important sign of health in that one-off transactions tend to have a more diverse pool of buyers with more at stake in each individual deal. This growth is down from the 35% yoy pace set in 2014, but both years are at record levels. Even back in 2006 and 2007, deal volume for individual assets only peaked in the $43b range.
• Portfolio and entity-level transactions still posted strong numbers, even if the growth from 2014 is lower. These transactions accounted for $28b in sales for the year which is no small number. Besides 2014, only 2007 posted a higher total.
• Despite the flat deal volume in 2015 prices contin-ued to rise. Initial estimates of the Moody’s/RCA CPPITM suggest that prices increased 13% yoy. This growth is a bit of a reversal from 2014 which posted only 9% growth following the especially strong 18% growth set in 2013.
• Across retail subtypes, the strip center segment posted a 2% yoy decline on sales of $39b. This decline was all about a dearth of portfolio and entity-level deals with a 13% yoy growth for the sale of individual assets. The sale of malls and other retail properties grew 4% in 2015.
Retail Annual Sales Volumeand Pricing Trends
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Retail Transaction Summary ($bil)
Yr Individual Portfolio Entity Total
‘12 $41.5 $12.4 $3.7 $57.7 ‘13 $40.4 $15.8 $6.1 $62.2 ‘14 $54.5 $19.5 $12.7 $86.7 ‘15 $59.2 $20.9 $7.5 $87.6
YEAR IN REVIEW 2015• Year in Review � � � � � � 1• Sector Trends � � � � � � � �2• Market Tiers � � � � � � � �3• Most Active Markets � � � �4• Cross Border Capital � � �5• Top Retail Transactions � �6
• Top Buyers & Sellers � � � �7• Market Table � � � � � � 8-9• Selected Transactions � 10-11• Top Brokers � � � � � � � � 12• Notes & Methodology � � 13
*RCA CPPI starts at 100 in December 2000; 2015 RCA CPPI results are preliminary
1©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.
2015 YEAR IN REVIEW
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Quarterly Volume & Pricing Trends
Sector Trends• Deal volume for most property sectors experienced
a pronounced slowdown and even periods of fall-ing growth in volume in H2’15. The retail sector fits this story with zero growth in Q3’15 and a 16% yoy decline in Q4’15.
• Again, the strip segment of the market is really where the weakness is. The growth in deal volume has slowed every quarter since Q4’14 and slipped to negative territory by Q3’15. Growth in individual asset sales was positive in each quarter since Q4’14 but here too the pace of growth is slowing, only 1% yoy in Q3’15 and 6% yoy in Q4’15.
• By contrast, with lumpier lot sizes involved, the mall and other retail properties category has seen deal volume bounce back and forth between strong and weak growth over quarters. Q4’15 was a down quarter for these subtypes of retail properties, down 16% yoy.
• Retail cap rates fell 20 bps yoy to hit 6.4% in Q4’15. Much of the decline came on the Q4’15 figures with cap rates relatively flat in all previous quarters. One might be tempted to think that this decline is just quarterly noise but the decline is consistent both across subtypes and for the highest quality assets.
Mall & Others Strip Centers All Retail
Transaction Volume
Year-Over-Year Change
Cap Rates
billions billions billions
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'09 '10 '11 '12 '13 '14 '154.5%
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2 ©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.
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2015 YEAR IN REVIEW
Volume RCA CPPI Price Averages
Sector/Region $M YOY Change #Props YOY
ChangeYOY*
ChangePeak** to Now $/sf Cap
Rate
YOY Change
(bps)US Retail $87,643 1% 7,211 -12% 13% -1% $218 6.5% -23
US Strip $37,748 -2% 3,323 8% $162 7.0% -21US Mall & Other $49,895 4% 3,888 -25% $305 5.9% -31
6-Major-Metro Retail $33,840 21% 2,248 8% 20% 19% $399 5.7% -28
Non-Major-Metro Retail $53,803 -8% 4,963 -19% 9% -10% $159 6.8% -22
Anchored Retail Center $27,878 -12% 1,653 -7% $159 7.0% -19
Unanchored Retail Center $10,197 25% 1,764 25% $178 7.0% -26
Single-tenant Retail $18,546 11% 2,456 -16% $286 6.0% -35
US Strip $37,748 -2% 3,323 8% $162 7.0% -216-Major-Metro Strip $10,369 16% 719 13% $247 6.1% -37Non-Major-Metro Strip $27,379 -8% 2,604 7% $142 7.3% -17
US Mall & Other $49,895 4% 3,888 -25% $305 5.9% -316 Major Metro Mall & Other $23,471 23% 1,529 6% $534 5.3% -24Non-Major-Metro Mall & Other $26,424 -9% 2,359 -36% $190 6.2% -35
US Retail $87,643 1% 7,211 -12% 13% -1% $218 6.5% -23Northeast/Mid-Atlantic $23,414 13% 1,547 -2% $347 6.2% -12Southeast $16,068 -13% 1,537 -21% $165 6.9% -19
Midwest $11,524 12% 1,181 2% $139 7.0% -32
Southwest $11,970 22% 1,180 5% $179 6.8% -24
West $24,554 30% 1,741 15% $267 5.9% -28
US Retail $87,643 1% 7,211 -12% 13% -1% $218 6.5% -23US Office $145,849 16% 5,800 13% 14% 18% $247 6.8% -10US Industrial $87,643 1% 7,211 -12% 6% 3% $218 6.5% -23
US Apartment $149,990 32% 7,972 16% 13% 38% 5.9% -18
US Hotel $49,383 42% 2,341 26% 16% 4% 8.3% 19
Summary of Market Indicators for 2015
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'11 '12 '13 '14 '15
Strip Cap Rate
Major Metro Secondary Tertiary
Cap Rates by Market Tier
* CPPI Year-over-year changes measure price movement between Q4’14 and Q4’15; ** Peak defined as Q4’07. 2015 RCA CPPI results are preliminary.
• As opposed to malls and other retail properties, strip center retail can seem boring with fewer dynamic upscale tenants. The consumer activity at these centers is focused more on the day-to-day needs of people within a fixed area.
• Still, because the needs in a fixed trading area are consistent from place to place, this sector provides an ideal view to determine the extent to which investors prefer assets in the 6 Major Metros.
