News


February 5, 2016

McKinley recently completed the disposition of two large assets in Illinois on behalf of its institutional clients. Town Center Promenade is a 75,000 sf shopping center in Deer Park, IL.  McKinley was appointed Receiver in March 2013 and post-foreclosure was hired to continue as the real estate advisor and property manager.  During its tenure, McKinley completed a 10-year renewal with the anchor tenant, Dicks Sporting Good.  The property management team actively engaged the tenants to eliminate all delinquency and to position the asset for sale.  Through its prudent management and assertive leasing, McKinley increased the value of the center 33% in two years which led to a successful sale.

McKinley recently disposed of Raddant Road Industrial, a 54,569 sf industrial building in Batavia, IL.  McKinley was appointed as Receiver August 2014 and continued to manage post-foreclosure.  Raddant required significant exterior upgrades to the building to the parking areas.  McKinley focused on reducing expenses and driving occupancy to 100%, which resulted in a two-fold increase in Net Operating Income in less than two years. 

“Our Institutional Commercial Real Estate team has a keen understanding of the Receivership process,” stated Matthew Mason, Managing Director and Partner.  “We focus on quickly improving NOI and maximizing occupancy to create the most value in the shorter possible time, which leads to great results for our clients,” he added.

“Matt and his team continue to defy the market, and to find creative opportunities to drive value,” said Kenneth P. Polsinelli, Chief Real Estate Officer.  “Our clients appreciate their focus on quick results and on their passion for customer service,” he also offered.

 

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Tags:   ICRE

February 2, 2016

McKinley's own CEO, Albert M. Berriz, writes an article for the Avanath newsletter about profitability in affordable housing.  Click here

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Tags:   McKinley-Avanath

February 1, 2016

McKinley is pleased to announce that it has signed TD Ameritrade to a long-term lease at McKinley Towne Centre.  TD Ameritrade will lease almost 25,000 sf at McKinley Towne Centre as they occupy the entire fifth floor joining Llamasoft, Bodman and Ann Arbor SPARK. Beginning May 1st, TD Ameritrade will also join downtown’s growing tech community in the blocks stretching from the University of Michigan’s diag down East Liberty Street to South Division. McKinley Towne Centre is a mixed use development offering 105,000 sf of class A, high-tech office space and 20,000 sf of retail space at the nexus of the University of Michigan and downtown Ann Arbor.  

“We received an unprecedented amount of interest when we announced that we had 85,000 sf of office space available,” said Kenneth P. Polsinelli, Chief Real Estate Officer.  “McKinley Towne Centre now has less than 4,200 sf of space remaining, and the speed of re-leasing the building is a testament to the significant investments that we have made and its key location at the intersection of State St. and Main St.” he added.

“When TD Ameritrade opened their office in town two years ago, they expressed a desire to be a part of the Silicon Valley of the Midwest, and being at McKinley Towne Centre helps them do just that,” stated Albert M. Berriz, CEO.  “We believe that they will make a meaningful contribution to the Liberty St tech corridor,” he further offered.  “TD Ameritrade offers cutting-edge technology and innovation for their clients, and we are excited about their long-term commitment to Ann Arbor’s downtown.”

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Tags:   MTC

February 1, 2016

MLive.com features McKinley in an article about submitted plans for its next apartment complex. Click here

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Tags:   Media

January 28, 2016

Crain's Detroit Business features McKinley in an article about the newest lease with LLamasoft at the McKinley Towne Centre. Click here

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Tags:   Media

January 26, 2016

McKinley is pleased to announce that it has signed LLamasoft to a long-term lease at McKinley Towne Centre.  LLamasoft will occupy almost 60,000 square feet at McKinley Towne Centre including the entire second and third floors joining Bodman and Ann Arbor SPARK. Beginning May 1, LLamasoft will join downtown’s growing tech community in the blocks stretching from the University of Michigan’s Diag down East Liberty Street to South Division. Together, companies such as Menlo Innovations, Barracuda Networks and PRIME Research employ hundreds in that area.  McKinley Towne Centre is a mixed use development offering 105,000 square feet of Class A, high-tech office space and 20,000 square feet of retail space at the nexus of the University of Michigan and downtown Ann Arbor. 

“We talked with several companies about the possibility of moving into McKinley Towne Centre,” stated Albert M. Berriz, CEO of McKinley.  “We spent time focusing on people that we thought would make an impact downtown, that would be committed to Ann Arbor and that would contribute to the community,” he further offered.  “LLamasoft is the global leader in software for supply chain management, and while they have been rapidly expanding globally, they are significantly expanding in Ann Arbor and their key executives are committed to Ann Arbor.”

“LLamasoft continues to grow at a rapid pace, and we also need a world-class environment to support our team members” said Donald A. Hicks, CEO and President of LLamasoft.  “McKinley Towne Centre is the highest quality office building in the downtown core, and it gives our employees the opportunity to enjoy all that Ann Arbor has to offer.  McKinley is a leading corporate citizen as well, and we are excited that our LLamasoft team will have the space they need as we continue our record-setting growth.”

 

About McKinley

mckinley.com

Founded in 1968 and headquartered in Ann Arbor, McKinley is a leading owner and operator of multifamily and commercial real estate. McKinley owns and manages more than 55 million square feet of commercial and residential real estate throughout 34 states. McKinley specializes in solving complex real estate problems for its own portfolio, as well as for a select clientele of institutional investors and partners.

