PHILLIPS EDISON & CO. COMPLETES $27 MILLION FINANCE DEAL FAIRFIELD TOWNSHIP, OHIO — Phillips Edison & Co. has completed a $27 million secured loan, which was collateralized by the regional shopping center Bridgewater Falls. Located in Fairfield Township, the 600,000-square-foot retail center is anchored by Target, JC Penney and Dick’s Sporting Goods. Phillips Edison & Co.’s Strategic Investment Fund acquired the property for $44 million in early October. The 4-year loan was provided by US Bank, N.A.
CITY OF INDUSTRY, CALIF. — For its first U.S. location, family entertainment center Round One has leased 59,000 square feet at Puente Hills Mall in City of Industry. Robert K. Futterman & Associates’ David Friedman represented Round One in the transaction.
LUMBERTON, TEXAS — Hunington Properties has brokered the sale of a CVS/pharmacy located in Lumberton. The 11,945-square-foot building is situated on a 62,421-square-foot land parcel at 10 South LHS Dr. Sandy Aron of Hunington Properties represented the seller, Old Westheimer Pharmacy, Ltd. Wu 1979 Trust, a California-based family trust, purchased the pharmacy for an undisclosed amount.
KANSAS CITY, MO. — Ingredient is opening two new restaurant locations in the Kansas City. The first location, which opened in October, is located at in Town Pavilion at 12th & Main Street. The 5,600-square-foot restaurant occupies the former Mango Room space on the first floor of the 34-story office and retail complex. The second location, which is slated to open in mid-January 2010, will be located at 4807 Jefferson St. within the Country Club Plaza. The 5,034-square-foot property is currently under construction. Ingredient is a fast-casual restaurant serving customizable salads, brick-oven pizzas, sandwiches, wraps and fresh soups.
NEPTUNE BEACH, FLA. — Regency Centers will break ground next month on the 74,000-square-foot Seminole Shoppes development in Neptune Beach. The property will be located at the intersection of Atlantic Boulevard and Seminole Road. Seminole Shoppes will be anchored by a 54,000-square-foot Publix, which will deliver next year.
LOWELL, MASS. — Jones Lang LaSalle (JLL) has arranged the sale of a Lowe's Home Improvement Warehouse currently under construction in Lowell. The store will total 153,000 square feet and will be situated on Chelmsford Street next to the Cross Point office complex. The store opening is scheduled for April 2010. Jim Koury, Nathaniel Heald and Brandon Dickason of JLL represented the seller, National Development, and procured the buyer, Tanglewood Investors.
HOUSTON — Marcus & Millichap has brokered the sale of Village Shops Westheimer, a 64,813-square-foot, multi-tenant retail property located in Houston for $7.3 million. Built in 1984, the shopping center is situated on 4.95 acres at 12280 Westheimer Rd. Jerry Goldstein of Marcus & Millichap's Houston office represented the seller, a California-based limited liability company. The buyer is a Texas-based limited liability company.
KATY, TEXAS — Construction has commenced for The Shops on Grand Parkway, a new 12,075-square-foot retail project located in Katy. The new property will be situated at the intersection of Grand Parkway and Bellaire Boulevard within the 100-acre, master-planned Bella Terra development. Tenants already signed include Subway, Bright Now Dental and a national hair salon. It will be shadow-anchored by a new Walmart Supercenter. Completion is scheduled for March 2010. Hunington Properties is developing, managing and leasing the project.
PEORIA, ARIZ. — Grubb & Ellis|BRE Commercial LLC has handled Pruitt’s 117,000-square-foot sublease of a former Walmart store, located in Peoria Town Center at 8200 W. Peoria Ave. in Peoria. Grubb & Ellis’ Brent Mallonee, Michael Hackett and Ryan Schubert represented Pruitt’s, and Jay Schneider of Frontera Development represented Walmart Realty.
LEESBURG, GA. — Atlanta-based Hand Properties is developing a 45,300-square-foot Publix store at Lee Crossings in Leesburg. The property, located at the intersection of U.S. 19 and Leesburg Road, also will feature 11,200 square feet of shop space and two outparcels. Benning Construction Co. will serve as general contractor. Delivery is expected in October of next year.