• Cap rates for all strip center retail across all market tiers have compressed every year since 2010. Into December of 2015, cap rates in this segment for the 6 Major Metros fell 40 bps from a year earlier to hit 6.1%. In the secondary markets however, there was only a 20 bps decline with cap rates standing at 7.1%.
3©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.
2015 YEAR IN REVIEW
2009 2010 2011 2012 2013 2014 2015 Market 2015 Sales Volume ($M) YOY Change
9 2 1 1 3 1 1 Manhattan 7,236,642,403$ 4%2 1 2 2 1 2 2 Los Angeles 5,552,954,383$ -5%
10 4 3 3 2 3 3 Chicago 3,613,637,690$ 31%49 14 62 24 39 8 4 Hawaii 3,213,837,841$ 120%8 8 7 4 4 4 5 Dallas 2,993,288,282$ 27%4 19 17 5 8 5 6 NYC Boroughs 2,824,296,111$ 34%5 36 24 22 27 21 7 No NJ 2,689,798,276$ 189%6 6 9 6 18 11 8 Phoenix 2,210,225,304$ 69%
23 18 14 11 16 7 9 Miami 2,068,391,908$ 12%13 3 6 12 5 9 10 Houston 2,010,926,697$ 38%1 5 5 16 6 6 11 Atlanta 1,916,807,785$ -8%
19 45 22 7 7 13 12 Seattle 1,689,943,920$ 42%41 24 37 31 26 25 13 Central CA 1,674,387,055$ 107%14 23 30 26 15 31 14 DC VA burbs 1,631,033,553$ 131%12 38 34 13 25 33 15 Orange Co 1,601,764,437$ 135%25 41 19 30 9 17 16 Las Vegas 1,415,879,571$ 30%17 27 39 36 38 12 17 Palm Beach 1,397,108,124$ 8%7 32 27 14 10 19 18 Denver 1,391,261,194$ 29%
11 7 15 15 11 15 19 Inland Empire 1,371,739,038$ 17%15 16 4 8 12 10 20 Boston 1,283,326,417$ -8%40 52 35 18 24 27 21 San Francisco 1,247,283,386$ 62%16 13 13 9 19 23 22 San Diego 1,203,899,400$ 36%39 34 16 20 20 22 23 East Bay 1,080,466,009$ 16%3 30 26 17 23 30 24 Broward 985,731,330$ 38%
33 28 21 28 22 44 25 Minneapolis 920,400,482$ 57%36 25 23 19 13 16 26 Tampa 915,916,061$ -18%21 10 11 27 41 41 27 DC MD burbs 914,724,855$ 49%63 56 49 50 58 56 28 Columbus 882,521,188$ 188%34 47 20 38 30 52 29 Kansas City 876,681,057$ 130%45 12 31 33 14 24 30 Orlando 849,580,205$ 4%26 20 57 42 21 32 31 Portland 823,301,335$ 17%18 11 44 21 43 28 32 San Jose 800,874,387$ 8%37 15 28 32 37 37 33 SW Florida 766,101,295$ 20%24 21 32 35 42 34 34 Sacramento 707,801,979$ 8%67 26 36 40 32 20 35 Detroit 649,681,382$ -36%66 33 41 39 52 40 36 Stamford 634,073,000$ 3%32 9 25 53 31 29 37 Austin 602,399,198$ -19%82 74 88 84 74 38 Dayton 573,759,317$ 200%28 17 29 10 48 35 39 Baltimore 570,955,190$ -12%22 31 8 41 33 14 40 Philadelphia 490,544,331$ -58%
Rankings
$7,237$5,553
$3,614$3,214
$2,993$2,824$2,690
$2,210$2,068$2,011$1,917
$1,690$1,674$1,631$1,602$1,416$1,397$1,391$1,372$1,283$1,247$1,204$1,080$986$920$916$915$883$877$850$823$801$766$708$650$634$602$574$571$491
4%-5%
31%120%
27%34%
189%69%
12%38%
-8%42%
107%131%135%
30%8%29%
17%-8%
62%36%
16%38%57%
-18%49%
188%130%
4%17%8%20%8%
-36%3%
-19%200%
-12%-58%
Top 40 Retail Markets of 2015
• A handful of markets moved up significantly in the rankings from 2014. Hawaii for instance ranked only in the #8 slot in 2014 but moved up to #4 with 120% annual growth in deal volume. The partial interest sale of the Ala Moana Center helped drive this volume.
• Likewise, Northern New Jersey climbed 14 spots in the ranking to come in at the #7 spot on the back of 189% growth in deal volume. This volume was skewed by the Mills at Jersey Gardens transaction
which was part of a 2 property portfolio deal. The portion we are allocating to Northern New Jersey was likely 35% of total deal volume in 2015. Even without this one deal though, the market would rank among the top 15.
• Los Angeles posted a 5% decline in sales volume from 2014 but still claimed the #2 slot behind Man-hattan. Given the size of the retail market in Los Angeles, Chicago would have needed to cover a lot of ground to get to the #2 slot.
Most Active Markets of 2015
4 ©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.
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2015 YEAR IN REVIEW
Cross Border Capital Summary
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Canada Europe Middle EastAsia Australia Latin America
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Singapore
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Canada
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Top 10 Cross Border Retail Investors ($B)
Market Acq (in $M)
#Props
% of Total Acq
1 Tertiary West $1,280.4 4 19%2 Los Angeles $1,262.3 14 23%3 Manhattan $1,099.4 14 14%4 Miami $624.5 15 30%5 Chicago $496.2 5 14%6 Phoenix $415.2 14 18%7 San Francisco $229.6 5 18%8 Dallas $221.3 4 7%9 Portland $209.5 2 25%10 Atlanta $185.1 4 10%11 Tertiary Southwest $174.1 3 7%12 DC MD burbs $137.4 1 15%13 DC $106.0 1 32%14 Boston $82.6 2 6%15 Tertiary Southeast $81.7 8 1%16 Seattle $79.1 4 5%17 Tertiary Midwest $71.6 5 2%18 Broward $64.4 6 7%19 Palm Beach $59.0 2 4%20 Cleveland $54.5 3 18%
• A major story for 2015 has been the growth of for-eign investment activity in US commercial real estate. In the retail sector it is not as exciting a story in terms of volume, but individual deals and some of the foreign players are informative.
