McKinley Announces Disposition of Tops Plaza ErieNovember 17, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the successful disposition of Tops Plaza Erie, a 106,331 square foot shopping center in Erie, Pennsylvania. McKinley was engaged as Manager for this property on December 21, 2012. During its time as manager, McKinley corrected several deferred maintenance issues, including painting both buildings and repaving the parking lot. McKinley also impressively executed 10 new leases and renewals, including the anchor tenant, to bring the occupancy to 100%. The total square footage of executed deals represented over $10.6 million in lease value.
"I am very proud of our team's leasing success in bringing the property to full occupancy and positioning it for long term success. This is another example of McKinley's expertise in creating value for suburban, grocery-anchored retail centers,” stated Matt Mason, Senior Vice President - Commercial Real Estate & Special Advisor to the CEO.
“In addition to the physical improvements made to this asset, I am proudest of our team's ability to increase occupancy to 100%. The value created is extraordinary. Our team's execution allowed us to position the asset to achieve our client’s goals and thereby generate a successful exit,” stated Lauren Leach, Director of Commercial Portfolio Management.