September 14, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the disposition of 31st Street Crossing, a 27,340 square foot shopping center in Temple, Texas. During its time as Manager, McKinley completed lease renewals with 86% of the rent roll, including the anchor tenant. These renewals represented a total lease value of $1.45 million. During the execution of the plan, the property team worked closely with the tenants to better position the property for sale. By reducing expenses and renewing tenants to maintain 100% occupancy, McKinley was able to add 56% value in just one year.
"The McKinley team created an impressive amount of value in a very short amount of time. Stabilizing the rent roll enabled the property to be perfectly positioned for sale,” stated Lauren Leach, Director, Commercial Portfolio Management - Institutional Commercial Real Estate.
September 12, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the disposition of EasTen Shopping Center Moorhead, Minnesota. McKinley was appointed Receiver for this shopping center on June 4, 2012 and was retained as Manager on March 27, 2013. This 132,962 square foot shopping center is home to tenants such as Cash Wise Foods, Cash Wise Liquors, Sherwin-Williams, and Arby’s. During its time as Manager, McKinley completed over 83,339 square feet of new leases and renewals, with a lease value of over $2.6 million. The team also made numerous improvements to the appearance of the property by updating the pylon sign, landscaping, and facade.
"I am thrilled with the results our team was able to achieve in a challenging market. We tackled new leases, renewals, and capital projects in order to maximize value," stated Lauren Leach, Director, Commercial Portfolio Management - Institutional Commercial Real Estate.
"I appreciate the opportunity to leverage our experience in grocery-anchored retail on behalf of the EasTen Shopping Center. Maintaining Cash Wise Foods as the anchor tenant is important to both the shopping center and the community," added Matt Mason Senior Vice President Commercial Real Estate & Special Advisor to the CEO.
September 6, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the disposition of Taylor Farmer Jack in Taylor, Michigan. McKinley was appointed Manager for this shopping center on March 24, 2011. This 89,766 square foot property is home to Sears, Salvation Army, Oakwood Hospital, Ollie’s Bargain Outlet, and Urgent Care One. During its five years as Manager, McKinley completed nearly 60,000 sf of new leases and renewals for a total lease value of $3 million. Occupancy at takeover was only 28%, and today the property is 100% occupied.
"In addition to the physical improvements made to this asset, I am most proud of our team's ability to increase occupancy by 72%. The value created is extraordinary. Our team's execution allowed us to position the asset to achieve our client’s goals and thereby generate a successful exit which was their plan from the start," stated Lauren Leach, Director, Commercial Portfolio Management - Institutional Commercial Real Estate.
"It's another example of the value we create in very difficult circumstances and with complex assignments. Lauren and her team really dug in and allowed for a successful exit at a value that would not have been possible based upon the condition of the asset at takeover," added Matt Mason Senior Vice President Commercial Real Estate & Special Advisor to the CEO. "The team attacked the mission from a variety of perspectives which shows again how our multi-disciplinary team approach to solving complex real estate problems works so well," added Mason.
During the execution of the plan, the team completed the redevelopment of the former Farmer Jack store as a part of a Special Land Use project which was key to the value creation effort. They also completed an extensive capital improvement plan which included landscaping, parking lot design, and a new monument sign.
September 1, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce that it has been engaged as Property Manager for a 51,819 square foot single-tenant retail building in Chicago, Illinois. The property is 100% occupied by the Michigan-based furniture retailer Art Van Furniture. The latest takeover is McKinley’s 11th in Illinois, bringing its total square footage of managed assets in the state to 2,156,538.
"McKinley has a substantial commercial presence in Illinois, making this takeover a natural fit. Having managed numerous single-tenant assets in the area, our Illinois-based personnel are perfectly suited to take on this assignment," stated Lauren Leach, Director, Commercial Portfolio Management – Institutional Commercial Real Estate.
“We are very excited to add another Art Van Furniture location to our growing management portfolio in Illinois,” stated Matthew D. Mason, Senior Vice President of Commercial Real Estate and Special Advisor to the C.E.O. at McKinley. “McKinley’s deep experience in the market provides a significant advantage in supporting the operations of the fast-growing retailer.”
September 1, 2016
Ambassador Ron Weiser and Family Commit to a Corporate Challenge for JDRF. READ MORE
August 26, 2016
McKinley's CEO, Albert M. Berriz, is featured in a Crain's Detroit Business article about the lack of diversity in commercial real estate. READ MORE
August 26, 2016
Stamps School of Art & Design Announces New Downtown Gallery Space at the McKinley Towne Centre. READ MORE
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
August 11, 2016
McKinley Towne Centre's newest tenant, Llamasoft, settles into its new space. READ MORE
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.