December 7, 2015
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the successful disposition of Tops Plaza in Depew, New York. McKinley was selected as property manager on December 21, 2012 for this 148,245 square foot grocery anchored retail center. During its tenure, McKinley remediated all deferred maintenance issues, successfully managed and supervised the installation of a large backflow preventer system, and executed six leases which were essential to stabilize the rent roll. Most notably, McKinley renewed the largest tenant, Tops Market, with a long term lease which maximized the current value and which positioned the property for sale.
"McKinley is proud to have had the opportunity to leverage its property management and leasing expertise to stabilize another asset in New York and to create substantial value on behalf of our client,” stated Matthew D. Mason, Managing Director & Partner. “Our view as an owner and operator of commercial real estate enables us to focus on creating value quickly” added Mason.
"Matt and his executive team have an extraordinary track record of managing complex real estate, and of extracting maximum value in the shortest possible time,” said Albert M. Berriz, Chief Executive Officer. “This is another successful result for an important institutional client and further demonstrates McKinley’s expertise in a challenging environment for retail,“ Berriz further added.
December 3, 2015
Invest Florida talks with Albert M. Berriz about McKinley’s special interest in Florida. READ MORE
December 1, 2015
McKinley's Institutional Residential Real Estate Division is pleased to announce that it has acquired Fairmount Oaks Apartments on behalf of Avanath Affordable Housing II, LLC. Fairmount Oaks is a 172 unit apartment community located in Gainesville, Florida.
Fairmount Oaks offers immediate access to I-75 and is conveniently located adjacent to dining, entertainment and shopping at The Oaks Mall and Butler Plaza. Shands Medical Center and the North Florida Regional Medical Center are minutes away from the community, which offers quality workforce housing for these essential workers. The community features expansive grounds with mature oaks, and ample walking trails. It also offers very spacious floor plans including full-size patios with floor to ceiling glass, and in-home laundry.
"We are excited to add Fairmount Oaks to the high quality portfolio of communities that Avanath has acquired in Central Florida," stated Royal E. Caswell III, McKinley’s Managing Director, Institutional Residential Real Estate. “This addition builds upon our long-standing experience in the Gainesville market and allows us to offer an incredible value to meet the need for workforce housing” Caswell added.
“Fairmount Oaks Apartments is a perfect addition to our portfolio of affordable housing communities that provide homes for the growing workforce at Shands Medical Center, the University of Florida and in Gainesville. With our partners at McKinley, we will make enhancements to Fairmount Oaks that will enrich the quality of life for our residents,” stated Daryl Carter, Chief Executive Officer.
McKinley-Avanath is actively involved in the management of workforce housing communities located in Gainesville, Orlando, Cary, Chicago, Ann Arbor, Kissimmee and Naples for its own investment platform as well as for select institutional clients.
November 17, 2015
McKinley City Beautiful acquires its newest community, Highland Flats, located in Downtown Orlando. "We are excited about the progress we are making to expand our McKinley City Beautiful brand in Downtown Orlando, and we hope to make several announcements shortly that will further our presence in the downtown," offered Ken Polsinelli, McKinley's Chief Real Estate Officer.
Highland Flats will undergo extensive interior and exterior renovations, with acquisition and renovation financing provided by the PrivateBank of Michigan. "This is a terrific walkable location near jobs, shopping and great dining in the downtown," stated Polsinelli.
"Our vision of providing unique choices, price points and customer experiences in both Downtown Orlando and Downtown Tampa is an important part of our overall Interstate-4 brand strategy," offered Albert M. Berriz, McKinley's CEO "With this acquisition, we now have 55 communities along the Interstate-4 Corridor spanning from Daytona Beach to St. Petersburg Beach with our core locations of Orlando and Tampa," added Berriz.
November 17, 2015
McKinley Hyde Park acquires its newest community, Westshore Flats, with a prestigious Westshore Boulevard address. Westshore Flats is the most recent addition to McKinley Hyde Park, a boutique collection of historic and restored apartment homes in the Hyde Park and South Tampa neighborhoods. "As we do in all of our core markets, we have worked very hard to provide our customers with various choices, price points and experiences in the Hyde Park/South Tampa market from the Downtown at the Hillsborough River out to MacDill Air Force Base, and from Bayshore Boulevard out to Westshore Boulevard," offered Ken Polsinelli, McKinley's Chief Real Estate Officer who is based in Winter Park, Florida.
"Westshore Flats is a unique community with a highly sought after Westshore Boulevard address. We will complete extensive renovations in the near future including condo grade interiors, all apartment homes will have their own washer-dryer units, and exterior amenities will include a pool, an outdoor kitchen, fire pit with Adirondack chairs, bike shelters, walking paths and outdoor seating areas throughout," added Polsinelli.
The recent purchase of Westshore Flats brings the total number of Hyde Park communities to fifteen, and acquisition/renovation financing was provided by Key Bank, N.A. "We are working hard to reposition assets, complete renovations and bring the McKinley Hyde Park brand to life," offered Albert M. Berriz, McKinley's CEO. "We are excited with our progress, and we anticipate sharing more important updates about our expansion efforts in Hyde Park in the very near future," Berriz added.
