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Glossary (click letters)


MALL – (also called Super Regional Center) an enclosed shopping center with three or more major department stores which draws from a large trade area of 12 or more miles.

MANAGEMENT FEE – the agreed–upon compensation paid to a property management company for managing a real estate project. The fee is usually based on a percentage of effective gross income.

MANUFACTURING – (also called Heavy Industrial) auto making, textiles, steel, chemicals, and food processing are typical uses of such properties. Typically zero to five percent office space.

MARGIN – the amount that is added to an index rate to determine the total interest rate.

MARKETING EXPENSES – expenses accrued to market commercial properties.

MAT – Monthly Average Treasury

MATURITY – 1. The termination period of a note (e.g., a 25–year mortgage has maturity of 25 years.) 2. In sales law, the date a note becomes due.

MAX CONTIGUOUS SF – the amount of available connected square feet.

MAX LEASE RATE – the highest asking lease rate.

MEDICAL OFFICE – an office space which offers medical services.

MEZZANINE/SECOND LOAN – a loan secured by a mortgage or trust deed, in which the lien is junior, or secondary, to another mortgage or trust deed.

MID–RISE – a commonly used expression referring to an office building, that is high enough to require stairs, but too low to require an elevator.

MILITARY CLAUSE – a clause included in a lease of residential property, which allows the tenant to terminate the lease without penalty if and when the tenant is transferred to another location.

MIN LEASE RATE – the lowest lease rate available.

MIN. DIVISIBLE SF – the smallest amount of available square feet.

MIXED USE – a real estate development that contains two or more different uses all intended to be harmonious and complementary. An example would include a high–rise building with retail shops on the first two floors, office space on floors three through ten, apartments on the next ten floors, and a restaurant on the top floor.

MOBILE HOME PARK – a parcel of land zoned and developed for use by occupants of mobile homes.

MONEY MARKET – the market for short–term debt instruments.

MULTI–FAMILY PROPERTY CLASS A – properties are above average in terms of design, construction and finish; command the highest rental rates; have a superior location, in terms of desirability and/or accessibility; generally are professionally managed by national or large regional management companies.

MULTI–FAMILY PROPERTY CLASS B – properties frequently do not possess design and finish reflective of current standards and preferences; construction is adequate; command average rental rates; generally are well maintained by national or regional management companies; unit sizes are usually larger than current standards.

MULTI–FAMILY PROPERTY CLASS C – properties provide functional housing; exhibit some level of deferred maintenance; command below average rental rates; usually located in less desirable areas; generally managed by smaller, local property management companies; tenants provide a less stable income stream to property owners than Class A and B tenants.


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