Phillips Edison & Co. amended a $211.4 million secured credit facility held by Phillips Edison Shopping Center Fund III. The facility was originated in December 2010 and is secured by 54 properties. The amendment removed certain principal acceleration payments and reduced the interest rate.

“We appreciate the support of our lending relationships in the amendment of this facility, said Phillips Edison CEO Richard J. Smith in a statement. “Fund III reduced leverage significantly this year and we are pleased that this progress was recognized by the bank group.”

Bank of America is the administrative agent and the sole lead arranger for the credit facility. The facility matures on December 23, 2013.

Wells Fargo Finances District at Green Valley Ranch Acquisition With $50M Loan

Wells Fargo provided a $50 million loan on behalf of a joint venture of Vestar and Rockwood Capital for The District at Green Valley Ranch, a 384,107-sq.-ft. retail property outside Las Vegas. The loan features a five-year term and a 4.4 percent fixed interest rate. The joint venture paid $79 million in cash for the property in October.

“We’re very bullish about value-added investment opportunity like The District at Green Valley Ranch and are aggressively seeking more properties throughout the West,” said Vestar President Rick Kuhle in a statement. “We have the ability to act very quickly paying all-cash on properties that fit our acquisition criteria.”

Phase I of the District was developed in 2004 and encompasses 212,622 sq. ft. of space. Phase II was developed in 2006 and totals 171,485 sq. ft.

PCCP Finances a $38.7M Loan for the Purchase of Burr Ridge Village Center in Illinois

PCCP LLC provided a $38.72 million senior loan for the note purchase and completion of Burr Ridge Village Center, a mixed-use center in Burr Ridge, Ill. The center contains 196 residential condominiums, 37,000 sq. ft. of office condominiums and 195,441 sq. ft. of retail space. The retail tenants at Burr Ridge include Banana Republic, Victoria’s Secret, Kohler Spa, Bath and Body Works and Aeropostale.

Hines Sells New York City Retail Condominium for $22.5M

Hines sold an 8,636-sq.-ft. retail condominium at One Jackson Square in New York City to American Realty Capital for $22.5 million. Hines purchased the site in partnership with RFR Holdings in 2005 for $14.8 million. Jones Lang LaSalle represented Hines in the transaction.

Varner Properties Sells The Shops at Sea Island for More Than $20M

HFF negotiated the sale of The Shops at Sea Island, a 95,729-sq.-ft. grocery-anchored shopping center on St. Simons Island, Ga., for $20.4 million. The center was completed in 1995. Tenants at the center include Harris Teeter, Bank of America, Chico’s, GNC, Jos A. Bank, Talbots and The UPS Store. Jim Hamilton and Richard Reid represented the seller, Varner Properties, in the transaction.

HFF negotiated the sale of The Shops at Sea Island, a 95,729-sq.-ft. grocery-anchored shopping center on St. Simons Island, Ga., for $20.4 million. The center was completed in 1995. Tenants at the center include Harris Teeter, Bank of America, Chico’s, GNC, Jos A. Bank, Talbots and The UPS Store. Jim Hamilton and Richard Reid represented the seller, Varner Properties, in the transaction.

In a separate transaction, HFF secured a permanent loan on behalf of Mayflower Square One LLC for Square One Mall, a regional mall in Saugus, Mass. Deutsche Bank provided the financing. The loan features a 10-year term and a fixed interest rate and replaces maturing debt on the property. Tenants at Square One Mall include Macy’s, Sears, Best Buy, T.J. Maxx and Dick’s Sporting Goods, among other retailers. John Pelusi, Claudia Steeb and Lauren O’Neil, of HFF, negotiated this transaction.

Mid-America Negotiates $18.3M Sale in Kentucky

Mid-America Real Estate Corp. negotiated the sale of Buttermilk Towne Center, a 277,533-sq.-ft. shopping center in Crescent Springs, Ky., for $18.3 million. The transaction was part of a Section 363 bankruptcy sale. Home Depot, Remke Markets, Ashley Furniture HomeStore and LA Fitness anchor the property.

Ben Wineman and Rick Drogosz, of Mid-America Real Estate, represented the seller, Buttermilk Towne Center LLC, in the transaction. The buyer represented itself.

In a separate transaction, Mid-America Real Estate Corp. negotiated the net lease sale of a 15,120-sq.-ft. freestanding Walgreens in Port Huron, Mich. for $3.96 million. The building was constructed in 2000 and features a primary lease term of 20 years, with 8.5 years still remaining and no rent escalations. Bill Wright, Ben Wineman and Daniel Stern, of Mid-America., represented the seller, DDR, in the transaction.

M&J Centennial LLC Sells Georgia Center for $14.6M

M&J/Centennial LLC sold Centennial Village-Phase II in Roswell, Ga. to Rothenberg Rosenfield LTD. for $14.6 million. The center contains 117,392 sq. ft. of space and is 99 percent leased. Kohl’s and Petco anchor the property. The sale involved the assumption of an $11.2 million CMBS loan. Whitney Knoll, Fred Victor and Mark Hillis, of Newmark Knight Frank, negotiated this transaction.

