JERICHO, N.Y. — NorthMarq Capital has arranged a $2.1 million loan for the refinancing of Jericho Crest, a 16,260-square-foot strip center at 6333 Jericho Turnpike in Commack. Charles Cotsalas arranged the 10-year loan, which contains a 25-year amortization schedule, through an undisclosed life company. Jericho Crest Corp. was the borrower.
TEXAS — Cole Real Estate Investments has purchased a portfolio of 20 convenience stores, including 19 Stripes stores in Texas and one Road Ranger store in Illinois, for $80 million. Cole was self-represented by Daniel Lovitz in the transaction. The acquisition was in-line with Cole's growth strategy of acquiring core real estate assets occupied by creditworthy tenants with long-term leases.
THOUSAND OAKS, CALIF. — Conejo Valley Plaza II, a 90,855-square-foot retail center in Thousand Oaks, has received $14.75 million in first-mortgage refinancing. Notable tenants at the center include Ralphs, Jo-Ann Fabric and Bank of America. Financing was based on a 20-year term and a 20-year amortization schedule. The loan was arranged by Michael Elmore of NorthMarq Capital’s Los Angeles regional office through the firm’s relationship with a life insurance company lender.
TAMPA, FLA. — Marcus & Millichap has arranged the $5.05 million sale of the 47,150-square-foot SpaceSavers Storage, a self-storage property located in Tampa. The property includes 475 units and is 85 percent occupied. Michael Mele of Marcus & Millichap represented both the seller, a Tampa-based private investor, and the buyer, a Cleveland-based limited liability company, in the transaction.
NORTH PALM BEACH, FLA. — Grieco Motors has purchased the 6.5-acre former Ed Morse Chevrolet Dealership, located at the corner of Northlake Boulevard and Alternate AIA in North Palm Beach, from Morse Operations for $5 million. The property includes three buildings totaling 45,000 square feet. The buyer plans to open a new dealership, Grieco Mazda of North Palm Beach, in the main 35,000-square-foot building and will lease the remaining 10,000 square feet. Reichel Realty represented the seller in the transaction.
SALINA, KAN. — Mark One Capital, a subsidiary of Marcus & Millichap Capital Corp., has arranged a $1.5 million loan for the purchase of a single-tenant property occupied by a Chili's franchisee in Salina. Farhan Kabani of Mark One arranged the 10-year loan, which contains a 25-year amortization schedule. The interest rate is fixed at 4.9 percent.
NEW YORK CITY — Winick Realty Group has arranged the $3.2 million sale of a 17,676-square-foot retail property at 80 Jamaica Ave. in Brooklyn. The ground floor retail has been home to a Citibank branch location since 1973 and the tenant will remain in place for the duration of its long-term lease. Ken Zakin, Hymie Dweck and Randall Liberman of Newmark Grubb Knight Frank represented the seller in the transaction. Zach Mishaan of Winick Realty represented the buyer.
THOUSAND OAKS, CALIF. — Conejo Valley Plaza II, a 90,855-square-foot retail center in Thousand Oaks, has received $14.75 million in first-mortgage refinancing. Notable tenants at the center include Ralphs, Jo-Ann Fabric and Bank of America. Financing was based on a 20-year term and a 20-year amortization schedule. The loan was arranged by Michael Elmore of NorthMarq Capital’s Los Angeles regional office through the firm’s relationship with a life insurance company lender.
MOBILE, ALA. — Burton Property Group has acquired the 140,190-square-foot Westwood Plaza and the 244,024-square-foot Schillinger Towne Centre, located in Mobile, from The Guardian Life Insurance Company of America for $33.25 million. Hobby Lobby and Office Max anchor Westwood Plaza and Walmart SuperCenter and Burke's Outlet anchor Schillinger Towne Center. Josh Burmeister of SRS Real Estate Partners represented the buyer in the transaction. Kris Cooper and Margaret Caldwell of Jones Lang LaSalle represented the seller. Richard Brinson of Grandbridge Real Estate Capital arranged acquisition financing.
NEWPORT, N.H. — Donzi Realty has acquired a 10,200-square-foot Dollar General property at 8 John Stark Highway in Newport for $1 million. The property is located on 3.2 acres in the heart of Newport's retail district. Tom Fini of Fini Real Estate Group represented the seller, Ola Grande Realty, in the transaction. Wilma Wilson and Kenny Sell of Real Time Realty represented the buyer.