Marcus & Millichap Names Michael Hoffman First Vice President

ENCINO, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Michael E. Hoffman (top right photo) to first vice president, according to Harvey E. Green (middle left photo), president and chief executive officer of Marcus & Millichap. Hoffman also serves as the regional manager of the firm’s Houston office.

“Under Michael’s leadership, the Houston office has expanded significantly,” comments Green. “Michael has been instrumental in attracting talented investment sales agents, as well as local and out-of-state investors to this market over the past few years. His management skills and experience in the real estate investment sales market will continue to contribute to the firm’s success and growth.”

Hoffman joined the firm’s Newport Beach office in 1992 as a sales associate, specializing on the multi-family market. As an agent he received numerous distinctions for sales achievements. In 2001, Hoffman was named a sales manager in the Ontario office. He was named regional manager of the Houston office in December 2001.

He had also previously been charged with managing the Austin and San Antonio offices. Hoffman was promoted to vice president in April 2004. Hoffman attended the University of Arkansas, where he majored in real estate finance.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Grubb & Ellis|Commercial Florida Negotiates Retail Lease in Tarpon Springs, FL

TAMPA, FL– Grubb & EllisCommercial Florida recently negotiated the lease of 1,200 square feet of retail space at Anclote Corner Shopping Center (top left photo) located in Tarpon Springs.

Michelle Seifert, (middle right photo) Associate Vice President, and Josh Tarkow, (bottom left photo) Associate, in the company’s Retail Group negotiated the lease of 1,200 square feet at Anclote Corner located at 1953 N. Pinellas Ave., Tarpon Springs, FL.

Seifert and Tarkow represented the landlord, Anclote Corner Associates, a Tarpon Springs-based firm. Express Clips Inc., based in Hudson, FL, is the tenant.

Anclote Corner is a 57,000 sq ft shopping center anchored by Sweetbay Supermarket and Dollar General.

For more information, contact:
Michelle Sefiert, Grubb & EllisCommercial Florida 813-830-7537, mseifert@commercialfl.com;

Josh Tarkow, Grubb & EllisCommercial Florida 813-830-7540, jtarkow@commercialfl.com

Larry Lietzman, Grubb & EllisCommercial Florida, 813-639-1111

Thomas D. Wood & Co. Finds Financing for Satellite Beach, FL Properties

ORLANDO, FL—John Worrell, (top right photo) Assistant Vice President for Thomas D. Wood and Company, secured financing in the amount of $1,400,000 for the Hannon Office Building and Goldenrod Industrial.

Worrell arranged financing in the amount of $650,000 for the Hannon Office Building in Satellite Beach, Florida.

Worrell financed the loan through Kansas City Life, one of Thomas D. Wood and Company’s correspondent lenders, at a permanent fixed rate of 6.125%. The loan term is 10 years with a 25-year amortization, and a loan-to-value of 52%.

The 7,200 square-foot office building was built in 1968, with a two-story addition added in 2001, and is home to Century 21 and Alliance. The Hannon Office Building is located at 1110 State Road A1A, Satellite Beach, Florida.

Worrell arranged financing for Goldenrod Industrial through StanCorp Mortgage Investors, one of Thomas D. Wood and Company’s correspondent lenders. The loan was secured at a permanent fixed rate of 6.25% for a 10-year term and a 20-year amortization, in the amount of $750,000. The loan-to-value is 40%.

The 26,850 square-foot industrial building is home to C & M Granite and Orlando Concrete, and is located at 1714 North Goldenrod Road, Orlando, Florida.

CONTACTS:

John Worrell, (407) 937-0470, jworrell@tdwood.com

Jessica Gurtowski, (407) 937-0470, jgurtowski@tdwood.com

Lack of Affordable Housing Bolsters Apartment Market in Northern New Jersey

ELMWOOD, N.J. — With a shortage of affordable housing in the entire region, apartment properties in Northern New Jersey will perform well in the months ahead, despite the effects of sluggish employment growth on household formation, according to a first-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

The marketwide vacancy rate is currently in the mid-3 percent range, and rents are rising by more than 4 percent annually, exceeding the rate of growth in most other markets.

“Assets with attractive assumable financing should move quickly if they are priced commensurate with underlying fundamentals,” says Michael Fasano, regional manager of the New Jersey office of Marcus & Millichap.

Following are some of the most significant aspects of the New Jersey Apartment Research Report:

· This year, 1,000 rental units will be delivered in the market, representing inventory growth of 0.5 percent.

· Vacancy is forecast to end the year at 3.5 percent.

· Asking and effective rents will each gain 4 percent to $1,548 per month and $1,500 per month, respectively.

· Employers in the Newark metro division, the largest labor market in the Northern New Jersey region, added approximately 1,800 jobs in the 12 months ending in the first quarter.

· Properties with 10 or fewer units have sold for a median price of $109,200 per unit in the past year, an increase of 5 percent from the previous span.

For a copy of the complete New Jersey Apartment Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/ or contact Stacey Corso, Communications Department, (925) 953-1716

Oklahoma City Apartment Sector Fueled by Healthy Economy

OKLAHOMA CITY, OK— The apartment market in Oklahoma City will perform well throughout this year, underpinned by healthy employment growth, ongoing correction in the lending markets and little new construction, according to a first-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

The local economy is being supported by rising oil prices
and profitable energy companies.

“Apartment fundamentals remain healthy, and initial yields are still high enough to attract capital to the Oklahoma City market,” says Gary R. Lucas, (top right photo) regional manager of the Oklahoma City office of Marcus & Millichap.

Following are some of the most significant aspects of the Oklahoma City Apartment Research Report:

· Employers are expected to expand payrolls by 5,000 positions this year, a 0.9 percent increase.

· Builders are projected to bring approximately 200 units online in 2008.

· Vacancy is forecast to fall 30 basis points to 8 percent by year end, its lowest level since 2001.

· Asking rents are expected to increase 3.4 percent to $537 per month this year.

· Effective rents will advance 3.5 percent to $510 per month.

For a copy of the complete Oklahoma City Apartment Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/ or contact Stacey Corso, Communications Department, Marcus & Millichap, (925) 953-1716