August 25, 2016
McKinley is pleased to announce that it has signed the University of Michigan's Stamps School of Art & Design to a long-term lease at McKinley Towne Centre. Stamps (http://stamps.umich.edu) will occupy nearly 8,000 square feet of prime street level space at McKinley Towne Centre joining Bar Louie, Tios and AT&T, walking distance to all the best restaurants in the downtown, and adjacent to the Michigan Theatre. Construction will begin immediately to create a world-class art gallery and exhibit space. Stamps will join downtown’s diverse and growing community in the blocks stretching from the University of Michigan’s Diag down East Liberty Street to South Division, known as the Ann Arbor Tech Corridor. McKinley Towne Centre is a mixed use development offering 105,000 square feet of class A, high-tech office space and 20,000 square feet of flagship retail space at the nexus of the University of Michigan and downtown Ann Arbor.
"We are honored to have the Stamps School of Art & Design open their downtown art gallery at McKinley Towne Centre. When we first conceived this mix use development over a decade ago, we spoke about making McKinley Towne Centre the connection of ‘Town and Gown’. This transformational project in a walkable, vibrant and urban setting, makes our vision that much more of a reality. We applaud UM for their vision and leadership in making this project a reality, and improving the quality of life in Downtown Ann Arbor. Thanks also to our Owned Commercial Team for serious effort to make this redevelopment happen as well," Albert M. Berriz, CEO, Co-Owner & Managing Member, McKinley.
For more information regarding McKinley Towne Centre please contact:
AVP, Director of Commercial Owned Real Estate
July 18, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the disposition of the Chapel Hill Mall in Akron, Ohio. McKinley was appointed Receiver for this enclosed regional mall on July 7, 2014, and was subsequently retained as property manager on September 24, 2014. The 661,818 square foot Chapel Hill Mall is home to tenants such as JC Penney, Sears and Party City. During its management McKinley completed over 100 leases with a value of nearly $5,500,000. McKinley dramatically improved curb appeal by replacing the sidewalks and building signage, painting the exterior, upgrading to LED lighting, updating landscaping, installing a new play area and updating the water fountain. It also implemented monthly promotional events and brought Archie the Snowman, a community staple, back to its long-time home.
"McKinley executed its value-creation strategy for this mall beautifully. The team maximized value by not only attracting and renewing key tenants but also by implementing capital projects to enhance curb-appeal. Performing on both the asset management and operations level allowed us to position this asset very well for disposition,” shared Lauren Leach, Director, Commercial Portfolio Management – Institutional Commercial Real Estate
"McKinley is very proud to have led the stabilization of the Chapel Hill Mall and looks forward to its continued success. Having owned and managed a significant amount of real estate in Akron since 1989, including the FirstEnergy corporate headquarters and the Akron Centre Plaza downtown, McKinley is fully committed to the long-term success of the region. We are happy to have had the opportunity to lend our expertise in such a positive manner," added Matthew Mason, Senior Vice President - Commercial Real Estate & Special Advisor to the CEO.
McKinley has also been retained as the property manager for Avenues North shopping center, a 99,000 SF retail center located in Jacksonville, FL, and Butler Industrial building, a 225,000 SF industrial building in Butler, IN.
June 23, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the takeover of The Riley Retail Center in Holland, Michigan. McKinley has been appointed Manager of this 108,001 square foot property, which is home to such tenants as Dick’s Sporting Goods, Home Goods, Five Below, Maurices, and Rue 21. This asset is located along the main north/south expressway of US 31 near Westshore Mall, Target, Michaels, Best Buy, WalMart, Sam’s Club, and Meijer. The Riley Center is 92% occupied and was built in 2014.
"With the addition of the Riley Center, McKinley manages over 1,600,000 square feet throughout the state of Michigan. McKinley’s commercial team is perfectly positioned to handle this important asset in Holland," shared Lauren Leach, Director, Commercial Portfolio Management – Institutional Commercial Real Estate
"Given McKinley's successful history of managing complex assets in West Michigan, we are excited to lend our expertise to the Riley Retail Center," added Matt Mason, Senior Vice President - Commercial Real Estate & Special Advisor to the CEO.
June 20, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce a comprehensive interior and exterior renovation of Algonquin Commons located in Algonquin, Illinois. McKinley was appointed manager of this 580,000 sf retail center in March, 2013. The property is currently preparing the space for the new Nordstrom Rack tenancy coming in fall 2016, as well as welcoming Art Van Furniture to the center this summer, increasing the overall occupancy to 86%. Finally, a $14MM concrete and asphalt replacement project will be completed this summer. The first phase of which was completed in 2015.
