December 1, 2013
Orlando, Florida Confirming its strong commitment to the Orlando market, McKinley executes a second major acquisition for its Orlando Multifamily Theme Park portfolio in the past 30 days. Bella Vita joins twelve other garden apartment communities within the theme park sub-market including nine McKinley "Owned and Managed" communities, and three communities operated by our Institutional Residential Real Estate team for what is the single largest assembly of multifamily owned and managed real estate between Disney and Universal Studios in Southwest Orlando. McKinley has been actively investing in the Southwest Orlando market since 1982, and today is one of the single largest owner-operators of multifamily real estate in Central Florida.
McKinley continues to expand its dominant footprint along the Interstate-4 corridor to Tampa and the Interstate-75 corridor to Gainesville along the transportation triangle between Orlando, Tampa and Gainesville. Central Florida now joins Metropolitan Ann Arbor as McKinleys largest multifamily concentration, and McKinley anticipates this expansion to continue in Central Florida and projects this portfolio to exceed its market position in Ann Arbor, Michigan.
Bella Vita has one, two, three and four bedroom apartment homes located just two blocks from The Mall at Millenia, an ultra-luxury indoor mall which includes world class retailers such as Apple, Neiman Marcus, Chanel, Yves Saint Laurent, Macy's, lululemon athletica and Bloomingdales. Located a few blocks to the west of Bella Vita is Universal Studios Orlando which includes Universal Islands of Adventure and the Wizarding World of Harry Potter, plus the latest Transformers 3-D Experience.
We understand Orlando and like everything we see in terms of the long term economic vitality for the Central Florida region. We are committed to serve the needs of our residents with a superior product delivery, 450 exceptional team members in the market, and our seasoned Orlando based leadership team in position,"states Albert M. Berriz, Chief Executive Officer. Mr. Berriz adds, We are fortunate to have such a market dominate position in what is the economic engine in today's Central Florida tourist commercial industry with neighbors like The Walt Disney Company, Universal Studios Orlando and the Orange County Convention Center."
Comerica Commercial Real Estate is providing the acquisition financing for this transaction and Berkadia Commercial Mortgage is providing HUD long-term financing. Comerica and Berkadia work side by side with us as great partners enhancing our reputation and solid transactional track record for certainty of execution at record speed. Both of these recent acquisitions were closed in under 15 days from contract execution to funding," shared Berriz.
November 25, 2013
ANN ARBOR, MI - In a major show of support for Ann Arbor SPARK,Ann Arbors engine for economic development, McKinley announced a major gift commitment of $500,000 over ten years to the organization. SPARK is an organization dedicated to the economic prosperity of the greater Ann Arbor region. Utilizing its skills and knowledge to attract, develop, strengthen, and invest in driving industries to help the Ann Arbor region thrive, SPARK plays a significant role in advancing the economy in the region. The 10 year gift has a value in excess of $500,000 and is one of the single largest gifts from a private corporation in the history of SPARK.
"We are excited to publicly announce a 10 year commitment to provide SPARK with a significant gift of support allowing them to operate in Class A office space right in the heart of Ann Arbor's technology and innovation corridor," stated Albert M. Berriz McKinley's CEO. "Ann Arbor is our home town, our kids grew up here, our business thrives here, and we are committed to growing GDP and jobs in the region. We believe there is no better way to do this than via SPARK. They are a world class organization, and a best in class economic driver for the region," added Berriz.
The Bank of Ann Arbor has been involved with SPARK since its formation as a founding contributor and annually since, said Tim Marshall, President, Bank of Ann Arbor, and board chair, Ann Arbor SPARK. It is a collaborative effort together with the private sector, local municipalities, and our major universities and community college all contributing time and resources to promote SPARKs many successes, and we are grateful to McKinley for their tremendous support, shared Marshall. The growth in jobs via startup support, attraction efforts, and assisting with expansion of existing companies would not have been possible without SPARK. The team is exceptional and we are fortunate to have such a strong and experienced group of professionals assisting our region in economic development, added Marshall.
