Cushman & Wakefield Brokers Sale of McKinley Plaza in Buffalo, NY
Aggressive Bidding Reflects Demand for High Quality Retail Centers.
- Buffalo-Niagara Falls, NY (1888PressRelease) August 26, 2017 - A real estate investment trust sold the McKinley Plaza shopping center to a private real estate investment firm in a sale that drew multiple bidders from across the country, Brian J. Whitmer, CCIM, executive director of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, announced today. Based in East Rutherford, NJ. Cushman & Wakefield’s Metropolitan Area Capital Markets Group was exclusive agent for the property and procured the buyer as well as the seller.
“The climate for retail investing is finding its footing, and this sale provided clarity that there remains aggressive bidding for high quality, well-leased and-located shopping centers,” said Whitmer, who as part of the Cushman & Wakefield team including Andrew Merin, Seth Pollack, and Kubby Tischler, worked in conjunction with Joyce MacKnight and Ben Borruso of Pyramid Brokerage Company. The price was not disclosed. “It was encouraging to see such a high level of investor interest, which was the result of confidence in the long term leasing viability of the asset as well as the positive trends in the Buffalo South submarket.”
The 95,544-square-foot retail center at 3670 McKinley Parkway is 98 percent leased to 12 tenants with T.J. Maxx and A.C. Moore Arts & Crafts as anchor tenants at 32,000 and 22,000 square feet, respectively. National chains account for 88 percent of the space in McKinley Plaza. Built in 1991, the center underwent extensive renovations in 2015 and has 503 parking spaces.
“McKinley Plaza is located at 3670 McKinley Parkway near Exit 56 of I-90 in the Hamburg section of the Buffalo South submarket, which is the best performing submarket in the entire Buffalo-Niagara Falls trade area with an overall vacancy rate of just 4.3 percent,” Pollack said. “The immediate area has become the city’s primary downtown shopping hub with more than 2.3 million square feet of retail. It is directly across the street from the 847,000-square-foot McKinley Mall.”
Based in East Rutherford, N.J., the Metropolitan Area Capital Markets Group specializes exclusively in investment sales of retail, office, industrial, multifamily and land properties throughout New Jersey, New York, and Fairfield County, Connecticut. The team has completed more than $26 billion worth of transactions since 2000, closing over $3.2 billion in sales in 2016.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushmanwakefield.com or follow ( @ ) CushWake on Twitter.
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