San Francisco, CA, October 8, 2008 – NAI BT Commercial announced today that it successfully completed the sale of El Paseo de Saratoga on October 3rd.  The property, a 340,979 SF community shopping center, is located in San Jose , California and serves the high-income communities of Saratoga , Cupertino and northwestern San Jose.  El Paseo de Saratoga is anchored by a 62,190 SF Lucky supermarket, REI, Petsmart, OfficeMax and a 14-screen AMC theatre. 

The Marketing Team consisted of Dan Wald, Partner-Investments and Todd Oliver, Partner, both of Terranomics Retail Services, BT Commercial's retail division.  The Marketing Team represented the seller, Sunrise Penguin Saratoga Limited Partnership, an affiliate of Chicago-based Pritzker Realty Group. The buyer, Terramar Retail Centers, LLC, a shopping center ownership and operating company represented itself. Wald confirmed that the sales price, while not disclosed, was over $110 million. As such, it is one of only a few investment sales transactions to close this year at over $100 million.

“This marketing assignment was completed in an extremely challenging capital market environment” said Wald.  “Fortunately, we were able to source a highly qualified buyer with a strategy of long-term, quality ownership. For this buyer, the Terranomics Team was able to use its deep local market expertise to demonstrate the Property's unparalleled defensive position in the Bay Area marketplace.”  “In these uncertain times,” he continued, “where overall rent levels may be in flux, local market knowledge is essential and must be combined with capital markets expertise to keep deals in escrow and to maximize values for sellers”.

As of October, Dan Wald's Retail Investment Sales Team has closed eight 2008 retail transactions with a combined value exceeding $180 million.