"Ann Arbor SPARKs mission is to support growing businesses, and to attract companies and investment, said Paul Krutko, Ann Arbor SPARK president and CEO. A strong economy is ripe with jobs and investments, and Ann Arbor SPARK is committed to driving that economic growth here in our region. A public-private partnership is the backbone of Ann Arbor SPARKs work; McKinley's support of Ann Arbor SPARK recognizes the important role that the private sector, especially leading businesses, plays in growing our economy.
McKinley has been a major partner and investor with SPARK since its inception and this gift demonstrates McKinleys major commitment to the long term sustainability and viability of the organization.
November 21, 2013
Read about McKinley's proposed affordable housing apartment community on a vacant property on South State St. in Ann Arbor, MI featured on mlive.com.
November 14, 2013
Ann Arbor, MI The McKinley Family extends congratulations to its own Alexandra Jackiw, Managing Director, Institutional Real Estate on the National Apartment Associations creation of a scholarship in her honor which has been named The Alexandra Jackiw Leadership Scholarship.
The scholarship was created to honor Alex and her commitment to industry education and will be awarded annually to mid-levelmanagers to enable recipients the opportunity to learn additional skills to successfully become leaders in the industry. The scholarship program is open to minority apartment industry employees with the goal of increasing the number of minority industry leaders to reflect an increasingly diverse society.
Ms. Jackiws many years of dedication to both the National Apartment Association (NAA) and the National Apartment Association Education Institute (NAAEI) was a springboard for the creation of the scholarship. Jackiw served as 2013 Chairman of the Board of the NAA and was president of NAAEI from 2008-2009.
We are proud to have Alex as an important member of the McKinley family, stated Albert M. Berriz, McKinley Chief Executive Officer. We recognize and congratulate her on many years of service to both the industry and to education, which has culminated in the creation of this significant scholarship in her name, a well-deserved tribute to her efforts, added Berriz.
November 11, 2013
Ann Arbor, MI McKinley Chief Executive Officer, Albert M. Berriz was named by Real Estate Forum magazine to its top Midwest Real Estate ICONS list in the most recent edition. The Real Estate ICONS honorees were selected for their contributions in commercial real estate throughout Middle America and nationally. The impressive list of top Real Estate ICONS includes investors, developers and operators in commercial real estate.
I am honored to receive this recognition and to be included with this important group of honorees, states Mr. Berriz. We are proud of all that McKinley has accomplished during our 45 year track record, both in the Midwest and nationally, shared Berriz.
To review the full list of honorees please visit:
November 6, 2013Orlando, Florida McKinley acquires Bella Capri, a 248 unit garden apartment community formerly known as Mission Pointe Apartments located in Orlando, Florida. Bella Capri joins eleven garden apartment communities in the theme park sub-market including eight McKinley "Owned and Managed" communities, and three communities operated by our Institutional Residential Real Estate team for what is the single largest assembly of multifamily owned and managed real estate between Disney and Universal Studios in Southwest Orlando. McKinley has been actively investing in the Southwest Orlando market since 1982, and today is one of the single largest owner-operators of multifamily real estate in Central Florida.
McKinley continues to expand its dominant footprint along the Interstate-4 Corridor to Tampa and the Interstate-75 Corridor to Gainesville along transportation triangle between Orlando, Tampa and Gainesville. Central Florida now joins Metropolitan Ann Arbor as McKinleys largest multifamily concentration, and McKinley anticipates this expansion to continue in Central Florida and at some point exceed its market position in Ann Arbor, Michigan.
Bella Capri has one, two and three bedroom apartment homes located just two blocks from The Mall at Millenia, an ultra-luxury indoor mall which includes world class retailers such as Apple, Neiman Marcus, Chanel, Yves Saint Laurent, Macy's, lululemon athletica and Bloomingdales. A few blocks to the west of Bella Capri is Universal Studios Orlando which includes Universal Islands of Adventure and the Wizarding World of Harry Potter, plus the latest Transformers 3-D Experience.
