ODESSA — Marcus & Millichap has brokered the $8.4 million sale of the 148,006-square-foot Town and Country Shopping Center, located at 2723 N. Grandview Ave. in Odessa. The property was 92 percent leased to tenants including Jason's Deli, World Gym, Tuesday Morning and Harmony School at the time of the sale. Jerry Goldstein of Marcus & Millichap's Houston office represented the seller, a financial institution, in the transaction.
HOUSTON — NorthMarq Capital has arranged $7.55 million in financing for the 70,642-square-foot Gulfgare Square Shopping Center, located at 6800 Gulf Freeway in Houston. David Mott of the NorthMarq's Dallas office arranged the financing through the Wells Fargo CMBS Platform.
NEW LONDON, N.H. —CBRE's National Retail Investment Group has arranged the sale of New London Shopping Center, a 107,301-square-foot, supermarket-anchored shopping center in New London, N.H. for $15.7 million. Chris Angelone, Bill Moylan, Jim Koury, Nat Heald and Josh Klimkiewicz of CBRE's Boston office represented the seller, Kimco Realty Corp. in the transaction. They also procured the buyer, CrossPoint Associates.
COPIAGUE, N.Y. — AMVETS National Service Foundation, a veteran service organization, has signed a lease for a 19,300-square-foot store in Copiague. Sabre Real Estate Group's Beth Lamport and Breslin Realty Development Corp.'s Russ Lico represented AMVETs in the deal. Schuckman Realty represented the landlord, Royal Sunrise Realty. AMVETs plans to open a thrift store.
PORTLAND, MAINE — Dollar Tree has opened an 11,002-square-foot store at Pine Tree Shopping Center, located at the southeast corner of Interstate 95 and Brighton Avenue in Portland, Maine. John Wise of Real State Advisors represented Dollar Tree. Brixmor is the owner of Pine Tree Shopping Center and was represented by Charles Davis with Brixmor.
ALVIN — Phoenix-based Cole Capital has purchased a 21,000-square-foot retail building that is fully leased to Office Depot, located at the corner of Highway 6 and Highway 35 Loop in Alvin, for $2.8 million. Hunter Jaggard of Stan Johnson Co.'s Houston office represented the seller, Houston-based Property Commerce, in the transaction. Cole Capital was self-represented by Carol Romney.
BEDFORD — Addison-based Legacy Alliance Holdings has acquired the 59,909-square-foot Bedford Meadows, a retail center located in Bedford. The property was 40 percent occupied at the time of the sale. Before the sale, the property's former owner, VFC Partners 7, foreclosed on a $3.85 million loan. Legacy was self-represented by Brad DeYoung in the transaction, and Nelson Somerville of Southlake-based Vaughn Commercial Realty represented the undisclosed seller.
DALLAS — NorthMarq Capital has arranged $14 million in first mortgage financing for the 224,662-square-foot The Arbors Shopping Center, located at 18150-18410 Preston Rd. in Dallas. Ronald Reese of NorthMarq's Dallas office arranged the 10-year loan with a 30-year amortization schedule through State Farm Life Insurance Co. on behalf of the borrower, Preston Road Associates.
MANHATTAN — American Realty Capital Recovery REIT Inc. has acquired a fee-simple interest in a portfolio of four retail condominiums, located at 416-424 Washington St. in Manhattan for about $9.8 million. The portfolio contains 24,000 square feet, including a 15,000 square feet in a parking garage. The portfolio is fully leased.
EL PASO — Cypress Equities has arranged $57.3 million loan for the 591,000-square-foot Bassett Place, an enclosed mall located at 6101 Gateway W. in El Paso. The mall is 93 percent leased to tenants such as Kohl's, Target and Premiere Cinema 18. Cypress arranged a $49.3 million senior loan through CIBC on behalf of the borrower, Bassett Place Real Estate Co. Cypress also arranged $8 million in mezzanine financing through RCG Longview. Part of the funding will go toward capital improvements associated with two new leases with Dollar Tree and Shoe Carnival in one of the mall's outparcel buildings.