News


April 18, 2017

The McKinley Companies announced today that it has completed the successful acquisition of Palio Apartment Homes formally known as Middlebrook Farms Apartments, a 320-unit luxury apartment community located in the Universal Orlando submarket of Orlando, Florida. Palio Apartment Homes is McKinley's twelfth owned workforce housing community specifically located in the Orlando Theme Park corridor between Universal Orlando and Walt Disney World, and its 57th Owned community located throughout Central Florida including Orlando, Winter Park, Daytona Beach, Gainesville, Clearwater, South Pasadena, North Reddington Beach, Gulfport, and Tampa/Hyde Park/South Tampa. McKinley operates in the Central Florida Region under its flagship McKinley workforce housing brand, as well as its McKinley Beach and McKinley Hyde Park luxury brands. 

 

Palio was built in 2001, and contains a mix of large one, two and three bedroom apartments and townhomes with extensive amenities, garages and on-site storage facilities. The large size apartments, which all have in-home washers and dryers and private patios, in conjunction with the Orange County Public Schools, provide excellent housing opportunities for the workforce along the Orlando Theme Park corridor. Palio Apartment Homes is just minutes from major employers including Universal Orlando, Orange County Convention Center, Sea World and Walt Disney World. "We are passionate about being the workforce housing provider of choice throughout the Orlando Tourist Commercial corridor. In addition to our many apartment styles and sizes that we have available, our communities are in very close proximity to jobs, which allows our residents to walk or take a short ride to work each day," offered Albert M. Berriz, McKinley's CEO, Co-Owner and Managing Member. "As drive times and traffic becomes a much more complex issue throughout Central Florida, we believe that having apartment communities immediately adjacent to the largest employers in the region will be a major strategic advantage now and into the future," added Berriz.

 

McKinley was able to move quickly and close on this transaction in record time with its own capital supported by Key Bank, a long term commercial banking relationship of over 25 years. "We have never missed on a closing, and as we did with Palio Apartment Homes, we can move very quickly given our vast financial resources and our amazing team and relationships on the ground in Central Florida which is a key differentiator for us in the marketplace," offered Jim Willett, McKinley's Senior Vice President & Managing Director. "We had our good friends and long term commercial banking partners from Key Bank supporting us on this transaction. In their classic style our banks are always with us, and work along-side us, as we very quickly close large and complex transactions like Palio Apartment Homes," added Willett.

 

McKinley is proud to be a major employer and owner of Multifamily and Retail real estate throughout Central Florida, having actively invested in the region since 1982. As one of the largest owners of Multifamily real estate throughout Central Florida, McKinley is committed to the future and well-being of the region, our customers that provide us the opportunity to serve their housing needs, and our over 500 amazing Central Florida based team members who make it happen every day.

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Tags:   Hyde Park

April 11, 2017

McKinley Institutional Commercial Real Estate Team is pleased to announce the takeover of Cortez Common, a 72,160 square center in Brooksville, Florida, a suburb of Tampa. This center is home to tenants such as Dick’s Sporting Goods and Five Below and is 100% occupied. This takeover, on behalf of a major institutional client, is McKinley’s 42nd Institutional Commercial Real Estate takeover in the state of Florida.

 

"Our team was able to react quickly and immediately step in to achieve our client’s objectives in this complex workout transaction," offered Jessica Furlong, Director of Operations for McKinley's Institutional Commercial Real Estate Team. "Our capabilities on the ground and our vast experience and resources in the Central Florida region further allowed us to move quickly and execute the takeover in record time," added Furlong.

 

McKinley has been actively investing and operating Multifamily, Office and Retail assets in the Central Florida Region since 1982. McKinley is a major employer in the region as an owner/operator of real estate throughout Tampa Bay, Hyde Park, South Tampa, South Pasadena, Gulfport, North Redington, Clearwater, Inverness, Brooksville, Orlando, Winter Springs, Winter Park, Daytona Beach and Gainesville. McKinley is committed to the well-being and future of the region and is proud of its over 450 Central Florida Team Members who execute amazingly every single day.  

 

 

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Tags:   Commercial

March 24, 2017

Mlive reports on latest timeline for Packard square.    CLICK HERE

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Tags:   Media

March 22, 2017

ANN ARBOR, MI. – McKinley’s CEO, Albert M. Berriz and his wife Paula Berriz, as well as Founder, Ambassador Ronald N. Weiser and wife Eileen Weiser are proud to announce their major financial support for Project Healthy Schools (PHS) in Ann Arbor, Michigan. 

 

Project Healthy Schools is a community-University of Michigan Health System (UMHS) collaborative which provides a school-based program to reduce childhood obesity and its long-term health risks. Focusing primarily on sixth grade students, PHS aims to stem the tide of this epidemic by:

teaching youth healthy habits
developing healthy school environments
creating an infrastructure that supports program sustainability and replication

 

“This is a wonderful example of a University of Michigan program in partnership with Ann Arbor Public Schools, and they are making a huge difference in the lives of these students,” shared Albert M. Berriz. “After experiencing the class first hand, I was amazed with how the students were engaged, focused and curious to learn about making the right food choices and exercise, and the UM Health Ambassador volunteers (students) and teachers were awesome!”

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Tags:   charity

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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