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

Sunnyvale, CA Apartment Complex Receives $9.2M Loan

SUNNYVALE, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $9.2 million loan to refinance an 82-unit apartment complex located at 150 Acalanes Dr. in Sunnyvale.

Marshall De Wolfe, a director in the Palo Alto of Marcus & Millichap Capital Corporation, arranged the financing package for the Woodacre Apartment complex.

“In the past, much emphasis was placed on financing loans with fixed-rate debt. This deal was financed with a one-year adjustable rate,” states De Wolfe. “There has been a re-emergence of the floating-rate loan as a viable option to fund deals, versus long-term fixed debt.”

Financing for Woodacre Apartments was provided by a commercial bank at a fixed interest rate of 5.56 percent for the first year, then an adjustable rate of 2.25 percent during the 12-Month Treasury Average (MTA) index. Terms of the loan were for 30 years with a 30-year amortization schedule. The loan-to-value was 65 percent.

“Due to MMCC’s long-standing relationship with the lender, we were able to keep this deal at the top of its priority list,” according to De Wolfe. “The lender had a pre-payment penalty, which MMCC was able to have waived.

“In today’s lending market, it has become increasingly important to proactively manage deals through each phase of the financing process,” says De Wolfe. “As a result of our due diligence, MMCC was able to close the deal ahead of schedule, meeting all of our lender’s requirements while surpassing our client’s expectations.”

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704

University Square Shopping Center in San Diego Gets $6M Loan

SAN DIEGO, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $6 million fixed-rate loan for University Square Shopping Center (top left photo) , a 204,646-square foot neighborhood retail center located at 5900 University Ave. in San Diego.

Jake Roberts, a vice president capital markets, and Anita Paryani, a senior director, both in the West Los Angeles office of Marcus & Millichap Capital Corporation, arranged the financing package for the retail center.

“MMCC was able to acquire an aggressive preferred-equity lender that met our investor’s financing requirements,” says Roberts. “The investor provided MMCC with a significant cash-out preferred equity structure. The investor also wanted a recognition agreement with the senior lender, and in order to close in a timely manner, MMCC made the agreement a post-closing term item.”

Financing for University Square Shopping Center was provided by a private strategic capital lender at a 12 percent fixed rate with 87-months interest only. Loan-to-value was at 86 percent.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704

Landmark Esparanza Mansion in Finger Lakes, NY on Selling Block

MIAMI BEACH, FL--John Nicholas Rose completed the construction of Esperanza Mansion (top right photo) in 1838.

He was the son of Robert and Jane Rose who had journeyed to the Finger Lakes region from their plantation in Stafford County, Virginia in 1804.

Esperanza Mansion is a distinguished example of Greek Revival residential architecture, a style popular in the United States from 1820 to 1850.

Esperanza is a National Registered Historic Landmark. Over the years Esperanza has served as a vineyard, 1000-acre farm, distinguished home to several families, a link in the Underground Railroad, The Yates County Poorhouse, and Chateau Esperanza Winery.

Esperanza Mansion was purchased in 2002 by area developer David Wegman and his wife, Lisa. The Wegman family has worked to restore and renovate Esperanza to its 19th century splendor.

In addition to its original Greek Revival structure, a full service fine food restaurant, state-of-the-art banquet facility, 9 mansion guestrooms and the 21 rooms at the Inn at Esperanza have been incorporated to make Esperanza Mansion a full service destination resort.

Esperanza Mansion not only features a first rate culinary, lodging and event hosting experience, but perhaps the areas most spectacular long view of Keuka Lake, which many have likened to views of Lake Lucerne in Switzerland.

CONTACT:

Property Options, LLC - 110 Washington Avenue, Ste 1808 - Miami Beach, FL 33139, USA Phone: (305) 861 5500 - Fax: (305) 861-3700 - EMail: support@findire.com

Short-Term Rating On Utah Housing Corp.'s Series 2006 B-E Bonds Placed On Watch Neg

SAN FRANCISCO, CA--Standard & Poor's Ratings Services has placed the short-term rating on Utah Housing Corporation (UHC) Class I variable-rate single-family mortgage bonds series 2006 B-E on CreditWatch with negative implications.

This action follows Standard & Poor's placement of Lehman Brothers Commercial Bank's rating on CreditWatch with negative implications.

Lehman Brothers Commercial Bank provides a standby bond purchase agreement on UHC's bonds. Only the short-term rating on UHC's bonds has been placed on CreditWatch with negative implications

Media Contact:

Christopher Mortell, New York (1) 212-438-3446mailto:212-438-3446christopher_mortell@standardandpoors.com

Analyst Contacts: Karen Fitzgerald, San Francisco (1) 415-371-5023 Renee J Berson, New York (1) 212-438-7966

Detroit's New North Terminal Concession Program Prepares to Please

DETROIT, MI/PRNewswire-USNewswire/ -- Visitors who attended Detroit Metropolitan Airport's (DTW's) new North Terminal preview events this past weekend had the opportunity to catch a glimpse of the airport's newest concession program additions in the region's newest terminal facility, set to open next week on September 17th.

