August 10, 2015
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the completion of the TOPS Markets portfolio renewal in Western New York. The 11-15 year lease extensions for the five property, 335,915 square foot portfolio of grocery stores represent the largest lease deal in the history of ICRE by a large margin. In addition to the enormous leasehold value the deal represents, it also created value well in excess for its Client.
“The completion of these long-term lease extensions confirms the strength of the markets and TOPS’ commitment to those areas. Furthermore, these lease extensions will stabilize the properties and the surrounding communities for years to come,” stated Chris Allen, Director, Institutional Commercial Real Estate.
"We are excited to finalize this very important lease extension and, once again, create significant value on behalf of our client,” added Matthew D. Mason, SVP & Managing Director, Institutional Commercial Real Estate.