McKinley Announces Disposition of New York Retail PlazaDecember 7, 2015
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the successful disposition of Tops Plaza in Depew, New York. McKinley was selected as property manager on December 21, 2012 for this 148,245 square foot grocery anchored retail center. During its tenure, McKinley remediated all deferred maintenance issues, successfully managed and supervised the installation of a large backflow preventer system, and executed six leases which were essential to stabilize the rent roll. Most notably, McKinley renewed the largest tenant, Tops Market, with a long term lease which maximized the current value and which positioned the property for sale.
"McKinley is proud to have had the opportunity to leverage its property management and leasing expertise to stabilize another asset in New York and to create substantial value on behalf of our client,” stated Matthew D. Mason, Managing Director & Partner. “Our view as an owner and operator of commercial real estate enables us to focus on creating value quickly” added Mason.
"Matt and his executive team have an extraordinary track record of managing complex real estate, and of extracting maximum value in the shortest possible time,” said Albert M. Berriz, Chief Executive Officer. “This is another successful result for an important institutional client and further demonstrates McKinley’s expertise in a challenging environment for retail,“ Berriz further added.