 

About LLamasoft

llamasoft.com

LLamasoft supply chain optimization software enables companies across a wide range of industries to model, optimize and simulate their supply chain network, leading to major improvements in cost, service, sustainability and risk mitigation. Headquartered in Ann Arbor, Michigan, LLamasoft is a leader in supply chain excellence and innovation, advancing technology focused on continuous improvement of enterprise supply chains for the world’s largest organizations.

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Tags:   ICRE

January 26, 2016

MLive features McKinley in an article about its newest tenant at the McKinley Towne Centre.  CLICK HERE

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Tags:   Media

January 26, 2016

Orlando, Florida McKinley City Beautiful, a boutique collection of historic and unique apartment communities located in the Downtown Orlando neighborhoods, continues its strategic expansion with the acquisition of a portfolio of three new communities. Delaney Park Flats, located in historic Delaney Park, and Lake Cherokee Flats and Osceola Flats, both located in the historic Lake Cherokee neighborhood provide authentic options for downtown living. These communities are walkable and bikeable to downtown and to Orlando Regional Medical Center, and they are in close proximity to vibrant dining and local shopping in downtown Orlando.

The PrivateBank is providing the acquisition and renovation financing as they have for all McKinley City Beautiful communities acquired to date. McKinley and The PrivateBank have a long, successful relationship together and they have been a core partner in McKinley's major expansion along the Interstate-4 Corridor from Orlando to Tampa/St Petersburg. "We have a unique partnership and relationship with The PrivateBank," offered Kenneth P. Polsinelli, McKinley's Chief Real Estate Officer. "They operate at our speed, they understand our business and our needs, and they share our long term vision," added Polsinelli.

All of these communities will undergo extensive renovations, including bringing all interiors to condo grade finishes with the finest materials and products. The exterior renovations will respect the historic integrity of the structures, while adding extensive amenities including outdoor dining and cooking areas, fire pits, bike and scooter parking, hammocks and lake view seating. All communities are redeveloped with an environmental focus and are smoke free living as well.

"McKinley City Beautiful in Downtown Orlando and McKinley Hyde Park in Hyde Park (Downtown Tampa) have allowed us to custom tailor living solutions for those very discerning customers that want to live in a dynamic downtown, but prefer a more secluded, quaint and historic alternative in traditional neighborhoods, as opposed to the newer high rises located in the business center downtown. As we have done in Hyde Park, each acquisition has been carefully curated to ensure that the brand delivers and exceeds expectations," offered Albert M. Berriz, McKinley's CEO.

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Tags:   City Beautiful

January 21, 2016

McKinley is pleased to announce that Lauren Leach, Director, Commercial Portfolio Management – Institutional Commercial Real Estate has been selected to serve as the 2016 CREW Careers Event Co-Chair along with Heather Olson, Miller Canfield.  Ms. Leach currently serves on the CREW Outreach Committee and is very active in supporting professional development for women in commercial real estate.

The CREW Careers event is a hands-on classroom program designed to introduce Detroit High School girls to the many career opportunities within the commercial real estate profession.  It consists of a one-day program where approximately 60 girls from Golightly High School, Detroit International Academy for Young Women, and Detroit Cristo Rey High School join together and with the help of CREW volunteers, they share two meals, learn about networking opportunities, and work most of the day on a real estate project. The teams then present their project to a panel of industry experts for feedback and recognition is given to each team.  The students also learn from a variety of guest speakers and further learn about summer internship opportunities. Since the inaugural event in 2008, CREW Careers has inspired more than 350 girls from Detroit High Schools, as well as engaging more than 200 CREW members as presenters and volunteers.

“Prior to the event, which will be held on May 18, we spend time at each school, meet with the girls to start forming relationships, and we teach them essential life skills,” said Lauren Leach.   “I'm excited about my involvement in what will be a very rewarding experience for my fellow CREW volunteers and for these talented high school girls” offered Leach.

“Lauren is an exceptionally talented executive with extensive real estate experience,” said Albert M. Berriz, Chief Executive Officer.  “She has a strong commitment to development, and we are proud of her efforts in promoting opportunities for these young women.  McKinley’s core purpose is enriching the quality of life in our communities and a key component is our culture of service,” added Berriz. 

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Tags:   ICRE

January 15, 2016

McKinley is pleased to announce that OfficeMax has renewed and extended its lease through 2024 at JANAF Shopping Yard.  OfficeMax operates in 23,159 sf and has been a core tenant at JANAF since 1991.  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.  McKinley has owned and operated JANAF since 1991, and was instrumental in bringing OfficeMax to Norfolk.

"We are excited to have OfficeMax renew its lease and extend its term at JANAF.  It demonstrates the long-term success that they have had with us, and it also provides a great service for our customers,” said Matthew Mason, Managing Director and Partner, Institutional Commercial Real Estate.  “We have an exceptional and seasoned team at JANAF, and they do a great job caring for our tenants” added Mason.

“Matt and his team had a banner year leasing in 2015 having completed 274 leases for over 2,008,700 sf and $192,000,000 in leasehold value, and they are off to a strong start in 2016,” offered Kenneth P. Polsinelli, Chief Real Estate Officer.  “We are over 98% occupied across our entire portfolio, and we expect several more major announcements in the coming weeks,” he added.

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Tags:   ICRE

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