Treeco Buys Best Buy-Anchored Shopping Center in Pennsylvania for $14.6M

Treeco/Willow Grove Limited Partnership acquired Willow Grove, a 71,000-sq.-ft. shopping center in Willow Grove, Pa., for $14.6 million. Provident Bank provided a $10.5 million acquisition loan for the transaction. The Real Estate Equity Company LLC served as a broker.

The center is 100 percent net leased to Best Buy Co. Pier I Imports subleases an 8,500-sq.-ft. portion of the property. Willow Grove was completed in 1996.

NorthMarq Negotiates $14M Loan for Lakeside Plaza in Nebraska

NorthMarq Capital arranged a $14 million first mortgage refinancing for Lakeside Plaza I, a 171,124-sq.-ft. grocery-anchored shopping center in Omaha, Neb. The loan features a 10-year term and a 30-year amortization schedule. Citigroup Global Markets Realty Corp. – CMBS Platform provided the loan. Jason Kinnison, of NorthMarq, negotiated this transaction.

Kalikow Group, Argus Properties Buys North Carolina Assets for More Than $13M

The Kalikow Group, through a joint venture entity KEP Rams Plaza LLC, acquired Rams Plaza, a 113,000-sq.-ft. grocery-anchored shopping center in Chapel Hills, N.C. for $13.25 million. Food Lion and CVS Pharmacy anchor the property. The center is currently 95 percent leased. KEP Rams Plaza LLC plans to renovate the 30-year-old center, including a new façade and overall site improvements. Argus Properties, a joint venture partner in the acquisition, will be responsible for the approval process, renovations and management of the property.

Hanley Sells Oklahoma City Center for $11.58M

Hanley Investment Group Real Estate Advisors negotiated the sale of Southern Hills Shopping Center, a 202,247-sq.-ft. community shopping center in Oklahoma City, Okla. for $11.58 million. Southern Hills Shopping Center was completed in 1962. Tenants at the center include Aaron’s, Dollar Tree, Golf USA, Hancock Fabrics, Starbucks and Wendy’s, among others. At the time of sale, the property was 95 percent occupied. Hanley Investment Group represented both parties in the transaction.

Other Notable News

Halpern Enterprises Inc. acquired The Shoppes at The Royale, a 46,020-sq.-ft. shopping center in St. Petersburg, Fla., from Tyrone Crossings Investors LLC for $7.55 million. A separately owned 45,000-sq.-ft. Publix shadow anchors the property. Other tenants include Jimmy John’s, Chipotle, Pei Wei and 5 Guys Burgers & Fries, among others. Michael Milano and Cynthia Shelton, of Colliers International Tampa Bay, represented the seller in the transaction. Halpern represent itself. Colliers also manages and leases the property.

Urstadt Biddle Properties Inc. purchased Eastchester Plaza Shopping Center, a 23,300-sq.-ft. shopping center in Eastchester, N.Y. As part of the transaction, Urstadt Biddle assumed a $3.6 million first mortgage on the property that bears an interest rate of 7.64 percent and matures in April 2012. Eastchester Plaza was completed in 1963 and renovated in 2006. A CVS anchors the center.

Hollywood Plaza Holdings LLC sold a 7,527-sq.-ft. former Bola Restaurant in Orlando, Fla. to TC Holdings-International Drive LLC for $2.7 million. Kevin O’Connor and Matt Cichocki, of NAI Realvest, represented the seller in the transaction. Jon Rose, of Charles Wayne Properties, represented the buyer. The new owners plan to expand the building to 8,500 sq. ft. and bring in a Kobe Japanese Steakhouse restaurant into the space.

Lee & Associates negotiated the sale of 933 3rd Avenue North, a 12,516-sq.-ft. retail plaza in Naples, Fla. for approximately $1.88 million. Chuck Smith, of Lee & Associates Naples-Ft. Myers division, represented the seller in the transaction.

Agree Realty Corp. sold a 24,641-sq.-ft. single-tenant property in Norman, Okla. for $1.6 million. The building was formerly leased to Borders.

American Realty Capital III Inc. acquired a fee-simple interest in a freestanding Dollar General store in Birmingham, Ala. for approximately $1.3 million, exclusive of closing costs. Dollar General signed a 15-year lease for the property, which is scheduled to expire in November 2026.

The Boulder Group negotiated the sale of a 9,014-sq.-ft. triple net leased Dollar General in South Bend, Ind. to a high net worth individual for $1.16 million. The building was completed in 2011 and is leased to Dollar General for a 15-year term. Randy Blankstein and Jimmy Goodman, of The Boulder Group, represented the buyer in the transaction.

WP Realty sold Berkshire Square, a 323,044-sq.-ft. shopping center in Wyomissing, Pa. Wal-Mart, Redner’s Markets and Staples anchor the property. WP Realty purchased a 112,119-sq.-ft. portion of the center in August 2005.

Edens purchased Jenkins Row, a 50,560-sq.-ft. grocery-anchored retail center in Washington, D.C. Harris Teeter anchor the property, which is part of a larger mixed-use development.

Upland Real Estate Group Inc. negotiated the sale of an OfficeMax building in Blaine, Minn. Keith A. Sturm and Amanda C. Leathers, of Upland Real Estate, represented the seller in the transaction.