By Corina Stef
An entity affiliated with Brixmor Property Group Inc. has sold McKinley Plaza, a 95,544-square-foot shopping center in Buffalo, N.Y. The buyer was a private real estate investment firm and the deal was brokered by Cushman & Wakefield.
The property is located at 3760 McKinley Pkwy., in the most sought-after retail corridor of the Buffalo-Niagara Falls area, which comprises more than 2.3 million square feet of retail space. The asset is situated across from McKinley Mall and offers direct access to major roads such as Interstate 90 and Route 119. Built in 1991 and renovated in 2015, the center features 503 parking spaces. Additionally, it is 98 percent leased to 12 tenants, with anchors including T.J. Maxx and A.C. Moore Arts & Crafts.
Cushman & Wakefield’s Metropolitan Area Capital Markets Group Executive Director Brian Whitmer, Vice Chairman Andrew Merin, Director Seth Pollack and Kubby Tischler represented both parties in the transaction. They worked closely with Pyramid Brokerage Co.’s Joyce MacKnight and Ben Borruso.
“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,” Whitmer said in a prepared statement. “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 property previously changed hands in 2005 for $12.7 million, PropertyShark data shows.
Image courtesy of Cushman & Wakefield