McKinley Announce Disposition of Texas Shopping CenterSeptember 14, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the disposition of 31st Street Crossing, a 27,340 square foot shopping center in Temple, Texas. During its time as Manager, McKinley completed lease renewals with 86% of the rent roll, including the anchor tenant. These renewals represented a total lease value of $1.45 million. During the execution of the plan, the property team worked closely with the tenants to better position the property for sale. By reducing expenses and renewing tenants to maintain 100% occupancy, McKinley was able to add 56% value in just one year.
"The McKinley team created an impressive amount of value in a very short amount of time. Stabilizing the rent roll enabled the property to be perfectly positioned for sale,” stated Lauren Leach, Director, Commercial Portfolio Management - Institutional Commercial Real Estate.