• Foreign investors were behind $7.5b in retail property transactions in 2015, about 9% of total activity. In other sectors foreign investors accounted for up to 1/3 of total volume, so in retail it was not as important.
• Of note, Australian investors accounted for $1.4b in activity. Investors from Australia loved US commer-cial property, especially retail, in the period from 2005 to 2007 and were the dominant foreign buy-ers. The GFC and exchange rate difficulties moved against these investors for a number of years.
• The significant deal from Australian investors in 2015 however included AustralianSuper buying an interest in the Ala Moana Center in Honolulu. This deal is significant in two respects.
• First, it is a signal of renewed interest on the part of Australian buyers for high profile properties. Sec-ond, interests in regional malls rarely transact and this deal provides insight on the value of high end malls. We estimate this asset priced at $2,273 per square foot.
Cross Border Capital by Region of Origin: US Retail Investment
Top Countries for Cross Border Retail Investment ($B)
Top Market Destinations for Cross Border Retail Investment
5©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.
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2015 YEAR IN REVIEW
Top 25 Property SalesTransaction Location Inv Vol ($M)* SF PPSF Buyer
1 Springfield Town Center Springfield, VA $465.0 1,415,660 $328 PREIT
2 The Shops at Skyview Center (Retail Condo) Flushing, NY $384.5 508,817 $756 Blackstone
3 Old Navy Flagship Store New York, NY $355.0 77,760 $4,565 Vornado
4 Shops at Wailea Kihei, HI $342.0 164,425 $2,080 Heitman
5 Times Tower (Retail Condo) New York, NY $295.3 235,000 $1,257 Kushner Companies
6 669 Magnificent Mile Chicago, IL $295.0 148,245 $1,990 Meyer Bergman
7 Bella Terra Huntington Beach, CA $288.8† 840,909 $458 Prudential RE Investors
8 Zara (Retail Condo) New York, NY $284.2 41,215 $6,896 Inditex
9 Palm Beach Outlets West Palm Beach, FL $267.3† 460,000 $605 Clarion Partners
10 Mercato Naples, FL $239.6 456,359 $525 Prudential RE Investors
11 131-137 Spring St New York, NY $221.5† 65,500 $4,227 Invesco RE
12 Samsung Building New York, NY $200.0 63,131 $3,168 TIAA-CREF
13 Town Center at Atlantic Station Atlanta, GA $196.5 586,296 $335 Hines OBO Morgan Stanley
14 Midtown Crossing Los Angeles, CA $186.6 316,000 $591 Bentall Kennedy
15 Stonebridge at Potomac Town Center Woodbridge, VA $185.3 482,631 $384 JBG Cos
16 Village on The Parkway Dallas, TX n/a 381,166 n/a UBS
17 The Esquire Chicago, IL $176.0 58,000 $3,034 Ponte Gadea
18 The Shops at Tanforan San Bruno, CA $174.4 560,628 $311 QIC
19 Shoppes at Carlsbad Carlsbad, CA $170.0 1,100,000 $155 Rouse Properties
20 Streets of Woodfield Schaumburg, IL $168.5 711,402 $237 Blackstone
21 Downtown Crown (Retail Condo) Gaithersburg, MD $162.1 258,000 $628 Retail Properties of America
22 Town Brookhaven Atlanta, GA $162.0 460,609 $352 GLL Real Estate Partners
23 City Center at Geary Boulevard San Francisco, CA $155.0 139,000 $1,115 Acadia Realty
24 Chanel Beverly Hills, CA $152.0 11,500 $13,217 Chanel
25 Randhurst Village Mount Prospect, IL n/a 1,000,000 n/a DLC Management
Top 10 Portfolio SalesTransaction Location Inv Vol ($M)* SF PPSF Buyer
1 Glimcher Buyout 2015 Multiple, United States n/a n/a n/a WP Glimcher
2 Macerich Retail Portfolio 2015 Multiple, United States $1,385.7† 7,771,929 $483 GIC (Govt of Singapore)
3 Glimcher Retail Portfolio 15 Multiple, United States $1,090.0 1,463,971 $745 Simon Property Group
4 Blackstone Retail Portfolio 2015 Multiple, United States $930.0† 5,695,045 $245 Kimco
5 Westfield Mall Portfolio 2015 Multiple, United States $818.0† 3,370,616 $326 USAA Real Estate JV Blum Capital
6 WP Glimcher JV Retail Portfolio 15 Multiple, United States $810.7† 3,121,554 $530 O'Connor Capital Partners
7 Westfield Retail National Mall Portfolio 2015 Multiple, United States $415.2† 3,759,876 $246 O'Connor Capital Partners
8 Fryd Properties Retail Miami Portfolio Miami Beach, FL $370.0 75,000 $4,933 Ponte Gadea
9 Hudson Bay Company US Retail Portfolio 2015 Multiple, United States $363.9† n/a n/a Simon Property Group
10 ARCP (VEREIT) Retail 2015 Multiple, United States $319.2 909,510 $350 Pacific Convenience & Fuels LLC
* When prices are not known, estimated prices are used in the ranking but are not shown. In the case of partial interest deals, the pro-rated share of the property was used for the transaction price and the PPU/PPSF was based on the full 100% price.† Partial Interest
Top Retail Transactions of 2015
6©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.
2015 YEAR IN REVIEW
Methodology Rankings are based on the pro-rated share of the total property or portfolio value. Transactions $2.5M and greater. See notes page for full methodology.
