$11.4M Southern California Retail Asset Hits the Market

HEMET, CA, June 15, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing for a Petco, a Smart & Final and a 15,000-square foot retail strip in Hemet, Calif.

The listing price of $11,495,000 represents $236 per square foot.

Kevin Boeve, a vice president investments and director of the firm’s National Retail Group in Ontario, is representing the seller, a Southern California-based developer.

“Smart & Final, Petco and the retail strip are all located on separate legal parcels; all leases are triple net and include fixed-rent increases,” says Boeve. “The Petco and Smart & Final leases require zero landlord responsibility or management. Below-market rate 5.4 percent assumable nonrecourse financing is available,” he adds.

The property is located at 2525-2565 West Florida Ave. on a signalized corner anchoring two major thoroughfares in the retail center of Hemet. The property fronts Florida Avenue and has excellent visibility and access. The location receives traffic counts of 54,000 cars per day.

Two Loan Originators in West Los Angeles Office Promoted

LOS ANGELES, CA, June 15, 2010 – The board of directors of Marcus & Millichap Capital Corporation (MMCC) has promoted Adam J. Petriella (lower left photo) and Jerry M. Wise (lower right photo) to the position of first vice president capital markets.

This achievement is one of the highest levels of recognition the firm awards to its loan originators. It represents excellence in the development and servicing of long-term client relationships, according to William E. Hughes, senior vice president and managing director.

Petriella and Wise both joined MMCC in 2005. Petriella began his career with Marcus & Millichap Real Estate Investment Services Inc. as an associate in 1987. Wise started his career with Marcus & Millichap Real Estate Investment Services Inc. in 1985.

Petriella and Wise are located in the firm’s West Los Angeles office.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716