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Silicon Valley Property Sales Analysis

November 20, 2015

Following $1.078 billion in sales in 79 transactions last year, the first half of 2015 followed with a slowdown as 26 properties changed hands for a combined total of $268.9 million. The total for the second quarter alone for 13 deals was $121.6 million. Average selling prices for the latest quarter and the first half of 2015 were $342,000 and $368,000 per unit. The average for all of last year was $293,000. The mean cap rate for second quarter deals was 6.3%. The 12-month rolling mean cap rate per quarter-end was 5.5%, down from 6.2% a year earlier. Reis expects the 12-month rolling cap rate to decline additionally in the period ahead. In the latest quarter’s largest sale, Spieker Living Trust paid Canyon Capital Advisors $29.8 million ($1,490,000 per unit) for the 20-unit market-rate complex at 665 Blythe Court, Sunnyvale
(Source: REIS)

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