McKinley Institutional Commercial Real Estate Announces Takeover of Eleventh Enclosed Mall NationwideJuly 10, 2014
Ann Arbor, MI - McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce it has been appointed Receiver for the Chapel Hill Mall which is located in Akron, Ohio. In addition to four successful enclosed mall dispositions, McKinley's ICRE group currently has seven enclosed malls under management in its national portfolio. Chapel Hill Mall is an 843,936 square foot asset and is home to 98 tenants including anchor retailers Macy's, Sears, and JC Penney. This latest takeover brings the total square footage of assets under management to over 2,500,000 in the state of Ohio.
"Matt and his team have become the foremost workout operators in the country today of major enclosed malls," states Albert M. Berriz, McKinley's Chief Executive Officer. "This is a unique specialization, and this dedicated group of professionals is creating real and significant value for our clients in very challenging and complex situations."
Akron is the fifth largest city in the state of Ohio and is the county seat of Summit County. The city has a population of 199,110. McKinley has been an owner and operator of commercial real estate in Ohio since 1989 and is the owner of the FirstEnergy Building and Akron Center Plaza which are located in downtown Akron.
Founded in 1968 and headquartered in Ann Arbor, McKinley is a leading owner and manager of office buildings, retail centers and industrial/flex space with more than 21 million square feet of commercial space under management. Operating in 34 states, McKinley specializes in solving complex real estate problems for its own portfolio, as well as a select clientele of institutional investors, private equity clients and special servicers. McKinley offers multiple services across their platform including construction management, property management, asset management, leasing and acquisitions/disposition services, as well as receiverships and workouts. McKinley is a member of the International Council of Shopping Centers (ICSC) as well as the Building Owners and Managers Association (BOMA).