November 16, 2015
McKinley, in partnership with the Ann Arbor Public Schools Foundation, is pleased to announce the conclusion of the successful campaign to raise $350,000 to support STEAM education in Ann Arbor’s seven middle schools. The campaign was publicly announced in March 2015 and the program is now launching in all seven middle schools. The curriculum was designed by STEAM provider, Project Lead the Way. The provider is a nonprofit that creates innovative hands-on curriculum so that students may master high level science, technology, engineering, and math. The curriculum’s methodology provides the rigor and relevance endorsed by the Michigan Department of Education and is already in place at Ann Arbor STEAM at Northside, Skyline High School, Pioneer High School, and Huron High School.
“We are thrilled to support this investment in STEAM education to ensure that all of the middle school students in the Ann Arbor Public Schools have access to the latest tools and teaching for 21st century skills” stated Ken Polsinelli, Chief Real Estate Officer.
“We are grateful that McKinley made a lead gift, and that they along with Google and other local businesses enable us to promote innovation in our schools. We are thankful to the greater community, corporate and individuals, for helping us finalize this campaign so that 3,700 middle school students will be able to access STEAM classes,” said Linh Song, Executive Director of the Ann Arbor Public Schools Educational Foundation.
“McKinley as a company was born and raised in Ann Arbor, and is fiercely committed to its Ann Arbor roots. We are proud to help foster the continued growth of our families in our community, and personally, as someone who went to engineering school, this initiative is very important to me. This private public partnership between the Foundation and the business community highlights the impact that we can make when we work together.” said Albert M. Berriz, Chief Executive Officer. “Access to opportunity is a core fundamental value at McKinley, and we are excited that this program will create more opportunities for families and students,” added Berriz.
November 13, 2015
The Detroit News asks McKinley's CEO, Albert M. Berriz, his thoughts on Michigan's growth urgency. READ MORE
November 4, 2015
Tampa, FL. – McKinley is pleased to announce the acquisition of Bayshore Flats, on prestigious Ballast Point on Tampa Bay. This 48 unit community is located at 5411 Bayshore Blvd, Tampa and contains one and two bedroom apartment homes with an exclusive Bayshore Drive address. Bayshore Flats is the most recent addition to McKinley Hyde Park, a boutique collection of historic and restored apartment homes in the Hyde Park and South Tampa neighborhoods. Extensive renovations will be underway shortly, and this community will offer extraordinary amenities in a tree lined and quaint historic setting. It is located just a few steps from Bayshore Boulevard and all that Hyde Park has to offer.
"McKinley has owned and operated quality apartments in Tampa since 1989, and this acquisition expands our portfolio of offerings further and provides an additional option for our customers in Hyde Park, South Tampa, and Downtown," states Kenneth P. Polsinelli, Chief Real Estate Officer. “We are investing significantly, and our residents appreciate the authentic renovations and newly created amenities, as well as being located in the heart of South Tampa” added Polsinelli.
"We are very proud that McKinley Hyde Park today is the dominant brand in the Hyde Park/South Tampa market, and adding a Bayshore address provides our customers with another great choice to live with us. We are focused and committed to our growth in Hyde Park and Tampa Bay overall, and we expect to share several more important updates in the near future," said Albert M. Berriz, CEO.
October 26, 2015
McKinley CEO makes case for more affordable workforce housing in Ann Arbor. Read the article on MLIVE.com
October 20, 2015
"Freshened-up Chapel Hill Mall works to attract, keep shoppers and retailers; new owners invest in upgrades, prevent site from becoming another Rolling Acres", by Jim Mackinnon, Akron Beacon Journal business writer, published October 16, 2015.
AKRON, OHIO - Matthew D. Mason, Managing Director & Partner, Institutional and Owned Commercial Real Estate, is pleased to share today a very favorable article published by the Akron Beacon Journal which recognizes McKinley's efforts to turn around the local Chapel Hill Mall.
From the article...
Jill Litzel figures she has been shopping at Chapel Hill Mall in Akron at least half of her life. The Cuyahoga Falls resident, now 40, admits she has had her doubts about the mall in recent years. “It got shady for a while,” Litzel said. “It looks like it’s bouncing back. ... And now Litzel said she is looking forward to bringing her daughter, who turns 1 in November, to the mall on a regular basis. “I feel safe bringing her here now,” she said. “There’s a lot for her to look at. It’s a nice place to bring a little one.” Since Chapel Hill Mall went into — and out of — foreclosure and receivership last year, the company running the property on a day-to-day basis, Ann Arbor, Mich.-based McKinley Inc., has been putting money into the mall, apparently on behalf of mall trustee U.S. Bank.The mall operators appear to be doing the right things to keep the site viable, industry observers and others say"
"We are proud of our efforts at the Chapel Hill Mall, and we appreciate the very positive feedback we have received from the municipal leaders, the community and our customers who frequent the mall" offered Mason, Managing Director & Partner. Our Institutional Commercial Real Estate team is uniquely able to resolve very complex retail repositioning assignments and we welcome this opportunity to tackle the tough challenges presented. As a part of the Akron community for over 25 years, we are also pleased that we are able to further enrich the quality of life for all of our customers” added Mason.
"Matt and his team have tackled very distressed assets that most major players in the industry would not consider taking on, and they generate extraordinary results and loan loss recoveries that are second to none" said Albert M. Berriz, McKinley's CEO and Co-Managing Member. "They are truly wired to find unique ways to cut expenses, lease space, and reposition the asset physically to create substantial value for our institutional clients in these very distressed situations" added Berriz.