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| Claudia Steeb |
PITTSBURGH, PA, Oct. 14, 2020 – JLL Capital Markets announced today that it has arranged acquisition financing for Greater Lewistown Plaza, a 185,282-square-foot, grocery-anchored shopping center in the central Pennsylvania community of Burnham.
JLL worked on behalf of the borrower, Logan GL Holdings LLC, to place the fixed-rate loan with AmeriServ Financial.
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| Michael Klein |
The 185,000-square-foot property is
also home to a diverse tenant mix that features national and local retailers
including, CVS, Dunham Sports, Goodwill, Geisenger Care Works and
Rent-a-Center.
The borrower plans on implementing a capital improvement program that will include systems and exterior upgrades.
Situated on 22 acres at 224 N. Logan Boulevard, the property is in
Burnham, which is in Mifflin County approximately 60 miles from Harrisburg.
Greater Lewistown Plaza has easy access to US Route 522, which connects the
county to the rest of the state.
The JLL Capital Markets Debt Placement team representing the
borrower was led by Senior Managing Director Michael Klein and Managing
Director Claudia Steeb.
“We are pleased to have once again secured acquisition financing
on behalf of Logan GL Holdings LLC,” Klein said. “Despite
difficult market conditions, financing is still available for well-located,
grocery-anchored shopping centers.”
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| Gershon Alexander |
“This purchase is in line with our strategy of buying grocery-anchored best-in-class shopping centers in the North East,” added Gershon Alexander, a principle of Logan GL Holdings LLC.
“AmeriServ, based in Johnstown, Pennsylvania, was familiar with the property, and worked through all of the issues that arose throughout the financing process, providing great service to meet a tight acquisition closing deadline during challenging times for retail financing,” Steeb said.
CONTACT:
Kimberly Steele
Senior
Associate
Public Relations
JLL
Capital Markets
9
Greenway Plaza, Suite 700
Houston,
TX 77046
T
+1 713 852 3420
M
+1 832 244 9994
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