Plymouth Meeting, Pa.-based Metro Commercial Real Estate Inc. has been awarded management and leasing responsibilities by The L&B Group,, for Gallery II in Philadelphia. The 370,000 sq. ft. shopping center is anchored by JCPenney.
Pittsburgh, Pa.-based PNC Bank and-based American National Bank and Trust Co. of Chicago have provided $35 million in secured revolving credit to Northbrook, Ill.-based Grubb & Ellis Co. The credit, available through March 2001, expands the firm's existing $15 million secured line of credit.
New York-based Lehman Brothers has provided $5.9 million in floating rate financing to Dallas-based TCP West Hill Partners L.P. for Westhill Mall in Huntsville, Texas. The 195,215 sq. ft. shopping center is anchored by Sears, JCPenney and Beall's. The transaction was arranged by Dallas-based Holliday Fenoglio Fowler L.P. and Houston-based River Oaks Finance Group Inc.
Chicago-based Heller Financial has provided $9.3 million in permanent, fixed-rate financing to Lubbock, Texas-based GRACO Real Estate Development for Eagleridge Shopping Center in Pueblo, Colo. The 113,595 sq. ft. power center features Barnes & Noble, Circuit City, Ross Dress For Less, PetsMart and OfficeMax. The transaction was brokered by Houston-based L.J. Melody & Co.
New York-based Nomura Capital has provided $10.5 million in refinancing to Lutherville, Md.-based Maryland Financial Investors Inc. for Middlesex Shopping Center in Essex, Md. The 10-year loan amortizes over 30 years with a yield of 7.68 percent. The 210,432 sq. ft. shopping center is anchored by Food-a-Rama and Rite Aid. Nomura also provided a $13 million refinance loan to San Francisco-based 1040 Grant Road Associates II for 1040 Grant Road Shopping Center in Mountain View, Calif. The 10-year loan amortizes over 30 years with a yield of 7.74 percent.
The Lutz Cos., Southfield, Mich., has been named exclusive marketing agent by Birmingham, Mich.-based Harbor Investments L.L.C. for the disposition of three retail buildings in the Detroit metropolitan area. The sites, previously occupied by Jumbo Sports, range in size from 55,000 sq. ft. to 62,000 sq. ft.