We have invested in Orlando with conviction for the past 30 years and will continue to do so for the next 30 years and beyond, states Albert M. Berriz, Chief Executive Officer. Mr. Berriz went on to say, These are generational assets operated by an extraordinary and experienced management team that is executing at the highest level which further adds to our conviction.
Comerica Commercial Real Estate is providing the acquisition financing for this transaction and Berkadia Commercial Mortgage is providing HUD long-term financing. Comerica and Berkadia are terrific financial partners and they are key to our strategic acquisition efforts, added Berriz.
October 22, 2013
Atlanta, GA - McKinley Institutional Commercial Real Estate is pleased to announce the successful disposition of Gwinnet Place Mall located in Duluth, Georgia. The Mall includes a list of national tenants such as Macys, Abercrombie and Fitch, Bath and Body Works, Zales and Victorias Secret among others, and was placed under management with McKinley in June of 2012. The large, regional shopping mall includes1,283,133squarefeet and at the time of construction 16 years ago was the preferred shopping destination in the region.
The McKinley Institutional Commercial Real Estate team was able to reposition the asset by delivering exceptional results, including a reduction in expenses, stabilization of the rent roll, and an improvement of the overall appearance of the property which enabled the successful sale on behalf of a valued client.
I am very pleased to add the Gwinnett Place Mall in suburban Atlanta to our considerable track record of repositioning enclosed regional malls, states Matthew D. Mason, Managing Director, McKinley Institutional Commercial Real Estate. This latest success in the Southeast nicely complements our previously completed projects throughout the Midwest and Mid-Atlantic regions, shared Mason.
October 20, 2013
ERIE, PA - McKinley Institutional Commercial Real Estate has been appointed as Receiver for the Giant Eagle Plaza, a 90,861 square foot grocery-anchored retail property in Erie, PA by the Court of Common Pleas of Erie County, Pennsylvania.
The former Giant Eagle grocery store is over 70,000 square feet and has been vacant since June of 2012. The remaining 20,000 square feet of retail is fully occupied. Tenants include Little Caesars, Verizon Wireless and PNC Bank. The retail market in the Harborcreek Township of Erie, Pennsylvaniahas experienced recent redevelopment as a result of various township incentives.
We are pleased to add this property to our efforts in Pennsylvania, shared Matthew D. Mason, Senior Vice President and Managing Director, Real Estate, McKinley. We appreciate the opportunity to once again utilize our expertise and track record in this market, shared Mason.
October 15, 2013
Brown Deer, WI McKinleys Institutional Commercial Real Estate has completed another successful workout of a distressed office building. The property, Brown Deer Office Building, is a 55,551 square foot office building in Brown Deer, Wisconsin. McKinley was appointed as Receiver for the property in July 2012 and remained in place as Receiver until the asset was sold to a private investor at a Sheriffs Sale.
"We are very pleased to add another successful chapter to the McKinley Institutional Commercial Real Estate track record," commented Matthew Mason, Senior Vice President and Managing Director of Real Estate at McKinley.
October 15, 2013
South Lyon, MI - McKinley Institutional Commercial Real Estate has been appointed Manager of Huntington Square on behalf of our valued client. This 60,597 square foot retail asset is located in South Lyon, Michigan. The property is positioned on Pontiac Trail, a major Oakland County thoroughfare, just North of 10 Mile Road. South Lyon is located in the southwestern corner of Oakland County and is minutes from I-96 and US-23. Conveniently located near major employers, shopping and international airports, South Lyon offers small town charm with big city amenities. With this management assignment, the McKinley Institutional Commercial Real Estate groups total number of managed commercial assets in Michigan climbs to 27.
We are pleased to add this property to our numerous efforts in Michigan, commented Matthew D. Mason, Senior Vice President and Managing Director of Real Estate at McKinley. We appreciate the opportunity to once again utilize our expertise and track record in this market, one that we know well and in which we have extensive experience, shared Mason.