November 7, 2014
Ashtabula, OH – McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the successful disposition of Ashtabula Towne Square located in Ashtabula, Ohio. McKinley ICRE began the assignment on this 803,765 square foot enclosed mall on October 28, 2011 and was retained as Manager. Ashtabula Towne Square is home to tenants including J.C. Penney, Jo Anne Fabrics, and Kmart. During McKinley’s time as Manager, McKinley successfully completed the renewal of major tenants including Office Max, K&H Trucking, and J.C. Penney. McKinley completed nearly 40 renewals with a lease value of $3,934,648. Additional accomplishments include substantial capital repairs to the parking lot and roof, and a tax appeal resulting in an annual tax savings of $250,000.
“I am very proud of our team and all that they accomplished managing this asset,” shared Matthew D. Mason, Managing Director, Institutional Commercial Real Estate. “In classic style, the team was able to deploy all of its expertise during lease negotiations, completing capital improvements and working through a successful tax appeal process to create value for all stakeholders,” stated Mason.