December 8, 2014
Missoula, MT - McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the successful workout of South Hills Retail in Missoula, Montana. McKinley was appointed Receiver of this 36,356 square foot mixed-use property on March 31, 2014. During its time as Receiver and Property Manager, McKinley initiated an upgrade of the energy management system, brought a 10,000 square foot deal with the State of Montana to the table, and reconfigured the common areas to create a more functional space for the tenants.
"The Institutional Commercial Real Estate team is pleased to have the opportunity to work out this asset on behalf of the court,"stated Lauren Leach, Director, Commercial Portfolio Management - Institutional Commercial Real Estate. "Our team was able to make a substantial impact on this asset in a very short amount of time," Added Leach.
December 8, 2014
Indianapolis, IN - McKinley is pleased to announce the conclusion of its management of Creekwood Apartments in Indianapolis, IN. McKinley took over as property manager for this 510 unit community in October of 2013. Over the last 13 months occupancy was increased from 65% to over 95% and monthly revenue increased from $148,000 to $236,000, creating significant value for our client.
"I'm pleased with the results and value creation during McKinley's tenure at Creekwood," stated Thomas Gritter, Vice President. "It was a great team effort that most importantly benefitted the residents of Creekwood," added Gritter.
November 11, 2014
Ann Arbor, MI - As part of McKinley's company-wide recognition of our veterans and active troops, we join together with the nation to honor those men and women who have fought for our country in military service.
Across America, ceremonies are being held to commemorate the brave efforts of our armed forces past and present, and to remind us of both the strength and the compassion of our military, their families and our country.
"We are honored to join together with so many throughout the country to celebrate our veterans," states Andrew A. Berriz, Director - Special Projects at McKinley. "We are thrilled to be working with the various partner agencies to develop and bring to fruition several much needed housing projects in Wayne and Washtenaw counties dedicated to veterans," shared Berriz.
November 7, 2014
Menomonie, WI – McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the successful disposition of Lammer’s Grocery Retail Center located in Menomonie, WI. McKinley ICRE began the assignment on this 85,759 square foot grocery-anchored retail center on January 8, 2014. During it’s time as Receiver, McKinley successfully completed the renewal of the anchor grocery tenant, L-Mart Food Fest, with a lease value of over $1.2 million. The team also cured deferred maintenance throughout the property, made necessary capital repairs to the roof, and significantly cleaned up non-paying tenants at the property.
"We were pleased to be selected by our shareholder to dispose of this asset on its behalf," states Matthew D. Mason, Managing Director, Institutional Commercial Real Estate. "Our team, once again, demonstrated its ability to drive results in a short time frame and meet the objectives of our valued shareholder," stated Mason.
November 7, 2014
Ashtabula, OH – McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the successful disposition of Ashtabula Towne Square located in Ashtabula, Ohio. McKinley ICRE began the assignment on this 803,765 square foot enclosed mall on October 28, 2011 and was retained as Manager. Ashtabula Towne Square is home to tenants including J.C. Penney, Jo Anne Fabrics, and Kmart. During McKinley’s time as Manager, McKinley successfully completed the renewal of major tenants including Office Max, K&H Trucking, and J.C. Penney. McKinley completed nearly 40 renewals with a lease value of $3,934,648. Additional accomplishments include substantial capital repairs to the parking lot and roof, and a tax appeal resulting in an annual tax savings of $250,000.
“I am very proud of our team and all that they accomplished managing this asset,” shared Matthew D. Mason, Managing Director, Institutional Commercial Real Estate. “In classic style, the team was able to deploy all of its expertise during lease negotiations, completing capital improvements and working through a successful tax appeal process to create value for all stakeholders,” stated Mason.
November 7, 2014
Milwaukee, WI – The Institutional Commercial Real Estate (ICRE) is pleased to announce it has been appointed as Receiver by the Milwaukee County Circuit Court for Downer Avenue Retail in Milwaukee, Wisconsin. This 63,204 square foot urban retail property spans two city blocks and is 75% occupied. Tenants include such business’ as Starbucks and Breadsmith. With this newest addition, the total square footage of managed assets by the ICRE team grows to 400,000 in Wisconsin.