Top Buyers by Region*
Mid-Atlantic WP Glimcher
PREITKimco
BlackstoneJBG Cos 0
Midwest WP Glimcher
Inland Real Estate CorpMeyer Bergman
O'Connor Capital PartnersUSAA Real Estate 0
Northeast GGP
Jeff SuttonSHVO
Capital GroupSimon Property Group 0
Southeast WP GlimcherBlackstone
Publix Supermarkets IncClarion Partners
Ponte Gadea 0 Southwest
EDENSBlackstone
GIC (Govt of Singapore)Kimco
WP Glimcher 0 West AustralianSuper
WP GlimcherGIC (Govt of Singapore)
BlackstoneRetail Opportunity Investments Corp
*ranked by investment volume
Top 25 by Investment Volume
Top 15 by Number of Properties
SellersBuyers
SellersBuyers
(in Billions)
$0 $3 $6Publix Supermarkets Inc
Ponte Gadea
Clarion Partners
Prologis
Phillips Edison Grocery Center REIT II
TIAA-CREF
Blum Capital
USAA Real Estate
EDENS
Centennial Real Estate Company LLC
Inland Real Estate Corp
O'Connor Capital Partners
AustralianSuper
Capital Group
SHVO
Kimco
GIC (Govt of Singapore)
Jeff Sutton
GGP
Simon Property Group
Blackstone
WP Glimcher
$0 $3 $6Prudential RE InvestorsStarwood Capital Group
Comras CompanyAngelo GordonAlbertsons LLC
Retail Properties of AmericaSears Holding Corporation
Life Time Fitness IncLubert-Adler
VornadoVEREIT
JP MorganAmREIT
Morris CosKimco
DDRWP Glimcher
40 North PropertiesSpitzer Enterprises
BlackstoneWestfieldMacerich
GGPExcel Trust
Glimcher Realty Trust
0 35 70Crow Holdings
Phillips Edison Grocery Center REIT IICole Capital
MCB Real EstateSTORE Capital (REIT)
EDENSInland Real Estate Corp
Spirit Realty CapitalChambers Street Properties
CP CapitalSimon Property Group
Realty Income CorpBlackstone
KimcoPacific Convenience & Fuels LLC
0 50 100GE Asset Management
HBCAmREIT
Sears Holding CorporationSpirit Realty Capital
Excel TrustDDR
BMO Financial GroupCVS
Gramercy Property TrustBlackstone
Albertsons LLCWalgreens
KimcoVEREIT
Top Retail Buyers & Sellers of 2015
7 ©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.
2015 YEAR IN REVIEW
Market Table: 2015 Summary - Strip CentersVolume Pricing
Transactions Reported Closed Full Year 2015 Vol ($M) YOY
Change # Props YOY Change Low PPSF High Low Avg Cap
Rate High
Mid-AtlanticBaltimore $383.2 -24% 28 8% $33 $159 $631 3.3% 6.5% 8.0%DC 75.4 37% 7 133% 167 248 1,169 DC MD burbs 485.2 16% 22 10% 60 233 364 3.3% 6.5% 10.8%DC VA burbs 61% 35 30% 25 232 1,436 6.4% 6.9% 7.7%Philadelphia 280.1 -16% 27 29% 29 130 549 5.5% 6.7% 7.5%Pittsburgh 261.8 141% 17 42% 17 105 1,472 5.5% 6.8% 7.7%Richmond/Norfolk 312.0 -2% 24 41% 27 151 453 5.4% 7.3% 8.8%Tertiary Mid-Atlantic 1,257.6 13% 97 26% 26 124 1,100 5.7% 7.3% 9.8%Total $3,716.3 14% 257 27% $17 $158 $1,472 3.3% 7.1% 10.8%
MidwestChicago 1,376.7 6% 110 7% 22 173 755 4.4% 6.8% 8.9%Cincinnati 166.9 -68% 19 -50% 41 110 518 6.6% 7.9% 10.3%Cleveland 194.6 -18% 21 40% 24 89 262 5.8% 7.5% 9.5%Columbus 239.7 21% 31 82% 11 82 597 5.8% 7.6% 11.0%Detroit 263.4 -14% 38 6% 11 88 450 6.5% 7.6% 8.7%Indianapolis 110.3 -48% 17 6% 30 75 209 6.4% 8.1% 10.6%Kansas City 307.8 31% 23 -8% 29 168 663 6.1% 7.0% 8.1%Minneapolis 379.4 38% 48 55% 39 149 646 6.4% 7.6% 9.1%St Louis 262.5 75% 31 41% 32 107 544 5.7% 7.1% 8.5%Tertiary Midwest 1,444.5 -23% 198 -6% 11 95 848 5.5% 7.7% 11.6%Total $4,746.0 -11% 536 4% $11 $117 $848 4.4% 7.5% 11.6%
NortheastBoston 620.3 -13% 43 -22% 40 206 733 5.2% 6.5% 8.0%Hartford 40.6 -55% 4 -60% 52 98 237 6.2% 6.8% 7.4%Long Island 268.9 32% 19 27% 48 224 533 5.9% 7.1% 8.2%Manhattan 12.2 1 No NJ 1,137.4 69% 60 28% 63 196 744 5.3% 6.9% 10.0%NYC Boroughs 339.6 47% 31 41% 160 485 1,456 4.8% 5.9% 8.4%Stamford 130.0 -66% 8 -43% 141 174 368 5.5% 6.3% 6.8%Westchester 246.3 -16% 15 7% 58 166 826 4.7% 6.0% 7.1%Tertiary Northeast 361.5 -50% 38 -41% 30 104 386 6.0% 7.6% 10.7%Total $3,156.7 -4% 219 -9% $30 $184 $1,456 4.7% 6.8% 10.7%
SoutheastAtlanta 1,063.5 -23% 117 -3% 16 117 554 5.7% 7.4% 11.8%Broward 754.4 32% 51 4% 67 183 596 5.5% 6.6% 9.1%Charlotte 324.2 -36% 31 -6% 17 136 441 4.8% 7.6% 9.3%Jacksonville 134.6 -74% 15 -35% 55 114 324 6.8% 7.3% 8.4%Memphis 91.8 -2% 21 75% 43 78 173 5.8% 8.1% 9.5%Miami 479.3 82% 48 50% 25 196 985 5.1% 6.6% 7.6%Nashville 154.3 -46% 25 -32% 23 124 581 6.5% 7.8% 10.8%Orlando 646.3 1% 61 33% 37 142 595 5.8% 7.7% 10.6%Palm Beach 903.6 133% 38 9% 56 288 709 4.9% 6.3% 8.2%Raleigh/Durham 291.6 -42% 25 -7% 47 141 440 5.5% 7.3% 9.2%Tampa 396.8 -7% 44 -4% 14 132 528 6.0% 7.2% 8.4%Tertiary Southeast 3,567.7 -29% 391 -8% 14 116 1,543 5.2% 7.7% 12.4%Total $8,808.0 -17% 867 -2% $14 $137 $1,543 4.8% 7.5% 12.4%