While visitors were excited by the colorful storefronts and new innovative concepts and brands, the events were simply a prelude to tease travelers' palates in preparation for the opening day shopping and culinary extravaganza, passengers will be treated to in Detroit's newest terminal.

"We are extremely excited to launch this new chapter in Detroit Metro Airport's award-winning concession program," said Wayne County Airport Authority CEO Lester Robinson.(top right photo)

"Our new North Terminal concession program will completely transform our passenger's restaurant, retail and service experience at the airport; it will generate more than 740 new jobs; is projected to increase concession revenue to the airport by more than $7 million annually; and will generate $24 million in new economic impact for the economy of Southeastern Michigan."

Detroit's North Terminal concession program will include more than 40,000 sq. ft of new, high quality, vibrant, customer-focused concession space, and when combined with the McNamara Terminal program, makes DTW one of the largest, newest, and most diverse airport concession programs in the country.

CONTACT:

Brian Lassaline of Detroit Metropolitan Wayne County Airport,+1-734-247-7274

Web Site: http://www.metroairport.com/

New Tenant at Park Plaza Professional Center, Pembroke Pines, FL

PEMBROKE PINES, FL /PRNewswire/ -- Park Plaza Professional Center (bottom left photo) announced the signing of a lease with Prescription Pad Pharmacy (top right photo, Chris Osborne, pharmacist-owner) for 2000 square feet at Park Plaza Professional Center.

The project, on 9.77 acres, is being developed by locally based Sky Development Inc., and will consist of two four-story, 80,000 SF buildings with retail on the first floor.

The project will include a four-story parking garage with 538 parking spaces to be accompanied by an additional 288 surface parking spaces.

The efficient floor plans will range from 1,500 to 20,000 SF and will offer attractive tenant improvement allowance. The project is also being "Green" designed for LEED certification.

Prescription Pad Pharmacy will occupy a portion of the first floor of the four-story building when it takes occupancy at the end of 2009.

This will be their second location in Broward County.

"This facility will be developed to meet the growing demand for high-quality medical/professional office space in the Pembroke Pines area & what makes this project unique is that it is adjacent to Memorial Hospital," commented Alex Tukh, Senior Vice President of Sky Development Inc. "We are very pleased to welcome this new tenant to this state-of-the-art building," he added.

CONTACT:

Alex Tukh, Sky Development, Inc., +1-305-933-4646

alex@skydevelopmentinc.com

http://www.prescriptionpadonline.com/

http://www.parkplazaprofessional.com/

Prescription Pad Pharmacy (http://www.prescriptionpadonline.com/)

Cuhaci & Peterson Architects Awarded Contracts to Design Retail Centers in Seminole, Sumter Counties

Completes Designs of Publix Supermarket in Coral Springs

ORLANDO, Fla. — Cuhaci & Peterson Architects, Inc. based in Orlando’s Baldwin Park, was awarded a contract to design retail centers in Seminole and Sumter Counties.

Lonnie Peterson, chairman at Cuhaci & Peterson Architects, said the firm recently started design work to build the 10,000 square foot Orange Commons a retail center, Primerica Group I, Inc. of Tampa is developing on S.R. 46 and Orange Blvd. in Seminole County.

Cuhaci & Peterson Architects recently started design work to build Bushnell Commons, (map top left) a 10,000 square foot retail center at C.R. 48 and I-75 in Bushnell. Peterson said Bushnell Equity is developing the facility.

The Orlando-based architectural firm recently competed design of a new Publix Supermarket under construction in Coral Springs. Brandon Company of Orlando is developing the 45,000 square foot facility.

For more information, contact
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, 407-661-9100
Jed Downs, President Cuhaci & Peterson Architects, 407-661-9100
Larry Vershel or Beth Payan, LV Communications, 407-644-4142

Development site along Chicago’s Magnificent Mile Corridor listed for sale by HFF

(The Magnificent Mile of retail real estate, Downtown Chicago)


CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) has been named to market for sale a 13,700-square-foot land site located in Chicago’s Magnificent Mile Corridor.

The HFF investment sales team is being led by managing directors Jeffrey Bramson (top left photo) and Jaime Fink (top right photo) as well as directors Daniel Kaufman and Kenneth Glomb who will market the site on behalf of the seller.

The property does not have a formal asking price and is being offered free and clear of debt.

The 0.31-acre site is currently improved with a 20,326-square-foot building. The rectangular land parcel is entitled for a variety of uses including hotel, residential and mixed-use.

Located at 237-241 East Ontario, (map bottom right) the property is adjacent to North Michigan Avenue, Northwestern Memorial Hospital’s campus and Lake Michigan in the Streeterville area of Chicago.

“Streeterville continues to offer investors the strongest retail, residential and hotel market fundamentals in downtown Chicago, making it the most liquid/supply constrained market for development sites in the city,” said Bramson.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing. http://www.hfflp.com/.