“We are pleased to have the opportunity to work out this asset on behalf of the Court, as we have a significant presence in the market and can leverage our platform in the region for a successful result,” stated Lauren Leech, Director, Commercial Portfolio Management – Institutional Commercial Real Estate.
November 6, 2014
Ann Arbor real estate firm McKinley Inc. is preparing to list 85,000 square feet of office space for lease at its McKinley Towne Centre building downtown — the same space where...Read more on www.mlive.com
October 31, 2014
Ann Arbor, MI – Eugene A. Miller, Non-Executive Chairman of McKinley announced yesterday at its 10th Annual Bankers Event that Marc Weiser was voted unanimously by the board to become the company's next Non-Executive Vice Chairman. Mr. Miller discussed the importance the board has played with regards to corporate governance since it was formed in 2001, and the solid partnership and relationship that exists between Marc and Albert M. Berriz the company's President and CEO.
"McKinley has had a successful 46 year track record, and Marc and Albert are the leadership partnership that will take us into the future," said Mr. Miller. Albert M. Berriz added, "Marc's becoming Vice Chairman lays an important foundation block for our future, and further solidifies the long term partnership that exists between the Weiser and Berriz families in the management and ownership of McKinley."
Marc Weiser is Founder and Managing Director of RPM Ventures, a seed and early stage venture firm focused on information technology. Marc is currently involved with the boards of Automatic, BountyJobs, Glyde, Mojo Motors, ShareThis and Xtime. He is also responsible for the firm's investment in SoFi. Previous investments include: Applimation (acquired by Informatica - NASDAQ:INFA), OpenLane (acquired by Kar Holdings - NYSE:KAR), R4 Global Services (acquired by Verisign - NASDAQ:VRSN), RiverGlass (acquired by Allen Systems), and TetraVitae (acquired by Eastman Chemical- NYSE:EMN).
In addition to his board roles for RPM and McKinley, Marc serves on the National Advisory Board of the University of Michigan Computer Science Engineering Department and Wolverine Venture Fund at the University of Michigan. He is the recipient of the University of Michigan Alumni Distinguished Service Award for his efforts in founding the Center for Entrepreneurship, the TechArb (student accelerator), and the Masters in Entrepreneurship (a joint program between the College of Engineering and Ross School of Business). Additionally, he and his wife Mary are leading the creation of the Food Allergy Center at the University of Michigan. This Center will provide national leadership and a path to a cure for those that suffer from food allergies. He graduated cum laude from the University of Michigan with a BSE in aerospace engineering and an MBA with highest honors.
October 10, 2014
McKinley is featured on Mlive’s Ann Arbor area business briefs. Click here
October 9, 2014
Ann Arbor, MI - McKinley continues to execute on its long term strategy of expanding its Owned Multifamily portfolio in its core markets and in sub-markets where it dominates. McKinley acquired Brighton Park, a 336 unit garden apartment community located in Northwest Indianapolis, contiguous to The Courts Apartments, a 148 unit community which it has owned for many years. The two communities will be merged and run as one 484 unit community which will be called The Courts Apartments. The communities are immediately adjacent to St Vincents Health (http://www.stvincent.org), a member of Ascension Health, the largest Catholic health care system in the country. McKinley also owns Brandywine Apartments in the immediate submarket, which is a 296 unit community also adjacent to the St Vincents Health campus.
"We will always acquire in our core markets of Carmel, Castleton and the north side of Indianapolis with conviction. Indianapolis (and the State of Indiana) is a pro-growth, pro-business environment; and it is the transportation crossroads of America. We are long on Indianapolis, we have been investing in that market since the early 1980's, and we will continue our efforts to grow in that market", said Albert M. Berriz, CEO of McKinley.
A major renovation is now underway for the new acquisition, which includes a complete exterior renovation with siding, roofing and new windows, green energy investments, and extensive interior renovations. The acquisition and renovation is being financed by The PrivateBank of Chicago, and Berkadia is processing a HUD refinancing of the asset which will be closed upon stabilization and completion of the renovation.