SouthwestAustin 419.3 -17% 37 16% 28 202 1,108 5.8% 6.9% 7.9%Dallas 1,793.0 66% 157 48% 53 175 599 5.2% 7.2% 9.4%Denver 678.7 -19% 63 3% 41 171 545 5.1% 7.1% 8.8%Houston 1,491.3 46% 133 16% 28 188 563 1.4% 7.0% 9.8%Phoenix 1,176.9 17% 93 -3% 24 145 616 5.4% 6.9% 8.7%San Antonio 258.8 -44% 32 28% 89 194 354 5.4% 7.5% 8.3%Tertiary Southwest 1,205.5 -16% 152 32% 25 129 1,155 5.4% 7.3% 11.0%Total $7,023.4 11% 667 21% $24 $159 $1,155 1.4% 7.1% 11.0%
WestEast Bay 786.9 94% 40 74% 72 258 840 4.5% 5.8% 7.5%Inland Empire 772.8 15% 74 21% 55 227 623 4.3% 6.1% 7.8%Las Vegas 863.1 5% 66 8% 62 207 733 5.7% 6.7% 8.3%Los Angeles 2,097.0 -11% 163 3% 57 304 1,779 3.0% 5.9% 8.8%Orange Co 433.7 0% 39 11% 132 311 1,057 2.7% 5.4% 6.4%Portland 271.3 -35% 33 -6% 46 178 619 5.6% 6.9% 8.2%Sacramento 576.0 23% 38 -3% 75 177 683 5.5% 6.3% 6.9%Salt Lake City 204.0 -61% 11 -35% 127 199 359 7.7% 8.1% 8.6%San Diego 663.5 4% 47 0% 87 268 949 4.7% 6.4% 10.9%San Francisco 362.7 373% 13 225% 58 704 8,833 5.0% 5.4% 6.5%San Jose 430.6 159% 21 0% 186 337 1,321 3.7% 5.2% 6.4%Seattle 686.6 25% 55 17% 40 243 928 5.3% 6.3% 7.3%Tertiary West 2,149.3 22% 177 35% 23 170 2,750 4.2% 6.9% 10.6%Total $10,297.6 11% 777 14% $23 $239 $8,833 2.7% 6.2% 10.9%US Other -100% -100%Total US $37,748.0 -2% 3,323 8% $11 $162 $8,833 1.4% 7.0% 12.4%
8 ©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.
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2015 YEAR IN REVIEW
Market Table: 2015 Summary - Mall & OtherVolume Pricing
Transactions Reported Closed Full Year 2015 Vol ($M) YOY
Change # Props YOY Change Low PPSF High Low Avg Cap
Rate High
Mid-AtlanticBaltimore $187.8 31% 25 25% $78 $237 $1,985 4.3% 6.3% 9.3%DC 258.8 -56% 22 -29% 402 1,205 3,501 5.0% 5.2% 5.4%DC MD burbs 429.5 119% 15 -40% 223 521 1,421 5.2% 5.5% 5.6%DC VA burbs 970.0 228% 54 86% 79 363 1,867 4.7% 5.5% 6.9%Philadelphia 210.4 -75% 36 -40% 49 309 1,786 5.3% 5.9% 6.9%Pittsburgh 72.8 -22% 9 -50% 13 35 494 5.3% 6.0% 6.8%Richmond/Norfolk 310.7 -31% 25 -42% 28 139 845 5.0% 6.2% 9.3%Tertiary Mid-Atlantic 1,120.3 62% 82 -32% 10 143 1,039 5.0% 6.7% 10.0%Total $3,560.3 8% 268 -23% $10 $224 $3,501 4.3% 6.2% 10.0%
MidwestChicago 2,236.9 53% 165 15% 13 321 3,034 4.5% 5.8% 7.6%Cincinnati 89.3 -18% 12 -14% 195 266 618 5.7% 6.3% 7.2%Cleveland 100.8 22% 15 -29% 36 90 536 5.2% 5.8% 6.3%Columbus 642.8 491% 28 87% 15 100 900 5.3% 6.0% 7.8%Detroit 386.2 -45% 57 14% 22 175 1,417 5.5% 6.6% 10.5%Indianapolis 63.8 -71% 15 -73% 135 316 680 5.5% 6.6% 7.8%Kansas City 568.8 288% 26 -4% 67 241 465 5.9% 6.7% 7.7%Minneapolis 541.0 74% 35 40% 38 154 836 6.0% 6.4% 7.0%St Louis 170.7 -39% 27 -4% 8 67 506 5.0% 5.7% 7.1%Tertiary Midwest 1,977.9 29% 265 0% 5 101 600 4.5% 6.6% 9.8%Total $6,778.4 37% 645 0% $5 $168 $3,034 4.5% 6.4% 10.5%
NortheastBoston 663.1 -3% 77 5% 20 290 2,832 4.6% 5.9% 8.2%Hartford 50.6 -63% 11 -21% 46 248 484 5.4% 5.5% 5.7%Long Island 147.2 -49% 29 -9% 100 361 2,686 4.3% 5.6% 8.0%Manhattan 7,224.4 4% 280 -8% 302 2,354 16,864 2.3% 4.0% 5.4%No NJ 1,552.4 502% 62 22% 26 207 1,634 5.0% 6.7% 8.1%NYC Boroughs 2,484.7 32% 258 21% 146 667 8,750 1.7% 5.0% 11.0%Stamford 504.1 115% 25 -7% 38 321 1,667 5.0% 5.6% 6.5%Westchester 45.3 -63% 9 -44% 53 98 545 Tertiary Northeast 309.2 -13% 52 -15% 16 142 1,405 4.5% 6.0% 7.7%Total $12,980.9 19% 803 2% $16 $751 $16,864 1.7% 5.4% 11.0%
SoutheastAtlanta 853.3 23% 45 -55% 54 226 2,254 4.9% 6.3% 7.7%Broward 231.4 65% 31 48% 59 179 2,693 4.3% 5.0% 5.8%Charlotte 88.3 -85% 15 -58% 110 181 580 4.9% 7.2% 8.6%Jacksonville 83.2 -3% 16 -11% 41 175 877 6.4% 8.1% 9.5%Memphis 98.3 -10% 12 -70% 198 298 916 5.2% 5.9% 6.5%Miami 1,589.1 1% 100 -4% 156 633 8,246 2.9% 4.9% 6.5%Nashville 179.0 25% 25 -31% 19 99 994 5.8% 6.4% 7.1%Orlando 203.3 17% 22 -39% 59 182 1,983 4.3% 6.1% 7.4%Palm Beach 493.6 -45% 31 94% 63 298 1,379 2.2% 5.2% 7.5%Raleigh/Durham 42.2 -68% 11 -65% 63 189 809 5.1% 6.8% 8.2%Tampa 519.1 -25% 39 -11% 30 132 1,549 4.7% 6.2% 8.3%Tertiary Southeast 2,879.0 6% 323 -45% 5 194 2,579 4.1% 6.2% 9.4%Total $7,259.8 -8% 670 -37% $5 $238 $8,246 2.2% 6.1% 9.5%
