Marcus & Millichap Real Estate
Investment Services
The New Jersey office of Marcus & Millichap Real Estate
Investment Services provides real estate investment sales,
research information and advisory services for multifamily,
retail, office, single-tenant net-lease, self-storage, seniors
housing, manufactured homes, hospitality, land and special
assets. In the 12-month period beginning July 1, 2009 and
ending June 30, 2010, the firm closed 48 sales in New Jersey
for a total of 966,335 square feet.
Of particular note, the New Jersey office of the firm’s
Special Assets Services group advised Hartz Mountain
Industries on its acquisition of a four-property multifamily
portfolio in Bergen County through the purchase of a
$25.5-million whole mortgage loan.
The local office also sold a 42-unit apartment property for
$4.68 million, an example of investors pursuing quality properties regardless of market conditions. The combination of a
1031 exchange and available financing provided the seller the
confidence it needed to work with the buyer.
“Now is an opportune time for commercial real estate
investment,” says Marcus & Millichap. “The spread between
Vice President,
Investments, & Director,
National Office & Industrial
Properties Group
Senior Associate &
Director, National Office &
Industrial Properties Group
SETH POLLACK
Senior Associate &
Associate Director,
National Retail Group
initial yields and the 10-year Treasury reached 540 basis points
in September, a 20-year high. Analysis of the yield spread of
the 10-year Treasury over the past 20 years shows an attractive
entrance for investors with a five-year hold strategy when the
spread hit an above-average high, which occurred in 1993,
1998 and 2001. Each year was followed by price appreciation:
five-year gains were 25% after 1993, 44% after 1995, 32% after
1998 and 58% after 2002.”
New Jersey, for its part, has held up relatively well, says the
firm. “Its lack of overbuilding has helped sustain the state bet-
ter than contemporaries such as Florida or California. And it is
helpful to have a good idea of how the state is moving forward,
as opposed to the previous two years where industry profes-
sionals were challenged to find what the next six, 18 and 24
months would bring us.”
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