Central Pennsylvania retail acquisition financed
JLL Capital Markets arranged the loan for the grocery-anchored center in Burnham
PITTSBURGH, October 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.
Greater Lewistown Plaza is neighborhood shopping center anchored by Weis Markets, one of the oldest and most profitable supermarket companies in the eastern United States, which has been at the center since 1996. 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.”
“This purchase is in line with our strategy of buying best-in-class, grocery-anchored shopping centers in the Northeast,” 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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.