June 5, 2013
NORFOLK, VIRGINIA - McKinley and KeyBank closed a $60 million CMBS first mortgage financing for JANAF Shopping Yard, a one million square foot regional power center anchored by BJ's and Wal-Mart Supercenter. JANAF is located in the heart of Norfolk Virginia at the main intersection of Military Highway and Virginia Beach Boulevard. JANAF is one mile from the airport and eight miles from the Norfolk Central Business District.
McKinley has owned JANAF for over 20 years, originally acquiring the property as a 600,000 square foot distressed asset from the RTC. Today its a fully redeveloped vibrant center that is 97% occupied with a solid list of tenants that serve the needs of the US Navy and United States Coast Guard community in the region. Tenants include TJ Maxx, Panera Bread, Hooters, Navy Federal Credit Union,Sports Authority, OfficeMax, CitiTrends and Petco.
"KeyBank did a marvelous job for us with this financing, they understand us and the asset very well, and we could not have asked for better execution" offered Ken Polsinelli McKinley's Chief Real Estate Officer. "This is a very large transaction in today's CMBS environment and they didn't miss a beat throughout the entire process from concept to close," added Polsinelli.
June 2, 2013
Check out this great article on REJournals.com featuring McKinley-Avanath's expansion into Michigan, Texas and Tennessee with six LIHTC communities in Detroit, Houston, Dallas and Memphis.
June 2, 2013
ANN ARBOR, MI & IRVINE, CA Albert M. Berriz and Daryl J. Carter, Co-CEO's of McKinley-Avanath announced today that they have expanded their affordable housing management platform in Michigan, Texas and Tennessee with six LIHTC communities in Detroit, Houston, Dallas and Memphis.
"We have operated in Michigan, Texas and Tennessee for many years and therefore are thrilled to expand McKinley-Avanath in these markets all while continuing our efforts to bring the very best in affordable housing alternatives in all of the markets we operate, stated Berriz.
Daryl and I are passionate about our work in affordable housing, as an immigrant Cuban-American and an African American respectively, we identify, understand and know how important it is for our residents to have a positive quality housing alternative close to jobs so their families can grow and prosper," commented Berriz.
"Having an opportunity to do our work in the city of Detroit is very personal and exciting to me, shared Daryl J. Carter. I grew up in Detroit, I am a proud graduate of Cass Tech and spent much of my formative years in the downtown which was a wonderful place to be. We are honored to have an opportunity to participate in all the good work going on in Detroit and we look forward to making a difference!" added Carter.
McKinley-Avanath announced today a portfolio of six communities that has been added to its affordable housing portfolio including: Genesis Villas, Detroit; Chaparral Apartments, Dallas; Cullen Park, Houston; Eagles Landing, Memphis; April Woods, Memphis; and Harmony Woods, Memphis.
McKinley-Avanath is actively involved managing affordable communities located in Dallas, Houston, Memphis, Orlando, Indianapolis, Chicago, Pontiac, Detroit, Battle Creek and Flint/Burton for its own investment platform and for select institutional clients.
May 30, 2013
ORLANDO, FL McKinley Commercial Client Services is pleased to announce it has been selected as Property Manager by a valued institutional client. Poinciana Place, a 100,532 square foot retail center located in Southwest Orlando and in the heart of numerous tourist and shopping attractions is comprised of three buildings and is anchored by a Publix grocery store. Publix is one of the largest and fastest growing employee-owned supermarket chains in the country. Other retailers in the Center include Subway, Burger King and Smokey Bones. McKinley has extensive experience in the region having owned and operated numerous Commercial and Residential assets throughout the state of Florida since 1982.
We are pleased to add this property to our numerous efforts in Florida, commented Matthew D. Mason, Managing Director, Real Estate, McKinley. We appreciate the opportunity to once again utilize our expertise and track record in this market, one that we know well and have extensive experience, shared Mason.
May 16, 2013
Ann Arbor, MI - McKinley is pleased to announce that Commercial Client Services has completed another successful disposition on behalf of our valued institutional client. The property, Whiting Town Center, is a 3,003 square foot retail out lot located in Manchester, New Jersey. McKinley was appointed as Receiver in June of 2011 and was later retained as Property Manager. During McKinleys tenure managing the property, a successful tax appeal was completed, operating costs were reduced and the appearance of the property improved which enabled an effective transaction.
I am once again proud of our team with the completion of this most recent disposition on behalf of our important client, stated Matthew D. Mason, Managing Director, Real Estate for McKinley. We appreciated the opportunity to reach a successful outcome for the stakeholders, shared Mason.
May 16, 2013Ann Arbor, MI - McKinley is pleased to announce that Commercial Long Term Management has completed a successful disposition on behalf of our client. The property is a 53,748 square foot building in Southfield, Michigan that is 100% occupied by Lear Corporation. The building comprised a portion of a seven property portfolio for which McKinley was retained in November 2012 as part of a retail bankruptcy.
We are pleased to have had the opportunity to facilitate this successful disposition, stated Matthew D. Mason, Managing Director, Real Estate for McKinley. We have significant expertise in the region which proved advantageous for all parties, shared Mason.
May 16, 2013
Ann Arbor, MI We are pleased to announce that the Superior Court in Forsyth County, North Carolina has appointed McKinley the Receiver for 4140 North Cherry Street, a 17,187 square foot light industrial/flex building in Winston-Salem, NC.The property is currently 100% leased to John S. Clark Company, a regional general contractor. This receivership represents the eighth Commercial property currently under management in the State of North Carolina for McKinley Commercial Client Services.
We are pleased to add this property to our efforts in North Carolina, commented Matthew D. Mason, Managing Director, Real Estate, McKinley. We appreciate the opportunity to once again utilize our expertise and track record in the market, shared Mason.
May 14, 2013The Ann Arbor YMCA is offering free swim and water safety classes at Washtenaw County apartment complexes this summer following last years successful program. Children from five Mckinley-owned properties including The Villas, Aspen Chase, Golfside Lake, Roundtree and Evergreen apartment complexes in Ypsilanti, Ypsilanti Township and Pittsfield Township can participate in the lessons. Read the whole article on annarbor.com.
May 1, 2013
ANN ARBOR, MI & IRVINE, CA McKinley-Avanath Co-CEO's Albert M. Berriz and Daryl J. Carter announced today that it has assumed management of two LIHTC communities, Renaissance Court located in Pontiac, MI and Village at Irving Park located in Battle Creek, MI, on behalf of an institutional client.
"This is another marvelous example of the superior execution capacity our McKinley-Avanath platform can provide our institutional clients in the LIHTC arena, stated Berriz and Carter.
McKinley-Avanath is a nationally respected owner-operator of LIHTC housing generating superior results for its own portfolio and for select institutional clients. "We are excited to apply our extensive local experience and resources to this most important Michigan opportunity, commented Ken Polsinelli Chief Real Estate Officer.
April 28, 2013
Check out the great article featured on annarbor.com about McKinley's idea to build affordable rental housing on a vacant 4.47-acre parcel on South State Street.