McKinley Institutional Commercial Real Estate Announces Successful Workout in Minneapolis, MNDecember 22, 2013
Ann Arbor, MI McKinley is pleased to announce that the Commercial Institutional Commercial Real Estate group has completed another successful workout of a distressed asset for our valued Institutional Client. The property, the Portec Building, located in Minneapolis, MN is a 120,000 square foot industrial building for which McKinley was appointed the receiver on March 31, 2010, and subsequently retained as property manager. During the period of McKinleys management, the asset was repositioned for sale by stabilizing the buildings rent roll as well as operations. As Property Manager, over 115,000 square feet of leases were executed with a value creation in excess of $1,500,000.
We were thrilled to once again create value on behalf of our valued institutional client, stated Matthew D. Mason, Managing Director, ICRE. "Our team deployed its expertise and the results speak for themselves, shared Mason.