Further, the average price per sf last year set a record of $143.63 million. The average cap rate also hit a new low, falling to 7.21% compared with 9.06% in 2004. Ross based its data on sales of $5 million or more.

It wasn't for a lack of interest from investors that caused the dollar volume to fall last year from 2004, notes the report, rather the limited supply of properties. And that is fueling "a frenzy of interest in shopping center, tripe net investment and tenants-in-common opportunities," the Ross study states.

"Investor demand for retail properties has remained nearly insatiable over the past five years," says Frank Griffin, managing director of Ross. "This demand has been augmented by the relative stability of vacancy which has ranged from about 7% to 9% over that same period."