Neiman was right.

A total of 107 properties priced at least $1 million sold for $1.024 billion, shows a 2001 report by Neiman, senior managing director of Denver-based Mile High Properties LLC. Neiman has been tracking commercial real estate sales in the Denver area for about two decades.

''We were above $1 billion and I expected Mack Cali to sell its (industrial property) portfolio this year, and that would bring more than $100 million,'' Neiman tells GlobeSt.com.

This year was the worst year for commercial real estate sales since 1996, when $874 million in properties were sold. Neiman doesn't include apartments or land in his report.

Still, a number of properties remained on the sidelines, which eventually will fetch at least $750 million, he says.

This marks the third consecutive year that sales have fallen. Last year, $1.235 billion in properties sold. The largest sale in 2000 was when JP Morgan paid $135 million for the 660,00-sf 17th St. Plaza.

This year, no single sale topped $100 million. The largest sale was Lowe Enterprises' sale of the 537,000-sf Park Central building to Beacon Capital Partners for $81.6 million.

Sales in the metro area topped $1 billion every year since 1997.

''If you look at the decade before that, we never broke $1 billion,'' Neiman tells GlobeSt.com.

Instant Insights /

Commercial Real Estate Sales Fall to $1 Bil

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