McKinley Institutional Commercial Real Estate Announces Successful Disposition of Minnesota Shopping CenterSeptember 12, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the disposition of EasTen Shopping Center Moorhead, Minnesota. McKinley was appointed Receiver for this shopping center on June 4, 2012 and was retained as Manager on March 27, 2013. This 132,962 square foot shopping center is home to tenants such as Cash Wise Foods, Cash Wise Liquors, Sherwin-Williams, and Arby’s. During its time as Manager, McKinley completed over 83,339 square feet of new leases and renewals, with a lease value of over $2.6 million. The team also made numerous improvements to the appearance of the property by updating the pylon sign, landscaping, and facade.
"I am thrilled with the results our team was able to achieve in a challenging market. We tackled new leases, renewals, and capital projects in order to maximize value," stated Lauren Leach, Director, Commercial Portfolio Management - Institutional Commercial Real Estate.
"I appreciate the opportunity to leverage our experience in grocery-anchored retail on behalf of the EasTen Shopping Center. Maintaining Cash Wise Foods as the anchor tenant is important to both the shopping center and the community," added Matt Mason Senior Vice President Commercial Real Estate & Special Advisor to the CEO.