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<p> Heron Creek Station LLC (principal: Phillips Edison), Cincinnati</p>

Phillips Edison-ARC Increases Senior Credit Facility to $88M

Phillips Edison—ARC Shopping Center REIT Inc. increased the borrowing capacity on its senior secured revolving credit facility to $88 million. Previously, the credit facility, provided by KeyBank National Association, had borrowing capacity of $40 million.

A built-in accordion feature allows Phillips Edison-ARC to further increase the facility’s capacity to $250 million.

“We are extremely pleased to have increased the capacity of our facility with KeyBank to $88 million,” said Phillips Edison-ARC CEO and Co-Chairman of the Board Jeffrey Edison in a statement. “As we continue to see attractive acquisition opportunities in the marketplace for well-occupied grocery-anchored shopping centers, this credit facility will assist us in building our portfolio by streamlining the process of obtaining financing and increasing the efficiency of closing.”

Agree Realty Begins Public Share Offering

Agree Realty Corp. commenced a public offering of 1,300,000 shares of common stock. The company will also grant underwriters a 30-day option to purchase up to an additional 195,000 stock shares to cover any over-allotments.

Raymond James will serve as the book-running manager for the offering.

Agree Realty plans to use the proceeds from the offering to repay a portion of its outstanding indebtedness under its $85 million credit facility, to fund development activity and property acquisitions and for general corporate purposes.

In an unrelated transaction, Agree Realty closed on the sale of a 13,650-sq.-ft. Walgreens store in Ypsilanti, Mich. for $5.6 million. The company developed the store in 2008.

Kimco Buys 50% Interest in Santee Trolley Square

Kimco Realty Corp. acquired a 50 percent interest in Santee Trolley Square, a 311,000-sq.-ft. shopping center in Santee, Calif., from its institutional partner based on a gross purchase price of $98 million. The property is encumbered by a $48.5 million mortgage.

Santee Trolley Square was completed in 2001 and is 98 percent occupied. TJ Maxx, PetSmart, Party City, Bed Bath & Beyond, 24 Hour Fitness and Old Navy anchor the property. Target shadow-anchors the center.

NorthMarq Helps Finance $32M Loan for Grocery-Anchored Center in New York

NorthMarq arranged a $32 million loan to refinance Midway Shopping Center, a 246,981-sq.-ft. grocery-anchored center in Scarsdale, N.Y. The life company provided funding for the loan, which features a 15-year term with two five-year extension options and a 25-year amortization schedule.

Tenants at the center include Shop Rite, CVS, Jo-Ann Fabrics, The Dress Barn, Planet Fitness, Red Lobster, Capital One Bank and Starbucks.

NorthMarq’s Doug Austin negotiated this transaction.

Cronheim Arranges $13.2M Loan for Totowa Community Center

Cronheim Mortgage arranged a $13.2 million permanent loan for a 261,451-sq.-ft. community center in Totowa, N.J. American National Insurance Co. funded the loan, which features a fixed interest rate and a seven-year term.

Toy’s ‘R’ Us, Conway, Office Depot and Bob’s Stores anchor the center. In-line tenants include Applebee’s, Citibank, Linwood Pizza and Harmon Discount.

Chicago Whole Foods Store Sells for $11.58M

Marcus & Millichap Real Estate Investment Services negotiated the sale of a 41,148-sq.-ft. net-leased Whole Foods store in Chicago for $11.58 million. The price works out to approximately $281 per sq. ft.

Whole Foods signed a 15-year lease for the space in February 2007. The lease comes with five five-year options.

Sean Sharko and Austin Weisenbeck, of Marcus & Millichap, represented the seller in the transaction. Juan DeAngulo, of Transwestern Investment Management, represented the buyer.

