The report notes that more than $210 million in shopping centers sold in 23 transactions through the second quarter, compared with about $110 million in 22 transactions for the first two quarters of 2002.
"While the number of sales is nearly identical from this year to last, the types of properties sold this year are frequently institutional-grade. There have already been six sales over $10 million this year, compared to only two during the first half of 2002," according to the report.
"However, there has been noticeably less interest in smaller shopping centers, as many local investors are increasingly favoring so-called triple-net investments, such as freestanding drug stores, fast food restaurants, convenience stores, or other single-tenant retail uses," the report notes.
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