December 17, 2015
McKinley is pleased to announce the opening of the BJ's Wholesale Club gas service at JANAF Shopping Yard located in Norfolk, Virginia. This expansion will greatly enhance the already dominant position BJ's Wholesale Club enjoys in the Tidewater market, and provide an additional amenity for its customers. An adjacent parcel on Virginia Beach Boulevard was added to the main BJ's Wholesale Club facility, and a new market window orientation to JANAF was created. The grand opening celebration was recently held on December 10, 2015 as the gas service component opened for business for the very first time.
This expansion coincides with the long-term lease renewal of BJ's Wholesale Club, which is a core anchor for JANAF Shopping Yard. JANAF Shopping Yard is a one million square foot regional shopping destination located at the intersection of Military Highway and Virginia Beach Boulevard in the very heart of the Tidewater MSA. Super Wal-Mart is a parking plate partner and shadow anchor, and JANAF Shopping Yard is the home to over 150 stores, restaurants and services.
“We are pleased that we were able to assist a valuable long-term tenant by expanding its business,” stated Matthew D. Mason, Managing Director & Partner. “We were also able to create an improved market window on Virginia Beach Blvd. which improves the experience for our customers and also helps the other retailers,” he further added.
“This was a very complex transaction that required the cooperation and hard work of numerous stakeholders,” offered Ken Polsinelli, McKinley's Chief Real Estate Officer. “Our team did an exceptional job, and we are pleased that we will be closing on a long-term CMBS loan with KeyBank in January.”
December 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.