CONTACTS:

Jeffrey M. Bramson, HFF Managing Director, 312 528 3650, jbramson@hfflp.com

Kenneth J. Glomb, HFF Director, 312 528 3650, kglomb@hfflp.com

Jaime M. Fink, HFF Managing Director, 312 528 3650, jfink@hfflp.com

Daniel A. Kaufman, HFF Director, 312 528 3650, dkaufman@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

San Antonio, TX Retail Center Gets $10.6M Loan

SAN ANTONIO, TX – Marcus & Millichap Capital Corporation (MMCC) has arranged a $10.6 million loan for the refinance of Bandera Heights, (top right photo) a 159,528-square foot retail center located at 7102-7098 Bandera Rd. in San Antonio.

Sharone Sabar, an associate in the Encino office of Marcus & Millichap Capital Corporation, arranged the financing package for Bandera Heights.

“This was a challenging deal because the retail center had two anchor tenants that occupied about 45 percent of the center’s space. The tenant had leases that were rolling over soon,” says Sabar. “MMCC was able to find a lender that could close the deal within a tight time frame.

“The borrower wanted to refinance the seller’s note, but was unable to find another funding source,” adds Sabar. “MMCC found a lender that allowed the borrower to take advantage a low adjustable-interest rate with an option to fix the rate any time during the term of the loan.”

Financing for Bandera Heights was provided by a commercial bank at an adjustable interest rate of one-month LIBOR, plus 310 basis points. Terms of the loan were for five years with a 30-year amortization schedule. Loan-to-value was at 65 percent.

“This type of transaction is indicative of the market trend to price off of swaps instead of the U.S. Treasury,” shares Sabar.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704

Marcus & Millichap Capital Corp. Arranges $6.8M Loan for Class A Office Building in Northern California

GRASS VALLEY, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $6.8 million loan for the construction of a Class A office building (rendering top right) located at 200 Litton Dr. in Grass Valley. The property is a 45,200-square foot build-to-suit for AJA Video.

Christopher Du Pont, an associate director in the Sacramento office of Marcus & Millichap Capital Corporation, arranged the construction financing for the Class A office building, a build-to-suit project for AJA Video.

“MMCC provided the client with very favorable terms, including origination at 50 to 75 basis points better than other offers they had received,” states Du Pont.

"As a result of MMCC’s value-add to the deal and our client, we created a long-term mutually beneficial relationship for future loan originations and financing.”

Financing for this property was provided by a commercial bank at one-month LIBOR, plus 250 basis points. Terms of the loan are for 15 months. Loan-to-value is 85 percent. (Downtown Grass Valley photo, bottom left)

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704

SPECIAL REPORT: Investment Needs, Tight Liquidity May Dim Russian Food Retailers' Bright Future, Says S&P

MOSCOW ---Russia's food retail sector is booming, but the need for significant investment in infrastructure, high debt burdens, and tight liquidity threaten to dampen this stellar performance, according to a new Standard & Poor's Ratings Services' report titled "Significant Investment Needs And Tight Liquidity May Dim Russian Food Retailers' Bright Future."

(St. Basile Spasskaya Tower in Red Square, Moscow, top left)

The retail food market grew more than 15% net of inflation in 2007, while retail spending per capita in Russia is still between one-half and one-third that of developed markets, indicating the potential for future growth.

However, underdeveloped logistics, such as a lack of transportation and warehouse facilities as well as the limited availability of commercial real estate will require heavy investment from retailers operating in Russia.

"This deficiency translates into a long-standing need for external capital from sources varying from equity to debt, from bilateral bank loans and private equity placements to public bond issues and IPOs on local and international stock exchanges," said Standard & Poor's credit analyst Anton Geyze.

The retail sector has amassed a high debt burden as aggressive sector growth continues and companies require equity injections on a regular basis to keep financial policies manageable.

(Entrance to Kremlin Senate, middle right photo)

Consequently, companies with strong parental support in the form of either large multinational food retailers or local investment holdings enjoy better financial flexibility. However, Standard & Poor's does not always factor parental support to a full extent into the ratings, because in some cases this is difficult to quantify and far from certain.

Despite generally bright industry prospects, a downturn in the retailers' operating performances or financial market disruption may undermine support from investors and prevent companies from rolling over significant short-term debt.

(Russia's own White House complex, seat of Russia's government, middle left photo)

The report points to a series of recent defaults by Russian midsize food retailers, which serve as a vivid reminder of the risks that exist in the sector, and concludes that liquidity management practices are becoming a key factor for companies' credit quality.

(Typical Russian petrol (natural gas) station, lower right photo)

Overall, the credit quality of Russia's largest food retailers if viewed on a stand-alone basis falls mostly in the 'B' rating category, a level at which we expect companies to remain in the short to medium term unless their liquidity positions deteriorate.

The article is part of a special report titled "Ten Years After Default, New Risks Emerge For A Resurgent Russia," in the Sept. 17 issue of CreditWeek, Standard & Poor's weekly magazine on credit risk.

Media Contact:

David Wargin, New York, (1) 212-438-1579, david_wargin@standardandpoors.com

Analyst Contacts:
Anton Geyze, Moscow (7) 495-783-4134
Nicolas Baudouin, Paris (33) 1-4420-6672
Industrial Ratings Europe