On November 13, 2018, RVI announced that it had sold International Drive Value Center for $26.2MM. Using the appraiser’s NOI estimate, the property was sold at a 6.7% cap rate. In total, RVI has sold 10 properties at a weighted average cap rate of 7.8% as shown below.

As you can see, the sale took place at a 21.3% discount to the lender’s appraisal. In total, all ten sales have taken place at an average discount of 18.4% to the lender’s appraisal.