Benderson Development Group has acquired a Southtowns retail plaza from a New York City-based property management firm, adding a Wegmans supermarket and other restaurants and retail stores to its portfolio.
Benderson, through MPH Associates LLC and six related entities, paid $15.75 million to Brixmor Property Group to acquire the McKinley Plaza in Hamburg. Brixmore is a publicly traded real estate company, with a portfolio of grocery-anchored community and neighborhood shopping centers nationwide.
The 93,144-square-foot plaza, located at 3670 McKinley Parkway across from McKinley Mall, is anchored by Wegmans, A.C. Moore Arts & Crafts and TJ Maxx, and is 98 percent occupied. Other tenants include Outback Steakhouse, Massage Envy, Northwest Savings Bank and Popeye's Louisiana Kitchen.
"It's a very well-positioned asset, near full occupancy, with some great tenants," said Benderson Vice President Eric Recoon. "The previous owners, Brixmor, were very good stewards of the property, so our current plan merely involves some modest improvements to refresh the site and, of course, getting to know all the store owners and managers to solicit their input."