News


March 10, 2017

MUSKOGEE, OKLAHOMA - Matthew D. Mason, Senior Vice President Commercial Real Estate & Special Advisor to the CEO, announced today that The McKinley Companies successfully secured a three year lease extension with JC Penney at the Arrowhead Mall in Muskogee, Oklahoma. "The successful extension occurred in the middle of the store closure announcement and this transaction was a major victory for the mall and for our institutional client" offered Mason. Mr. Mason and his Institutional Commercial Real Estate Team, have rightfully earned a nationwide reputation for successfully resolving the most complex Retail situations, with a focus on very large distressed enclosed malls in secondary and tertiary markets. Mr. Mason and McKinley were appointed Receiver in November 2016 for this asset, and he and his team quickly moved to implement creative value add solutions. The J.C. Penney renewal was for 50,991 square feet, and through September 2020. Other anchors at the mall include Dillard’s, Office Depot, B&B Theaters, and Beall’s (www.arrowheadmallmuskogee.com).  

 

Mr. Mason leads McKinley's Commercial Client Services and Joint Venture divisions. He has significant expertise in assisting institutional clients in the workout of distressed shopping centers, office buildings and industrial buildings throughout the United States. Mr. Mason has been appointed as a court-appointed Receiver for distressed assets in multiple jurisdictions throughout the country, leading a team of eight commercial portfolio and asset managers who employ a disciplined, value added business model to ensure successful results for their clients. Including the management of his team, his duties include relationship management, commercial portfolio management and redevelopment, lease negotiation, and acquisition and disposition of new assets. Mr. Mason is a member of McKinley's Executive Committee. He is a graduate of the University of Michigan–Dearborn where he studied Political Science and History ('96, B.A.). After graduation from U-M, Mr. Mason attended the Thomas M. Cooley Law School in Lansing, Michigan (’98, J.D.). He is a member of the Michigan State Bar, the International Council of Shopping Centers (ICSC) and earned the prestigious designation of a Certified Commercial Investment Member (CCIM). For more information about McKinley's Institutional Commercial Client Services contact Matt Mason at mmason@mckinley.com (734)769-8520 ext 267.

 

About McKinley 

www.mckinley.com

Founded in 1968 and headquartered in Ann Arbor, McKinley is a leading owner and operator of multifamily and commercial real estate. McKinley owns and manages more than 55 million square feet of commercial and residential real estate throughout 34 states. McKinley specializes in solving complex real estate problems for its own portfolio, as well as for a select clientele of institutional investors and partners.

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January 9, 2017

 

OLDE HYDE PARK, FLORIDA - McKinley Hyde Park announced today that it has closed on the acquisition of Village Flats, located on Rome Avenue one block from Bayshore Boulevard in Olde Hyde Park, Florida. This community expands McKinley Hyde Park's dominant platform, which is the largest assembly of unique and historic luxury apartment homes in the Hyde Park/South Tampa market today. It also further expands its offerings along the Bayshore Boulevard corridor, and its walking distance to Hyde Park Village with some of the best shopping and dining in all of Tampa Bay http://www.hydeparkvillage.com/

"We have strategically positioned ourselves to offer a variety of options, lifestyle choices and price points throughout the brand platform" offered Jason Schaller, McKinley's Vice President and Managing Director for McKinley Hyde Park. "Village Flats will allow us to enhance our offerings in one of the most affluent and sought after neighborhoods in Olde Hyde Park. It is also steps away from Bayshore Boulevard which allows our customers access to miles of continuous waterfront recreation along Tampa Bay, and close proximity to all that the downtown has to offer." added Schaller. 

"McKinley Hyde Park represents the very best of authentic and historic apartment living in traditional neighborhoods within the heart of downtown," offered Albert M. Berriz, McKinley's CEO, Managing Member and Co-Owner.  "Each community has been carefully curated to ensure the brand delivers and exceeds expectations. We thoughtfully approach each building with an eye to detail which is sure to please the most discerning customers," Berriz further offered.

