JC PENNEY – THREE YEAR LEASE EXTENSION AT ARROWHEAD MALLMarch 10, 2017
MUSKOGEE, OKLAHOMA - Matthew D. Mason, Senior Vice President Commercial Real Estate & Special Advisor to the CEO, announced today that The McKinley Companies successfully secured a three year lease extension with JC Penney at the Arrowhead Mall in Muskogee, Oklahoma. "The successful extension occurred in the middle of the store closure announcement and this transaction was a major victory for the mall and for our institutional client" offered Mason. Mr. Mason and his Institutional Commercial Real Estate Team, have rightfully earned a nationwide reputation for successfully resolving the most complex Retail situations, with a focus on very large distressed enclosed malls in secondary and tertiary markets. Mr. Mason and McKinley were appointed Receiver in November 2016 for this asset, and he and his team quickly moved to implement creative value add solutions. The J.C. Penney renewal was for 50,991 square feet, and through September 2020. Other anchors at the mall include Dillard’s, Office Depot, B&B Theaters, and Beall’s (www.arrowheadmallmuskogee.com).
Mr. Mason leads McKinley's Commercial Client Services and Joint Venture divisions. He has significant expertise in assisting institutional clients in the workout of distressed shopping centers, office buildings and industrial buildings throughout the United States. Mr. Mason has been appointed as a court-appointed Receiver for distressed assets in multiple jurisdictions throughout the country, leading a team of eight commercial portfolio and asset managers who employ a disciplined, value added business model to ensure successful results for their clients. Including the management of his team, his duties include relationship management, commercial portfolio management and redevelopment, lease negotiation, and acquisition and disposition of new assets. Mr. Mason is a member of McKinley's Executive Committee. He is a graduate of the University of Michigan–Dearborn where he studied Political Science and History ('96, B.A.). After graduation from U-M, Mr. Mason attended the Thomas M. Cooley Law School in Lansing, Michigan (’98, J.D.). He is a member of the Michigan State Bar, the International Council of Shopping Centers (ICSC) and earned the prestigious designation of a Certified Commercial Investment Member (CCIM). For more information about McKinley's Institutional Commercial Client Services contact Matt Mason at firstname.lastname@example.org (734)769-8520 ext 267.
Founded in 1968 and headquartered in Ann Arbor, McKinley is a leading owner and operator of multifamily and commercial real estate. McKinley owns and manages more than 55 million square feet of commercial and residential real estate throughout 34 states. McKinley specializes in solving complex real estate problems for its own portfolio, as well as for a select clientele of institutional investors and partners.