SouthwestAustin 183.1 -22% 23 -23% 117 378 1,584 4.9% 5.7% 7.1%Dallas 1,200.3 -6% 112 9% 23 276 1,893 4.2% 6.1% 8.4%Denver 712.6 199% 41 2% 45 265 1,849 4.6% 6.2% 8.0%Houston 519.6 19% 63 31% 152 328 795 4.0% 6.1% 8.2%Phoenix 1,033.4 239% 64 21% 16 173 1,927 4.3% 6.1% 13.2%San Antonio 134.3 2% 25 -38% 164 282 750 5.0% 5.1% 5.1%Tertiary Southwest 1,162.9 32% 185 -30% 23 181 1,894 5.0% 6.5% 8.8%Total $4,946.2 41% 513 -11% $16 $229 $1,927 4.0% 6.2% 13.2%
WestEast Bay 293.6 -44% 40 8% 107 275 891 3.8% 5.6% 8.1%Inland Empire 599.0 20% 57 -2% 26 201 1,404 4.0% 5.7% 6.9%Las Vegas 552.8 108% 29 38% 52 356 2,310 4.4% 6.1% 7.0%Los Angeles 3,455.9 -1% 247 4% 49 477 13,217 1.2% 5.2% 7.8%Orange Co 1,168.1 367% 52 41% 121 359 1,587 2.9% 4.9% 7.5%Portland 552.0 93% 31 48% 50 204 627 5.1% 5.7% 6.8%Sacramento 131.8 -29% 18 -36% 31 66 389 5.3% 5.7% 6.4%Salt Lake City 163.0 -39% 26 117% 77 232 574 5.0% 5.7% 6.0%San Diego 540.4 121% 50 9% 38 215 1,925 3.6% 5.1% 6.5%San Francisco 884.6 28% 82 -4% 175 502 3,662 2.7% 4.8% 6.5%San Jose 370.2 -36% 27 -18% 81 382 1,577 3.9% 4.9% 6.1%Seattle 1,003.4 56% 89 141% 39 243 2,383 4.9% 5.8% 7.1%Tertiary West 4,542.0 170% 216 21% 16 231 4,025 3.5% 6.0% 8.8%Total $14,256.8 49% 964 16% $16 $299 $13,217 1.2% 5.5% 8.8%US Other 112.9 -99% 25 -97%Total US $49,895.3 4% 3,888 -25% $5 $305 $16,864 1.2% 5.9% 13.2%
9©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.
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2015 YEAR IN REVIEW
Property Name SF Price OwnerAddress Year Built PPSF SellerLocation Notes Quali� er Broker
Reported in the Past 45 DaysSelected Investment Sales Transactions
Mid-Atlantic
Stonebridge at Potomac Town Cnt. 482,631 $185,250,000 14900 Potomac Town Center 2012 383.83 Woodbridge, VA Mall & Other approximate
Marketplace at Tech Center 210,000 $72,671,339 12080 Jefferson Ave 2015 346.05 Newport News, VA Strip confi rmed
Chambersburg Crossing 271,411 $45,000,000 900 Norland Ave 2007 165.80 Chambersburg, PA Strip confi rmed
ShopHouse 4,685 $6,000,000 2805 M St NW 1900 1,280.68 Washington, DC Mall & Other approximate
Wawa 4,828 $3,500,000 1140 Carl D Silver Pkwy 1998 724.94 Fredericksburg, VA Mall & Other approximate
Midwest
Westfi eld Hawthorn Mall 649,000 $196,600,000 122 Hawthorn Center 1973 302.93 Vernon Hills, IL Mall & Other approximate
Burbank Station 303,566 $51,850,000 7720 S Cicero Ave 1995 170.80 Burbank, IL Strip confi rmed
Steinhafels 99,846 $13,600,000 7001 118th Ave 1998 136.21 Kenosha, WI Mall & Other confi rmed
Elm Creek Plaza 11,612 $7,500,000.0 12725 Elm Creek Blvd N 2015 645.88 Osseo, MN Strip confi rmed
Oak Creek Centre 91,510 $6,928,900 8581 S Howell Ave 1988 75.72 Oak Creek, WI Strip approximate
Northeast
Westfi eld Connecticut Post 812,000 $209,700,000 1201 Boston Post Rd 1960 258.25 Milford, CT Mall & Other approximate
Dolce & Gabbana 8,000 $47,000,000 820 Madison Ave 1910 5,875.00 New York, NY Mall & Other approximate
295 Route 17 South 146,220 $32,717,586 295 NJ-17 2000 223.76 Paramus, NJ Strip approximate
107 High St 21,487 $12,750,000 107 High St 1958 593.38 Danvers, MA Strip confi rmed
JBG Cos from Blackstone JV Roadside Dev by Newmark Grubb Knight Frank
Inland Group from SJ Collins JV Ellis Gibson JV WM Jordan Co Inc by Cushman & Wakefi eld
Katz Properties by CBRE from Kimco by CBRE
2805 M Street LLC from Wexford Capital P
MCB Real Estate JV Artemis RE Partners OBO NYSCRF from Kimco JV GE Pension Trust by Eastdil
USAA Real Estate JV Blum Capital JV Centennial Real Estate Company LLC from Westfi eld
JP Morgan Asset Management JV NYSCRF from Abbell Associates JV Hutensky Capital Partners by CBRE
RPM Investments from Steinhafels by JLL
Crow Holdings by Capital Pacifi c from OneCorp by Capital Pacifi c
Time Equities from Vanbarton Group OBO LACERA by Mid-America RE Group
USAA Real Estate JV Blum Capital JV Centennial Real Estate Company LLC from Westfi eld
Sitt Asset Management from Duell Management Systems
Invesco RE from Robert Boyle by NAI Global
White Cap of Florida Inc from Stonecrest Management Inc
by Stan Johnson Co
10©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.