McKinley Hyde Park also leverages the talent, resources and history of McKinley's dominant workforce housing platform located in Orlando, Gainesville, Daytona Beach and the Tampa Bay markets operated under its core McKinley brand, and its other boutique luxury brand McKinley Beach which is located along the barrier islands of Pinellas County including Gulfport, South Pasadena and North Reddington Beach. McKinley today is the largest owner-operator of Multifamily communities along the Interstate-4 corridor in Central Florida with 56 multifamily communities in the Central Florida market. "We continue to execute our long term strategic vision and initiative to be the dominant multifamily owner operator at the center of this growth engine which is the Interstate-4 corridor, and we are thrilled to participate in a meaningful way in the future of Central Florida," added Berriz. 

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January 3, 2017

TAMPA, FLORIDA - McKinley Hyde Park announced today that it has closed on the acquisition of Manhattan Flats, located on Manhattan Avenue near Westshore Boulevard in South Tampa, Florida. This 78 unit community expands McKinley Hyde Park's dominant platform, which today is the largest assembly of unique and historic luxury apartment homes in the Hyde Park/South Tampa market. It also further expands its offerings along the Westshore Boulevard corridor, and its conveniently located to the Tampa International Airport, the causeways to Pinellas County and the beaches, and the marvelous retail and dining options available throughout Hyde Park. 

McKinley will immediately commence a comprehensive renovation and repositioning of Manhattan Flats expected to be completed within six months. Acquisition and Renovation financing by was provided by Comerica Bank, who has supported McKinley with its expansion efforts in the Tampa Bay Region over the years. "Comerica has once again done a terrific job with the Manhattan Flats acquisition, this was a complex transaction executed in record time, and they delivered for us every step of the way" offered Jim Willett, McKinley's Senior Vice President and Managing Director - Finance. "This is our 26th acquisition in the Hyde Park/South Tampa market, and no one else can offer the choices, locations and options we have in our portfolio, and at a range of price points as well" added Willett. 

"McKinley Hyde Park represents the very best of authentic and historic apartment living in traditional neighborhoods within the heart of downtown," offered Albert M. Berriz, McKinley's CEO, Managing Member and Co-Owner.  "Each community has been carefully curated to ensure that the brand delivers and exceeds expectations. We thoughtfully approach each building with an eye to detail that is sure to please the most discerning customers," Berriz further offered.

McKinley Hyde Park also leverages the talent, resources and history of McKinley's dominant workforce housing platform located in Orlando, Gainesville, Daytona Beach and the Tampa Bay markets operated under its core McKinley brand, and its other boutique luxury brand McKinley Beach which is located along the barrier islands of Pinellas County including Gulfport, South Pasadena and North Reddington Beach. McKinley today is the largest owner-operator of Multifamily communities along the Interstate-4 corridor in Central Florida with 56 multifamily communities in the Central Florida market. "We continue to execute our long term strategic vision and initiative to be the dominant multifamily owner operator at the center of this growth engine which is the Interstate-4 corridor, and we are thrilled to participate in a meaningful way in the future of Central Florida," added Berriz.

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December 21, 2016

Tampa, Florida - Albert M. Berriz, McKinley's CEO, Co-Owner and Managing Member announced today the promotion of Jason Schaller to Vice President and Managing Director for McKinley Hyde Park. The McKinley Hyde Park brand is the largest assembly of unique and historic luxury apartment homes located throughout the prestigious Hyde Park/South Tampa neighborhoods. A total of 26 communities make up this dominant platform, and Jason along with Mary S. Williams, Managing Director - Sales & Marketing for McKinley Hyde Park, were the founding executives that launched the brand in 2014. 

"Jason is a marvelous example of a leader who worked his ways up through the ranks, he took on a series of progressive leadership roles within McKinley, and now he will lead this most important brand" offered Berriz. Jason started with McKinley in the summer of 1999 working in the field on renovations under the mentorship of Jeff Ball, McKinley's most senior construction and facilities executive nationwide. Jason went on to assume various leadership roles in property management, renovations and construction with the Owned Residential Team and the Institutional Commercial Real Estate Team. "Jason is a great cultural example of our core values for our entire team. He is passionate, dedicated, a great teacher, and a compassionate and inspirational servant leader" added Berriz. "His creativity, eye for design, extensive renovation experience, and an understanding for creating extraordinary customer experiences make Jason uniquely qualified for the role" further added Berriz. 

