There were 18 retail sales transactions in the North Bay in the 4th quarter. A total of 210,132 square feet changed hands. Owner/User investors represented 78% of the sales. The average vacancy rate was 1.8%. The properties traded at an average CAP rate of 5.4%.
The largest transaction was the Longhorn Marketplace at 701 Sonoma Mountain Parkway selling for a price of $22,695,000 to Safeway. The center contained 79,753 square feet in three buildings. The selling price per square foot was $284 with an actual CAP rate of 6.49%.