Other Notable Deals

George Smith Partners arranged a $9.1 million bridge loan on behalf of HD Harmon Square LLC for the acquisition of The Shoppes at Harmon Square, a 36,265-sq.-ft. shopping center in Las Vegas. HD Harmon bought the property from Gaslamp Holdings for $11.5 million. The loan features a one-year term with several extension options and LTV of 77 percent. The Shoppes at Harmon Square recently underwent a renovation. Kiss Monster Mini Golf anchors the center. It is also zoned for high-rise and hotel development.

HFF arranged a $7.17 million first lien on behalf of Venture Commercial and E&B Investment Trust for the acquisition of Hulen Fashion Center, a 181,099-sq.-ft. strip center in Fort Worth, Texas. Bank of Texas N.A. provided funding for the loan, which features a floating rate and a three-year term. Hulen Fashion Center is 89 percent leased to tenants including Jo Ann Stores, Chili’s Restaurant and Men’s Wearhouse. HFF’s John Brownlee and Campbell Roche negotiated this transaction. In addition, HFF secured a $6.7 million acquisition loan on behalf of The Hampshire Cos. for Burlington Towne Center, a 91,881-sq.-ft. power center in Burlington Township, N.J. Webster Bank provided funding for the loan, which features a fixed interest rate and a seven-year term. Burlington Towne Center is fully leased, with tenants including Dick’s Sporting Goods, Office Max, TGI Friday’s, AT&T Wireless, Burger King, Sleepy’s and IHOP. HFF’s Jon Mikula and Michael Klein negotiated this transaction. In an unrelated deal, an entity affiliated with Century Retail LLC sold the leasehold to Southtrail Shopping Center, an 83,690-sq.-ft. grocery-anchored shopping center in Fort Myers, Fla., to FH Southtrail LLC for $2.7 million, free and clear of debt. The center is fully leased to tenants including dd’s Discount, Save-A-Lot, Citi Trends and Family Dollar. It underwent a renovation in 2010. Danny Finkle and Luis Castillo, of HFF, negotiated this transaction in conjunction with Commercial.

Aztec Group Inc. secured a $3.905 million acquisition loan on behalf of MG3 Casablanc 1 LLC for a single-tenant Kmart store in Lakeland, Fla. Sbadell United Bank provided funding for the loan, which features a fixed 3.6 percent rate, a seven-year term, a 15-year amortization schedule and LTV of 55 percent. Aztec Group’s Charles Penan and Howard Taft negotiated this transaction.

Quantum Real Estate Advisors Inc. negotiated the sale of a 7,964-sq.-ft. National Tire and Battery store in Montgomery, Ill. to a West Coast-based institutional investor for $3.421 million. National Tire has approximately 20 years remaining on its lease. Quantum Real Estate’s Chad Firsel represented the buyer in the transaction. Daniel Waszak represented the seller.

RJ Properties bought an 8,320-sq.-ft. freestanding building in Hernando, Fla. double-net leased to Family Dollar from FD Hernando LLC for $1.4 million. Cynthia Shelton, of Colliers International Central Florida, represented the buyer in the transaction. Jordan Kaufman, of Quantum Real Estate Advisors, represented the seller.

DRFC Southdale Square LLC, an affiliate of Frauenshuh Commercial Real Estate Group, bought Southdale Square, a 116,000-sq.-ft. retail center in Richfield, Minn., from Principal Real Estate Investors. Southdale Square was completed in 1961 and underwent a complete renovation in 2005. The center is 100 percent leased to tenants including Pier I Imports, Schmitt Music and Golfsmith, among others. Eric Bjelland and Leah Maurer, of Cushman & Wakefield/NorthMarq, represented the seller in the transaction.

CBRE Raleigh negotiated the sale of a 9,002-sq.-ft. Dollar General store in Kernersville, N.C. to a local investor group in a 1031 exchange transaction. Joe Graham, of CBRE|Raleigh, represented the seller in the transaction. Richard Montana and Hal Kern, of CBRE|Triad, represented the buyer.

Red Apple Development LLC bought a 98,634-sq.-ft. former Target store in Warren, Mich. from the retailer. Tony Schmitt, of Mid-America Real Estate-Michigan Inc., represented the seller in the transaction.

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