The developer of Bel Air Town Center, a new shopping center in Bel Air, has filed for bankruptcy protection.
Columbia-based McGill Development Co., a large commercial real estate developer in the Baltimore area, filed for Chapter 11 under the U.S. Bankruptcy Code on July 22. McGill filed for reorganization along with two of its subsidiaries.
In the filing, McGill Development Co., a general partner in various limited partnerships that own and operate shopping centers, listeddebts of $52.8 million. Assets were unknown.
McGill Development'slargest creditors were listed as Florida-based CrossLand Savings Bank and Towson-based Hicks & Rotner Associates Inc.
McGill Development Limited Partnership No. 3, which owns and operates Bel Air Town Center, listed assets of $13.7 million and debts of $11 million.
McGill Development Limited Partnership No. 4, which owns and operates Roberts Field Shopping Center in Hampstead, listed assets of $9.5 million and debts of $8.7 million.
The developer's bankruptcy lawyer, Mitchell Stevan of Weinstock, Stevan & Harris in Baltimore said that McGill has recently done a good job in getting tenants for the shopping centers.
He said that Bel Air Town Center at U.S. 1 and Route 24is 92 percent leased.
Tenants include Blockbuster Video, Dunkin' Donuts and Chili's Restaurant.
"McGill had a slow start-up as far as getting tenants," Mr. Stevan said. "As a result, the interest charges to creditors accrued before they had the money to deal with them."