2015 YEAR IN REVIEW
Property Name SF Price OwnerAddress Year Built PPSF SellerLocation Notes Quali� er Broker
Reported in the Past 45 DaysSelected Investment Sales Transactions
Southeast
Marketplace at the Outlets 297,705 $116,677,500 1801 Palm Beach Lakes Blvd 2014 391.92 West Palm Beach, FL Mall & Other confi rmed
Mayfaire Community Center 210,000 $56,300,000 1120-1138 Military Cutoff 2006 268.10 Wilmington, NC Strip confi rmed
Hammond Aire Plaza 349,907 $37,230,000 9600 Airline Hwy 1985 106.40 Baton Rouge, LA Strip confi rmed
Hank's Seafood 13,801 $20,012,480 10 Hayne St 1985 1,450.07 Charleston, SC Mall & Other approximate
Aldo Shoes 4,240 $10,000,000 751 Collins Ave 1952 2,358.49 Miami Beach, FL Mall & Other confi rmed
Southwest
Christown Spectrum 850,638 $115,287,500 1703 W Bethany Home Rd 1961 135.53 Phoenix, AZ Strip confi rmed
Yale Village 101,000 $31,800,000 9128 S Yale Ave 2013 314.85 Tulsa, OK Strip confi rmed
Shops to King Soopers 116,699 $10,343,000 9975-9979 N Wadsworth Pkwy 1982 88.63 Westminster, CO Strip confi rmed
West
MainPlace 884,228 $353,900,000 2800 N Main St 1987 400.24 Santa Ana, CA Mall & Other approximate
Criterion on the Promenade 52,900 $96,250,000 1313 3rd St Promenade 1929 1,819.47 Santa Monica, CA Mall & Other confi rmed
Walgreens 37,516 $54,000,000 611 Keeaumoku St 2015 1,439.39 Honolulu, HI Mall & Other approximate
Four Corner Square 119,000 $41,900,000 23800 SE Kent-Kangley Rd 2013 352.10 Maple Valley, WA Strip confi rmed
Smith's Shopping Center 108,700 $20,000,000 9350 W Flamingo Rd 2002 183.99 Las Vegas, NV Strip confi rmed
Clarion Partners from New England Development
Principal RE Investors from CBL by Savills Studley
Viking Partners from Kimco by JLL
RockBridge Capital from Holliday Companies
Slope Realty Co from Aldo Shoe Inc
Kimco by Palmer Capital from Coventry Realty Advisors by Eastdil
Dividend Cap Diversifi ed Prop Fund from Lincoln Property Co by CBRE
Priority Investment Group by Pinnacle RE Advisors from GDA Real Estate by Hanley Investment Group
USAA Real Estate JV Blum Capital JV Centennial Real Estate Company LLC from Westfi eld
American Realty Advisors from Metropolitan Pacifi c Cap Inc JV
Clarion Partners by Eastdil
Salem Partners JV Argosy Real Estate from Walgreens by Colliers International
Retail Opportunity Investments Corp from Kite Realty Group
Sterling Organization from Kirkorian Enterprises by CBRE
11 ©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.
RETAIL
2015 YEAR IN REVIEW
$0 $4 $8
Hanley Investment GroupPD Properties LLCThe Moshe Group
Sands Investment GroupLee & Associates
The Boulder GroupBerkeley Capital
Faris Lee InvestmentsDTZRKF
Matthews RetailSVN
Eastern ConsolidatedSavills StudleyCapital Pacific
Prince Realty AdvisorsColliers International
Stan Johnson CoNewmark Grubb Knight Frank
JLLCushman & Wakefield
HFFCBRE
Marcus & MillichapEastdil
$0 $3 $6
Disney Investment GroupLee & Associates
SRS Real Estate PartnersStan Johnson Co
Hanley Investment GroupSVN
Flocke & AvoyerC-III Realty Services
NAI GlobalVoit RE Services
Faris Lee InvestmentsTranswestern
Capital PacificNewmark Grubb Knight Frank
Mid-America RE GroupDTZ
Savills StudleyBerkeley Capital
JLLCushman & Wakefield
Colliers InternationalEastdil
Marcus & MillichapHFF
CBRE
$0 $5 $10
Voit RE ServicesFlocke & Avoyer
Lee & AssociatesHanley Investment Group
TranswesternNAI Global
Eastern ConsolidatedMatthews Retail
Prince Realty AdvisorsFaris Lee Investments
SVNMid-America RE Group
Capital PacificDTZ
Savills StudleyStan Johnson CoBerkeley Capital
Newmark Grubb Knight FrankJLL
Colliers InternationalCushman & Wakefield
HFFMarcus & Millichap
CBREEastdil
Top 15 by Number of Properties
Mall & Other Strip Center All RetailBy Region*
*ranked by investment volume
Methodology
Full credit assigned to sellers’ representative. When two brokers represent same seller, both sellers’ representatives assigned full credit. For partial-interest, rankings are based on the pro-rated share of the total property or portfolio value. For more information on rankings please visit www.rcanalytics.com/Misc/Brokers_Ranking_Methodology.pdf
Mid-AtlanticCBRE
HFF
Marcus & Millichap
Eastdil
JLL
MidwestCBRE
Marcus & Millichap
Cushman & Wakefield
Eastdil
Mid-America RE Group
NortheastEastdil
Cushman & Wakefield
CBRE
Marcus & Millichap
HFF
SoutheastHFF
CBRE
Marcus & Millichap
Eastdil
Berkeley Capital
SouthwestCBRE
HFF
Eastdil
Marcus & Millichap
JLL
WestEastdil
CBRE
Colliers International
Marcus & Millichap
HFF
0 250 500
Berkeley CapitalMatthews Retail
DTZThe Boulder Group
Capital PacificSVN
Newmark Grubb Knight FrankJLL
Colliers InternationalEastdil
Cushman & WakefieldStan Johnson Co
HFFCBRE
Marcus & Millichap
0 190 380
Mid-America RE GroupHanley Investment Group
C-III Realty ServicesDTZSVNJLL
EastdilCapital Pacific
Newmark Grubb Knight FrankBerkeley Capital
Cushman & WakefieldColliers International
HFFMarcus & Millichap
CBRE
0 430 860
The Boulder GroupMatthews Retail
DTZBerkeley Capital
Capital PacificSVNJLL
Newmark Grubb Knight FrankEastdil
Stan Johnson CoColliers International
Cushman & WakefieldHFF
CBREMarcus & Millichap
Mall & Other Strip Center All Retail
*The transaction volume of brokerage firms that have merged are left unconsolidated before the merger date and are attributed to the surviving or newly formed company after the merger date.
