Three-Tenant Oakland Crossroads in New Jersey Listed for $13.9M

OAKLAND, N.J. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for Oakland Crossroads, an 18,330-square foot, three-tenant shopping center in Oakland.

Listed at a price of $13.9 million, Oakland Crossings is located in an affluent part of Bergen County.

Steven Siegel, a vice president investments and senior director of Marcus & Millichap’s National Retail Group in Manhattan, is representing the developer.

“Oakland Crossroads is an excellent opportunity for an investor to acquire a brand-new, three-tenant retail property with national credit tenants that is virtually management-free in an affluent Northern New Jersey neighborhood,” says Siegel.

Located on the signalized intersection of Route 202 and Route 208/Interstate 287, the shopping center is situated on 3.7 acres adjacent to a parcel of land that will include a 30,000-square foot office building upon commencement of construction. The office building is not included in the Oakland Crossings offering.

Currently under construction, Walgreens, Starbucks and Columbia Bank are scheduled to open for business in November or December 2008.

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

Retail Redevelopment buoys Investor Demand in Portland's Infill Areas

PORTLAND, OR— The effects of the nationwide credit crunch and housing downturn have gradually trickled into Portland’s economy, weighing on retail fundamentals in recent quarters, though healthy long-term projections should support the metro in the long term, according to a third-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Renewal projects under way downtown are expected to transform the area into a live/work hub with office, residential and retail space.


“Through year end, single-tenant sales activity will likely be driven by investors targeting fast-food restaurants, as this asset type is expected to fare well during the economic downturn,” says Tony Cassie, regional manager of the Portland office of Marcus & Millichap.

Following are some of the most significant aspects of the Portland Retail Research Report:


· Deliveries are forecast to total approximately 1.3 million square feet of retail space in 2008.
· Vacancy is projected to end the year at 6.5 percent.
· Asking rents are expected to advance 3.4 percent to $20.34 per square foot.
· Effective rents will gain 2.9 percent to $18.18 per square foot.
· The educational and health services segment led the metro in payroll expansion during the last year with the creation of 3,900 new spots through the second quarter, a 3.1 percent rise.

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

For a copy of the complete Portland Retail Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

Marcus & Millichap Capital Corp. Arranges $17.5M Loan for Three Tampa, FL Office Buildings

TAMPA, FL– Marcus & Millichap Capital Corporation (MMCC) has arranged a $17.5 million fixed-rate loan for the acquisition of three Class B office buildings located at 4801 and 4803 George Rd. (top right photo and bottom left map) in Tampa.

James Sotos, an associate in the Chicago office of Marcus & Millichap Capital Corp., arranged the financing package for the 213,294-square foot office complex.

“MMCC structured a minimal recourse loan for these three assets, which is unusual in the Tampa market,” says Sotos. “Even as the capital markets continue to contract, MMCC was able to secure a lender and provide financing for this property within a tight deadline.”

Financing for the Class B office complex was provided by a commercial bank at a 5.87 percent fixed rate. Terms of the loan were five years with a 30-year amortization schedule. The loan-to-value was 74 percent.
Press Contact: Kathy Molitor
Marcus & Millichap Capital Corporation
(925) 953-1704

Terry's Electric Wins Two New Contracts

One of the jobs involves work at the new multimillion-dollar Bentley Commons (top right rendering) assisted living facility in Zephyrhills, FL

KISSIMMEE, FL – Terry’s Electric, Inc., one of Florida’s leading electrical contractors, was awarded a contract for the new multimillion-dollar, 100-unit Bentley Commons at Zephyrhills assisted living facility in Zephyrhills, FL.

The Douglas Company, Orlando, serves as general contractor for the project which is slated for completion in September 2009 according to Mark Neveu, Commercial Division president of Kissimmee-based Terry’s Electric.

Terry's is also working on the 10-story Vacation Village at Parkway Resort in Kissimmee, FL

KISSIMMEE, FL – Terry’s Electric, Inc., one of Florida’s leading electrical contractors, was awarded an electrical contract for the new multimillion-dollar, 10-story, 410,000-square-foot Vacation Village at Parkway Resort, (bottom left photo) Buildings 16 and 17, in Kissimmee, FL.

Winter Park Construction serves as general contractor for the 200-unit project which is slated for completion in March 2010 according to Mark Neveu, Commercial Division president of Kissimmee-based Terry’s Electric.

Contact: Kenneth H. Cristol, 407-774-2515