McKinley Institutional Commercial Real Estate Continues Management of Baldwin Park Following Recent DispositionFebruary 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.