LightBox: Most CRE Sales Show Pricing Appreciation

Although the headlines often spotlight distress and pricing resets, LightBox said its data show most properties are still appreciating. Of the 970 September closings tracked by the LightBox Transaction Tracker, ranging from a $200,000 Ohio retail sale to a $1.6-billion multi-state portfolio, 70% sold above prior purchase prices, while 29% sold at a discount. The month also set a 2025 high for sales volume ta nearly $27 billion.

Discounts were steeper than price gains, though. The average appreciation across all asset classes in September was $10.2 million, compared to an average loss of $36.1 million on discounted sales.

“Despite talk of buyers’ remorse, especially in multifamily, our data show transactions for assets purchased at $60-$75 million in 2018 or 2019 that just closed in the range of $90–$100 million,” Light Box reported. “Office values remain under pressure, but capital continues to migrate toward stronger-performing retail, multifamily and industrial sectors. With two rate cuts already on the books and more likely ahead, momentum is building.”

Pictured: New Mountain Capital’s $640-million acquisition of a 53-asset net lease portfolio across 16 states, Canada, the UK and Germany, which closed in September 2025.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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