BOCA RATON, FL-During the first half of the year, there were 17 shopping centers sold in Florida's major metropolitan retail markets, according to a report issued by locally based Woolbright Development Inc.

The sales translate into a total of 3.1 million sf of retail space sold for $520 million. The pace of activity is similar to the first half of 2004. Florida's major metropolitan retail markets include Miami, Fort Lauderdale, Palm Beach, Tampa, Orlando and Jacksonville. The sales volume declined by 42% in the first half of 2006 compared with the first half of 2005 and remained flat compared to the first half of 2004. There were 34 transactions in the first half of 2005, according to the report.

According to the report, private companies continued to buy more than any other group, acquiring more than 50% of the total sold. REITs followed at 26%, with institutional buyers at 20%. The decrease in institutional acquisitions can be attributed to joint venture partnerships with private companies.

The report also found that cap rates have declined over the last two years but held constant during the first half of 2006 compared to the first half of 2005. The average sales price for the transaction was $184 per sf with the average occupancy of the shopping centers sold at 95%.

For the remainder of the year, Woolbright is predicting that more investors will choose to buy, which will likely push sales figures higher for the second half of the year potentially reaching $1 billion. "There are many deals being bought in joint ventures with an operating partner, such as a REIT or private companies, with a majority of the equity being provided by institutional partners," the report states.