McKinley Companies Announces a Triple Net Lease Acquisition in MichiganDecember 26, 2017
GRAND RAPIDS, MI. - The McKinley Companies announced today the acquisition of a Triple Net Lease Asset located in Grand Rapids, Michigan. The property is occupied on a long-term lease by a Wal-Mart Supercenter, located on 28th Street SE, just off US-96 and in close proximity to the Gerald R. Ford International Airport. The acquisition is part of McKinley’s strategic direction to exit the office and retail asset classes and become primarily a Multifamily enterprise.
“As we exit our retail and office holdings, we are moving capital to Multifamily primarily, and also into high quality investment grade triple net leases. We plan to eventually rotate all of our capital into Multifamily over time as opportunities arise, and markets shift to being more of a buyer’s market,” offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley. “In the interim, our Triple Net Investments will only be of the highest credit quality and in conjunction with being extraordinarily well located real estate. The Grand Rapids location was a natural choice for us of course, it’s a market and a location we know very well and we are very pleased to have it in the portfolio,” added Berriz.
McKinley was supported by Comerica Bank in this acquisition, one of its longest commercial banking relationships it has had over the years. “Comerica is family for us, they are always there for us, and they did a terrific job on the execution of this transaction as they do in everything they do for us,” further added Berriz.