Marcus & Millichap Lists $12.7M Social Services Building in Riverside County, CA

LAKE ELSINORE, Calif., Sept. 1, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing for the 56,006 square-foot Riverside County Department of Social Services Building (top left photo)  in Lake Elsinore. The listing price of $12.7 million represents $227 per square foot.

Alvin Mansour (middle right photo) , a senior vice president investments and senior director of Marcus & Millichap’s Net Leased Properties Group (NLPG), is representing the seller, Riverside County.

“Investors will benefit from this newly constructed asset’s prime location in Elsinore Valley and the strength of its tenant, the Department of Social Services,” says Mansour.

 “Riverside County recently signed a 10-year absolute net-lease with 3.5 percent annual rent increases and two, five-year option periods, further strengthening its appeal to a broad range of potential buyers.”

Located at 1400 Minthorn St., the Riverside County Department of Social Services Building is situated on nearly five acres in western Riverside County. Constructed in 2008, the single-tenant asset is surrounded by a number of national retailers including Costco, Target, Lowe’s and Home Depot, among others.

Adjacent to Interstate 15, more than 122,000 vehicles pass by this property on a daily basis.

Lake Elsinore continues to grow, having added 6,000 new residents per year since 2001. In 2008, the city’s population reached 49,807.

The Elsinore Valley region features more than 100 square miles of planned commercial, light industrial, residential and resort-oriented communities strategically located near skilled labor and universities.

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

Marcus & Millichap Names Paul Vetter to Vice President Investments in Atlanta

ATLANTA, GA– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Paul Vetter (top right photo)  to the position of vice president investments.

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to John J. Kerin, (bottom left photo)  president and chief executive officer.

Most recently, Vetter held the position of associate vice president investments.

Vetter began his career with Marcus & Millichap in 2004, specializing in multifamily investment sales.

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