“Over the past three years, McKinley cured many deferred maintenance items at Algonquin Commons. Currently, the property is in phase two of a multi-year project to replace and repair concrete walks and parking areas that will bring a fresh new look to the visitor-friendly shopping destination,” stated Jessica Furlong, Director of Operations, Institutional Commercial Real Estate.
"I'm thrilled with the impressive leasing activity our team has cultivated at Algonquin Commons. The two new leases, Nordstrom Rack and Art Van, generated $8 million in lease value," added Lauren Leach, Director, Commercial Portfolio Management – Institutional Commercial Real Estate
"We are excited to welcome Nordstrom Rack and Art Van to an already strong roster of retail, restaurant and service tenants. These new additions, along with others soon to be announced, solidify Algonquin Commons as the premier lifestyle destination in the area," shared Matt Mason, Senior Vice President - Commercial Real Estate & Special Advisor to the CEO
May 24, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the takeover of the 100% leased Troy Retail Center in Troy, Michigan. McKinley has been appointed as Manager of this 11,476 square foot new construction property, which is home to tenants such as Tom + Chee, Qdoba, and Capriotti’s. This asset is located in Troy’s retail hub on Big Beaver Road and is a neighbor to the upscale, super-regional, Sommerset Collection Mall.
“We are excited to execute the takeover of this well-positioned and important asset in Troy, Michigan. Our experienced team was able to quickly respond and seamlessly transition this property onto our platform, and we look forward to creating significant value for our owners, the community and all stakeholders involved," stated Lauren Leach, Director of Commercial Portfolio Management.
"Lauren and her team are extraordinary in all aspects for complex property transitions and takeovers. They work hard, they know the business, and they quickly generate value in all things that they do," added Matt Mason, Senior Vice President - Commercial Real Estate & Special Advisor to the CEO.
March 3, 2016
McKinley’s Institutional Commercial Real Estate division is pleased to announce that the Fifth Judicial Circuit Court for Lake County, Florida has appointed Matthew D. Mason of McKinley as Receiver for Shoppes of Lake Village. This 135,437 square foot grocery-anchored shopping center is located in Leesburg, Florida. Shoppes at Lake Village is 70% occupied and is home to tenants such as Publix, Bon Worth, and Mattress Firm. This property brings McKinley's total commercial managed square footage in Florida to 2,210,308.
McKinley has owned and operated in Florida since 1982, and is highly recognized for its expertise with distressed retail assets. This appointment is McKinley’s 15th current workout assignment in the state of Florida and represents the 30th assignment in the last several years.
"This takeover further cements McKinley's dominant footprint in the state of Florida,” offered Lauren Leach, Director, Commercial Portfolio Management – Institutional Commercial Real Estate. “McKinley takes its fiduciary as a Receiver and Property Manager very seriously, and we are excited to preserve and add value to this most important asset," she further added.
February 26, 2016
McKinley most recently announced two major lease transactions at McKinley Towne Centre which backfill the entire space currently occupied by Google. The leases were completed many months ahead of schedule and well in advance of Google’s move out on April 30th. As quickly as McKinley leased up 85,000 sf of premier office space in Downtown Ann Arbor, it has now closed a very favorable long term refinancing of the property. The long term refinancing, provided by The PrivateBank on very favorable terms, will allow continued investment in the building.
"This was always our plan," offered Kenneth P. Polsinelli, McKinley's Chief Real Estate Officer. "We have worked very hard to attract world class companies like TD Ameritrade and LLamasoft, and these lease transactions now allow us to position this core property for the long term with an extraordinary refinancing provided by our very good friends at The PrivateBank. This financing represents the 25th loan, and over $300 million in total financing, with The PrivateBank over the last several years.”
McKinley Towne Centre is a mixed use development offering 105,000 square feet of Class A, high-tech office space and 20,000 square feet of retail space at the nexus of the University of Michigan and downtown Ann Arbor. LLamasoft will occupy almost 60,000 square feet at McKinley Towne Centre including the entire second and third floors, and TD Ameritrade will occupy almost 25,000 square feet which is the entire fifth floor. Beginning May 1, LLamasoft and TD Ameritrade will join downtown’s growing tech community in the blocks stretching from the University of Michigan’s Diag down East Liberty Street to South Division. Together, companies such as Menlo Innovations, Barracuda Networks and PRIME Research employ hundreds in that area.
"McKinley is one of the premier real estate companies throughout the Midwestern and Southeastern United States and we are very fortunate to have enjoyed such a long-term, successful relationship," offered Steve Anderson, Managing Director, Commercial Real Estate, The PrivateBank. "We are excited to further deepen the relationship with the financing of this trophy asset in Downtown Ann Arbor," Anderson further added.
