February 19, 2014
ORLANDO, FL - McKinley Institutional Commercial Real Estate (ICRE) was appointed receiver of Baldwin Park, a 182,464 square feet retail and office asset located near Winter Park, FL in March of 2012. During McKinley’s tenure as Receiver, the property was successfully repositioned and subsequently sold. At the time of disposition, McKinley ICRE was retained by the new owner as Property Manager.
Baldwin Park is a unique mixed use development. Under McKinley ICRE management, the team was able to collect significant delinquencies in rent, cure major deferred maintenance and ensure that the buildings operate effectively following a construction defect lawsuit. In addition, the condominium association was activated, new leases were negotiated and executed, expenses were reduced and the overall appearance and functionality of the property was improved.
“This was a particularly complex workout, stated Clay Thomas, Vice President of McKinley’s Institutional Commercial Real Estate group. Our team, through its experience and expertise was able to successfully reposition the asset for sale. In addition, we are very pleased to continue managing the asset on behalf of the new owner,” shared Thomas.
February 19, 2014
Please enjoy this breaking news link from Mlive.com about a new restaurant opening in the McKinley Towne Centre. READ MORE
February 14, 2014
Chesterfield Township, MI – McKinley Institutional Commercial Real Estate (ICRE) has been retained to manage the Gratiot Crossing retail center in Chesterfield Township, Michigan on behalf of its valued client. The 165,544 square foot property which was built in 1980 and renovated in 2005 is anchored by Petco and Jo-Anne Fabrics. Gratiot Crossing is located at the southeast corner of the heavily traveled Gratiot Avenue and 23 Mile Road in Chesterfield Township, Michigan and has convenient access to I-94 as well as the 23 Mile corridor.
“We are pleased to commence management of this asset on behalf of our long time client,” stated Matthew D. Mason, Managing Director, McKinley Institutional Commercial Real Estate. “We look forward to positively impacting the operational results of this retail center with our experienced and dedicated team,” shared Mason.
February 13, 2014
Please enjoy this breaking news link from REJournals.com about McKinley taking over management of Ford Lake Landing. READ MORE
February 11, 2014
ANN ARBOR, MI – McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the successful disposition of Northeast Corporate Center located in Ann Arbor, MI on behalf of our valued client. McKinley ICRE began the assignment on this 223,996 square foot asset in 2009 and during its time managing the property executed 236,137 square feet of new leases and renewals in excess of $14 Million. A successful tax appeal was also completed with additional savings of more than $850,000. Extensive capital improvements were undertaken in excess of $2 Million allowing the McKinley Institutional Commercial Real Estate team to utilize its expertise and experience to transform the property and create value for all stakeholders.
“I am very proud of our team and all that they accomplished managing this asset,” shared Matthew D. Mason, Managing Director, Institutional Commercial Real Estate. “In classic style, the team was able to deploy all of its expertise during lease negotiations, completing capital improvements and working through a successful tax appeal process to create value for all stakeholders,” stated Mason.
February 7, 2014
ANN ARBOR, MI – McKinley Institutional Residential Real Estate is pleased to announce the management of Ford Lake Landing, a 184 unit apartment community overlooking Ford Lake in Ypsilanti Township on behalf of its client Avanath Capital Management. Ford Lake Landing is now part of the Schooner Cove community, which has been owned and managed by McKinley since 1974. Ford Lake Landing was originally a final phase of development for Schooner Cove, and the community is now fully integrated as one. This acquisition extends McKinley’s dominant presence to twenty-two communities in the region.
Ford Lake Landing is comprised of one, two and three bedroom apartment homes, and is ideally situated in close proximity to Ann Arbor and downtown Ypsilanti as well as Metropolitan Detroit, all major freeways, the airport, hospitals and universities. Residents can now enjoy the extensive amenities available at Schooner Cove including lake access and boat slips in addition to the fitness center and beautiful pool. They also have convenient access to major employers and nearby shopping and dining destinations.
“We are thrilled to add Ford Lake Landing to the Schooner Cove community on behalf of our esteemed client. This addition builds on our 46 year track record in Washtenaw County and expands our ability to meet the needs of workforce housing in the region” stated Kenneth P. Polsinelli, Chief Real Estate Officer at McKinley. “Our local management team is excited to serve the needs of these new residents, and to provide them with our world class service” shared Polsinelli.
February 5, 2014
Please enjoy this breaking news link from REJblog about McKinley's plans this year to renovate the apartment communities it owns across the United States. READ MORE
February 3, 2014
ANN ARBOR, MI – McKinley announced today that it is undertaking a multimillion dollar renovation of Aspen Chase apartments located in Ypsilanti Township, Michigan. The renovation will encompass a comprehensive interior and exterior renovation of the 780 unit community. The effort is in conjunction with a major refinancing of the asset now underway with HUD and expected to close in Q1 2014.
The renovation work is being financed by The Private Bank of Chicago, and is part of a larger strategic effort now underway by McKinley to make major investments in its extensive Ann Arbor portfolio. The company plans similar announcements for its Owned portfolio assets in 2014, expecting to invest in excess of $20 million throughout its Owned residential portfolio.
"These are generational assets and we are making the necessary investments to position these assets for the long term. We have also seen our strongest rent increases nationwide in Ann Arbor. It's an extraordinary market, and our dominance in this market in conjunction with what we see with major gains in employment and growth, allows us to make these investments with conviction," stated Kenneth Polsinelli, McKinley's Chief Real Estate Officer. “Ann Arbor is our hometown and as a local owner and operator, we are proud to make these significant investments in our communities,” added Polsinelli.
Aspen Chase was acquired by McKinley in 2006, and is the largest community of the 21 apartment communities it owns in metropolitan Ann Arbor. McKinley owns 5,903 apartment homes in the region and manages in excess of 10,000 units throughout Michigan.