DELAND, FLA. — An undisclosed private investor has purchased a 7,895-square-foot Tire Kingdom store from an undisclosed retail developer for $2.36 million. The property is located at 1615 Woodland Blvd. in Deland. Ryan Butler and Brad Moulder of Tulsa, Okla.-based Stan Johnson Co. represented the seller.
CINCINNATI — Phillips Edison & Co. has completed a $118 million secured revolving credit facility. Bank of America Securities was the lead arranger, and Bank of America, N.A. was the administrative agent. The credit facility is secured by 22 properties and has a 3-year term with two 1-year extension options. As a result of the financing, Phillips Edison, which focuses on investing in grocery-anchored shopping centers with value-creation opportunities, has no meaningful debt maturities until 2011.
COLUMBIA, MO. — R.G. Brinkmann Construction Co. has completed the first Menards home improvement center in central Missouri. The 233,000-square-foot store is located within Centerstate Crossing, a mixed-use community located at the intersection of Interstate 70 and Missouri Highway 63 in Columbia. Centerstate Crossing is owned by Centerstate Realty, and encompasses more than 348,000 square feet over 200 acres, with tenants such as Bass Pro Shops, Furniture Row, Ruby Tuesday and Hilton Garden Inn. The Menards project totaled more that $6.7 million.
CLEVELAND HEIGHTS, OHIO — Pine Tree Commercial Realty, the co-owner and exclusive leasing representative for the 620,000-square-foot Severance Town Center, has signed Conway Stores to a 24,000-square-foot lease within the shopping center. Severance Town Center, which Pine Tree co-owns with Syndicated Equities Corporation of Ohio, is located at 3640 Mayfield Rd. in Cleveland Heights. Conway Stores, which specializes in men’s, boy’s and women’s discount apparel, opened at the end of last year. Two other leases were signed recently at the center: Gibbs Jazz Café is expected to open a 5,900-square-foot restaurant in May, and Rainbow Apparel Companies recently opened a 5,400-square-foot store.
ENFIELD, CONN. — Australia-based Centro Properties Group has disposed of Stop & Shop Plaza, a 122,718-square-foot community shopping center located at the interchange of Interstate 91 and State Route 190 in Enfield. Constructed in 1988, the Class A property is anchored by a 71,440-square-foot Stop & Shop grocery store. Additional tenants include 99 Restaurant, Advance Auto Parts, UPS and H&R Block. Occupancy was 86 percent at the time of closing. Representing Centro in the transaction was Cushman & Wakefield’s Capital Markets Group. The property was acquired by Katz Properties for an undisclosed amount.
PHOENIX — Kraus-Anderson® Construction Co. is nearing completion on a new Tutor Time childcare learning center on behalf of Boca Ratio, Fla.,-based Tutor Time Child Care Network. The 25,587-square-foot center is located at 9th Street and Bell Road in Phoenix. The project owner is Phoenix-based PDG American Shopping Center; the architect is Phoenix-based Bollinger & Carderas.
NEW JERSEY — Fameco Real Estate has represented Denver-based Chipotle Mexican Grill in its expansion efforts into New Jersey. The fast-casual Mexican restaurant recently opened three new locations in Paramus, East Hanover and Wayne. It also has two restaurants currently under construction in Eatontown and West Caldwell. Fameco originally represented Chipotle in its expansion into the Philadelphia market, and was asked to represent the restaurant in its New Jersey expansion, as well. Chipotle currently operates more than 800 restaurants nationwide.
PLANTATION, FLA. — Orlando, Fla.-based Tilt-Con Corp. has broken ground on a 105,750-square-foot Kohl’s department store in Plantation. The two-story building, which is being constructed to achieve LEED certification, is located at 801 S. University Dr. Longwood, Fla.-based J. Raymond Construction is leading the project, and Cleveland-based Richard L. Bowen + Associates designed the building. Delivery is set for March.
TUPELO, MISS. — A private investor has purchased a 19,000-square-foot Tractor Supply Co. store from an undisclosed seller for $2.28 million. The property spans 2.68 acres at 850 Symphony Lane in Tupelo. Tulsa, Okla.-based Stan Johnson Co.’s Jerry Hopkins and Ken Hedrick represented the buyer. Nashville, Tenn.-based Calton Realty Advisors’ Bob Calton represented the seller.
WHITE LAKE TOWNSHIP, MICH. — Marshalls has been announced as the newest anchor tenant at The Village Lakes Plaza, a 180,000-square-foot shopping center located in White Lake Township. The apparel retailer will open a 28,000-square-foot location that will feature Shoe MegaShop, the company’s 5,000-square-foot shoe department concept, as well as The Cube, a boutique with styles for young women. Marshalls will join a roster of retail tenants that includes a 104,000-square-foot JCPenney, Famous Footwear, Bigby Coffee, AAA, Verizon Experience Store and Sally Beauty Supply. Highland House Café and Randolph’s Salon are expected to open locations this summer. The Village Lakes Plaza is the retail component of The Village Lakes, a 28-acre mixed-use project located at Elizabeth Lake and Highland roads. It is being developed by a joint venture between Farmington Hills, Mich.-based Gershenson Realty & investment and Troy, Mich.-based KIRCO. Ownership was represented by Tony Schmitt and Gabe Schuchman of LaKritz-Weber & Co. in lease negotiations.