"This is a very unique asset and we were able to move very quickly once we finalized the leasing effort," said Jim Willett, McKinley's Corporate Treasurer and Vice President of Finance. "We have secured exactly what we needed via this very favorable bank financing and have positioned this asset for the long term," Willett added.
February 17, 2016
McKinley is pleased to announce that it has been appointed Receiver by the Dickinson County Circuit Court for Iron Mountain Plaza, a 171,462 square foot retail shopping center in Iron Mountain, Michigan. This regional power center is home to tenants including Dunham’s, Goodwill, and Tractor Supply Co. This represents the 44th workout in the State of Michigan for the Institutional Commercial Real Estate team.
“Our Institutional Commercial Real Estate team has a proven track record and a keen understanding of our fiduciary to the Court” stated Matthew Mason, Managing Director and Partner. “We are able to quickly stabilize an asset, manage operations and protect the property on behalf of all parties” he added.
February 5, 2016
McKinley recently completed the disposition of two large assets in Illinois on behalf of its institutional clients. Town Center Promenade is a 75,000 sf shopping center in Deer Park, IL. McKinley was appointed Receiver in March 2013 and post-foreclosure was hired to continue as the real estate advisor and property manager. During its tenure, McKinley completed a 10-year renewal with the anchor tenant, Dicks Sporting Good. The property management team actively engaged the tenants to eliminate all delinquency and to position the asset for sale. Through its prudent management and assertive leasing, McKinley increased the value of the center 33% in two years which led to a successful sale.
McKinley recently disposed of Raddant Road Industrial, a 54,569 sf industrial building in Batavia, IL. McKinley was appointed as Receiver August 2014 and continued to manage post-foreclosure. Raddant required significant exterior upgrades to the building to the parking areas. McKinley focused on reducing expenses and driving occupancy to 100%, which resulted in a two-fold increase in Net Operating Income in less than two years.
“Our Institutional Commercial Real Estate team has a keen understanding of the Receivership process,” stated Matthew Mason, Managing Director and Partner. “We focus on quickly improving NOI and maximizing occupancy to create the most value in the shorter possible time, which leads to great results for our clients,” he added.
“Matt and his team continue to defy the market, and to find creative opportunities to drive value,” said Kenneth P. Polsinelli, Chief Real Estate Officer. “Our clients appreciate their focus on quick results and on their passion for customer service,” he also offered.
January 26, 2016
McKinley is pleased to announce that it has signed LLamasoft to a long-term lease at McKinley Towne Centre. LLamasoft will occupy almost 60,000 square feet at McKinley Towne Centre including the entire second and third floors joining Bodman and Ann Arbor SPARK. Beginning May 1, LLamasoft will join downtown’s growing tech community in the blocks stretching from the University of Michigan’s Diag down East Liberty Street to South Division. Together, companies such as Menlo Innovations, Barracuda Networks and PRIME Research employ hundreds in that area. McKinley Towne Centre is a mixed use development offering 105,000 square feet of Class A, high-tech office space and 20,000 square feet of retail space at the nexus of the University of Michigan and downtown Ann Arbor.
“We talked with several companies about the possibility of moving into McKinley Towne Centre,” stated Albert M. Berriz, CEO of McKinley. “We spent time focusing on people that we thought would make an impact downtown, that would be committed to Ann Arbor and that would contribute to the community,” he further offered. “LLamasoft is the global leader in software for supply chain management, and while they have been rapidly expanding globally, they are significantly expanding in Ann Arbor and their key executives are committed to Ann Arbor.”
“LLamasoft continues to grow at a rapid pace, and we also need a world-class environment to support our team members” said Donald A. Hicks, CEO and President of LLamasoft. “McKinley Towne Centre is the highest quality office building in the downtown core, and it gives our employees the opportunity to enjoy all that Ann Arbor has to offer. McKinley is a leading corporate citizen as well, and we are excited that our LLamasoft team will have the space they need as we continue our record-setting growth.”
Founded in 1968 and headquartered in Ann Arbor, McKinley is a leading owner and operator of multifamily and commercial real estate. McKinley owns and manages more than 55 million square feet of commercial and residential real estate throughout 34 states. McKinley specializes in solving complex real estate problems for its own portfolio, as well as for a select clientele of institutional investors and partners.
LLamasoft supply chain optimization software enables companies across a wide range of industries to model, optimize and simulate their supply chain network, leading to major improvements in cost, service, sustainability and risk mitigation. Headquartered in Ann Arbor, Michigan, LLamasoft is a leader in supply chain excellence and innovation, advancing technology focused on continuous improvement of enterprise supply chains for the world’s largest organizations.