Top 25 by Investment Volume(in Billions)
Top Retail Brokers of 2015
12©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.
2015 YEAR IN REVIEW
ABOUT REAL CAPITAL ANALYTICS
Real Capital Analytics, Inc (RCA) is an indepen-dent data and analytics firm focused exclusively on the capital investment markets for commercial real estate. RCA offers the most in-depth, comprehen-sive and current information of activity in the indus-try. Formed in 2000, RCA has offices in New York City, San Jose, and London. In addition to collecting trans-actional information for property sales and financing, RCA interprets the data including capitalization rates, market trends, pricing and sales volume. The firm pub-lishes a series of Capital Trends reports and offers an online service that provides real-time, global transac-tional market information. For more information, visit: www.rcanalytics.com.
ABOUT US CAPITAL TRENDS®
US Capital Trends is published by Real Capital Ana-lytics, Inc. Copyright ©2015 Real Capital Analytics, Inc. All rights reserved.It is a violation of Federal law to photocopy or repro-duce any part of this publication, or forward it elec-tronically, without first obtaining permission from Real Capital Analytics, Inc. To subscribe as an individual or to purchase a corporate license for your office, please call 1.866.REAL.DATA.Information presented by RCA has been compiled from sources believed to be reliable. While we have no reason to doubt its accuracy, RCA makes no representation or warranty regarding the information. The information is provided as is without warranties of any kind, express or implied, and may be subject to material revisions.
NOTES & METHODOLOGY
The information maintained by RCA and presented in this report encompasses markets nationally and includes only properties or portfolios $2.5M or greater. Readers should note that there is substantial investment activity, largely local in nature, that falls below this threshold and is not captured in this report.Records are maintained for transactions that represent the transfer of a controlling interest in a property or port-folio of properties that are $2.5M or greater. Transactions are assumed to be fee simple; leasehold and commer-cial condominium interests are noted, if known. Trans-actions include both real estate asset sales as well as transactions involving real estate operating and invest-ment entities. Thus, for example, merger and acquisition activity among entire REITs or other real estate entities is included in this report unless noted otherwise. Sales of partial interest transactions will receive credit and be valued at the pro-rated share.
For this report, market classifications are defined as followed:Major Metros: Boston, Chicago, DC Metro, LA Metro, NYC Metro and SF MetroSecondary: Atlanta, Austin, Charlotte, Cincinnati, Cleveland, Columbus, Dallas, Baltimore, Denver, Detroit, Houston, Indianapolis, Jacksonville, Kansas City, Las Vegas, Memphis, Milwaukee, Minneapolis, Nashville, Norfolk, Orlando, Philly Metro, Phoenix, Pittsburg, Port-land, Raleigh/Durham, Sacramento, Salt Lake City, San Antonio, San Diego, Seattle, South Florida, St Louis and Tampa.Tertiary: All other US markets.Commercial Property Price Indices (RCA CPPI™): CPPI use advanced repeat-sale regression (RSR) meth-odology, which uses qualified repeat-sale observations to measure price change in commercial real estate. All CPPI are based on similar index methodology developed by RCA and further information is available on our web-site. The US suite of CPPI includes 23 Moody’s/RCA CPPI national benchmarks and over 200 RCA US CPPI for regions, markets and property niches. The Moody’s /RCA CPPI suite includes national compos-ites for all property types and all commercial. Each of the apartment, hotel, CBD office, suburban office, retail and industrial sector indices are composites with each based on Major Metro and Non-Major Metro indices. The RCA US CPPI were developed and published by Real Capital Analytics to complement the Moody’s/RCA CPPI but are not maintained, reviewed, endorsed, or otherwise affiliated with Moody’s Investors Service or its affiliates.Ranking Methodology: Based on transactions $2.5M and greater. Full dollar value is assigned to each buyer, seller, or broker in joint venture transactions. Partial interest sales are included at the pro-rated share of the total property or portfolio value.Trend analysis may exclude certain transactions that exceed 5% of the data sample or that may otherwise skew results. A complete glossary and methodology can be found at www.rcanalytics.com.Abbreviations:
REAL CAPITAL ANALYTICSwww.rcanalytics.com
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ANALYTICS TEAMDoug Murphy Managing Director, AnalyticsYiqun Wang Senior Director, AnalyticsAndrew Pisanelli Director, AnalyticsHermann Lademann Director, Research & AnalyticsSean Kane Senior ManagerAlexis Maltin Senior AnalystElizabeth Szep Senior AnalystRachel Tipermas Senior AnalystWillem Vlaming Senior AnalystYogeeta Chatoredussy AnalystJoseph Kizel Analyst
Notes & Defi nitions
PPSF = Price Per-Square-FootBPS = Basis PointsYOY = Year-Over-Year
YTD = Year-to-DateQ1 = First Quarter of YearH1 = First Half of Year
13 ©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.