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December 1, 2016

Walled Lake, Michigan - McKinley announced today the successful disposition of Benstein Business Park, a 48,000 sf light industrial park, consisting of four buildings. The property is located in Walled Lake, which is in the southern central portion of Commerce Township in Oakland County, close to major freeways and just off West Maple Road and Benstein Road.

 

"The sale of Benstein Business Park is the continuation of our strategic effort to dispose of internally owned retail, office and light industrial assets, and migrate those dollars into our core Multifamily business," offered Albert M. Berriz, McKinley's CEO, Co-Owner and Managing Member. "Our team is focused, and we have several other commercial dispositions in the pipeline at this time, and we expect to close those transactions in the near future," added Berriz

 

The disposition effort is also allowing McKinley to focus its highly talented commercial team in the workout and receivership of distressed office, retail and mixed use assets for third party clients, which continues to be a significant part of McKinley's real estate platform. McKinley today is a leading expert in the area of retail workouts, and one of the largest workout operators of distressed enclosed mall transactions in the US.

 

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Tags:   ICRE

November 28, 2016

'Our family was almost killed in the process': Ann Arbor CEO on fleeing Fidel Castro's Cuba in 1959

 

Were it not for a well-connected aunt, Albert Berriz might not be alive today to see the death of Fidel Castro.

Berriz, the 60-year-old CEO of Ann Arbor-based real estate company McKinley Cos. who came to READ MORE

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November 18, 2016

TAMPA, FL – McKinley Hyde Park announces the acquisition of Schoolhouse Flats located within the historic neighborhood of Olde Hyde Park, Downtown Tampa, Florida. Schoolhouse Flats becomes the 25th community that is part of the McKinley Hyde Park brand, a boutique collection of historic and uniquely restored apartment homes in the Hyde Park and South Tampa neighborhoods. McKinley Hyde Park today is the dominant owner-operator in these neighborhoods, and the addition of Schoolhouse Flats further expands that dominant footprint. 

 

Originally built as a neighborhood school, it was converted to a rental community many years ago, but now requires major improvements to make the community competitive. The McKinley Hyde Park Team has planned a very respectful renovation of this historic building well known in a neighborhood that is lined with cobblestone streets, charming lights and old oak trees. Schoolhouse Flats is also walking distance to Hyde Park Village (http://www.hydeparkvillage.com/) the best in retail and dining in all of Tampa Bay.  "This is a very special community, and we will make strategic improvements that will create long term value and enhance the customer experience as well," offered Andrew A. Berriz, Director – Special Projects Group. "We will improve upon the existing Spanish architecture and the glorious entry as part of our exterior renovation, and provide condominium grade interiors and amenities which will include fire pits, outdoor dining with Italian string lighting, extensive landscaping and site lighting, combining to deliver an amazing overall living experience," added Berriz.

 

The McKinley Hyde Park brand now spans from the Hillsborough River to the east by Downtown Tampa all the way to MacDill Air Force Base in South Tampa. "Today we can offer our customers a variety of choices unparalleled in the Hyde Park market," offered Trey Caswell, Senior Vice President & Managing Director - Residential Redevelopment.  "In addition to the diversity of locations, we offer just about every living option with a variety of price points as well.  No one is delivering the customer experience we have created, and our communities are well known for their distinctive branding, designs and renovations which have made a mark in the marketplace. Beyond the superior product delivery, we are obsessed with service, and our customers can contact us around the clock supported by our mobile maintenance teams who are always ready to exceed expectations. I am very proud of our team in Hyde Park, they are second to none in the industry," added Caswell.

 

McKinley Hyde Park brand also leverages the talent, resources and history of McKinley's dominant workforce housing platform located in Orlando, Gainesville, Daytona Beach and the Tampa Bay markets operated under its core McKinley brand, and its other boutique luxury brand McKinley Beach which is located along the barrier islands of Pinellas County including Gulfport, South Pasadena and North Redington Beach. McKinley today is the largest owner-operator of Multifamily communities along the Interstate-4 corridor in Central Florida with 55 multifamily communities in the Central Florida market. A special thanks to the team at Old National Bancorp for a marvelous execution on this acquisition and renovation effort. 

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Tags:   McKinley, Hyde Park

November 17, 2016

McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the successful disposition of Tops Plaza Erie, a 106,331 square foot shopping center in Erie, Pennsylvania.  McKinley was engaged as Manager for this property on December 21, 2012.  During its time as manager, McKinley corrected several deferred maintenance issues, including painting both buildings and repaving the parking lot.  McKinley also impressively executed 10 new leases and renewals, including the anchor tenant, to bring the occupancy to 100%.  The total square footage of executed deals represented over $10.6 million in lease value.

"I am very proud of our team's leasing success in bringing the property to full occupancy and positioning it for long term success. This is another example of McKinley's expertise in creating value for suburban, grocery-anchored retail centers,” stated Matt Mason, Senior Vice President - Commercial Real Estate & Special Advisor to the CEO.

“In addition to the physical improvements made to this asset, I am proudest of our team's ability to increase occupancy to 100%. 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,” stated Lauren Leach, Director of Commercial Portfolio Management.

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Tags:   ICRE

November 16, 2016

McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the takeover of Arrowhead Mall in Muskogee, Oklahoma.   The District Court of Muskogee County appointed McKinley as Receiver for this 439,224 square foot enclosed regional mall, making this McKinley’s 11th enclosed mall takeover.  Arrowhead Mall is 68% occupied and is home to tenants such as Dillard’s, JCPenney, Beall’s, Hibbett Sports and Dickinson Theatres.

 

“We are thrilled to have our first commercial takeover in the state of Oklahoma, a state where we have had much success with Multifamily real estate dating back to 1971.  The takeover of Arrowhead Mall marks McKinley’s 11th enclosed mall takeover, further cementing us as the country’s best mall workout specialists," stated Lauren Leach, Director of Commercial Portfolio Management.

 

"Arrowhead Mall provides an opportunity for the McKinley team to stabilize another regional mall utilizing its significant national experience and proven track record on behalf of the Muskogee community," added Matt Mason, Senior Vice President - Commercial Real Estate & Special Advisor to the CEO.

 

 

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Tags:   ICRE

November 8, 2016

McKinley announced today that it has acquired Winter Park Flats, a 120-unit apartment community located in Winter Park, Florida. Winter Park Flats is McKinley's third community in Winter Park, and it's 55th community throughout its expansive Central Florida Platform which includes Orlando, Winter Park, Daytona Beach, Gainesville, South Pasadena, Gulfport, North Redington Beach, Clearwater, Tampa, South Tampa and Hyde Park. 

 

Harry Collison, McKinley's Senior Vice President and Managing Director – Acquisitions and Dispositions, led the acquisition efforts for this investment, and leads McKinley's real estate efforts throughout Florida. "McKinley can move instantaneously, analyze and review acquisitions faster, and close more efficiently, and do all of that with its very own capital and its own team on the ground with over 450 full time team members in the region," offered Collison. "As a well-known Multifamily owner-operator in the region since 1982, McKinley has always performed flawlessly and exactly as promised with all sellers in the region, and that's a huge differentiator for us,” added Collison. 

 

Winter Park Flats is located in a residential setting at the north end of Winter Park, conveniently located to shopping, dining and just a few minutes from Downtown Winter Park and prestigious Park Avenue. The community is also moments away from Azure Winter Park, and Indigo Winter Park, owned and operated by McKinley, and major employers like Florida Hospital (Adventist Health).  The Orlando CBD, Orlando Regional Medical Center (Orlando Health) and numerous other major employers are only a short ride away on the SunRail. McKinley will immediately commence an extensive exterior renovation of the community which will be completed with six months of takeover including exterior painting, signage, landscaping, paving, amenity and sales center enhancements, and an overall brand makeover and repositioning of the asset. 

 

"Winter Park Flats is another example of our ability to acquire assets opportunistically, even in this market, and the community itself will enhance our overall position in the Central Florida Multifamily marketplace adding another Winter Park address to our extensive customer offerings available throughout the region," offered Albert M. Berriz, McKinley's CEO, Managing Member and Co-Owner.  "I also want to thank the Comerica Bank team who was with us every step of the way, and is always a fabulous partner in everything we do," added Berriz.  

 

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Tags:   Residential

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