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.
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.
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.
November 1, 2016
McKinley Hyde Park announces the acquisition of Delaney Flats - Phase 2, located within the historic neighborhood of Hyde Park, Downtown Tampa, Florida. Delaney Flats - Phase 2 sits adjacent to its neighbor Delaney Flats and becomes the 24th 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 today is the dominant owner-operator in these neighborhoods, and this next phase of Delaney Flats further expands that dominant footprint. Both communities will be operated under one common name to be known as Delaney Flats. A classically restored exterior respecting the historic neighborhood with cobblestone streets, oak trees, walkable to the best retail and dining in Tampa Bay, along with 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.
"This is going to be another terrific addition to our overall strategy," offered Mary Williams, McKinley's Chief of Staff who leads the sales and customer experience effort for the McKinley Hyde Park brand. "We have had enormous success at all of our communities at the east end of Hyde Park by downtown, the river and Tampa Regional Medical Center, it's where we have achieved our highest rents to date. Additionally, this community is just one block away from Bayshore Boulevard, the largest continuous waterfront sidewalk in the world where our residents can bike, run, roller blade and kayak just seconds from their doorstep," further offered Williams.
“McKinley Hyde Park represents the very best of authentic and historic apartment living in traditional neighborhoods within the heart of downtown,” said Albert M. Berriz, CEO, Co-Owner and Managing Member. “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 Redington Beach. McKinley today is the largest owner-operator of Multifamily communities along the Interstate-4 corridor in Central Florida with 54 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.
October 27, 2016
FORWARD Florida feature McKinley's CEO, Albert M. Berriz, in article about the hard times for Real Estate in 2008. READ MORE
October 27, 2016
McKinley announced today that it has secured long term financing from Fannie Mae and Berkadia for State Street Village, a newly built market rate apartment community adjacent to the grounds of the University of Michigan athletic campus in Ann Arbor, Michigan. The newly built 78-unit apartment community was leased up in record time, and is part of several communities McKinley has built in Ann Arbor and Fenton over the past several years, all of which have been financed with Fannie Mae and Berkadia.
"We continue our core strategy to secure very favorable long-term fixed rate financing for our generational Multifamily holdings," offered Jim Willett, Senior Vice President and Managing Director - Finance. "We have essentially completed our efforts to secure very favorable long term debt in this low interest rate environment for our existing Multifamily portfolio, and now our focus has turned to securing similar favorable long-term financing for our acquisition pipeline," added Willett.
Additionally, McKinley also announced today that it had secured long-term financing for Bayside Villas and Bayside Villas East, both located in South Pasadena, Florida. The communities which total 70 units are recent acquisitions and were redeveloped to become part of the McKinley Beach brand, a luxury collection of bayfront and beachfront apartment communities located on the barrier islands of Pinellas County, Florida. Financing was provided by The PrivateBank. The properties were leased up in record time and the successful lease ups allowed McKinley to move quickly and secure favorable long-term financing ahead of schedule.
"Jim and his team have done a superb job engineering an outstanding mix of debt sources including HUD, Fannie Mae, and commercial bank financing, which collectively have delivered a fortress position allowing us to achieve our long-term goals for our Multifamily portfolio. We have an extraordinary collection of Multifamily assets located in Florida, Michigan, Indiana, Illinois and Georgia, and the work Jim has done has allowed us to position that portfolio for the long-term on a base of strong recurring cash flow and liquidity," added Albert M. Berriz, CEO, Managing Member and Co-Owner of McKinley.
October 13, 2016
Albert L. Berriz, Senior Vice President & Managing Director - Owned Residential Real Estate, announced today the promotion of James Vuong to Assistant Vice President, Technology Director.
Mr. Vuong began his tenure at McKinley in June 2009 as a Web Designer/Developer in the newly created “Marketing, Media and Attraction” group under Albert L. Berriz. In this role he was responsible for the design and development of My.McKinley.com – a resident services portal that allows residents to connect with McKinley in a transparent and honest way, as well as submit maintenance requests and pay rent online.
In Mr. Vuong’s new role he will be involved in building and leading a team of tech professionals focused on providing world class support for our owned residential site teams as well as innovative services for our residents.
“I’m super excited to start in this expanded role to bring a new level of focus, responsiveness and transparent technical support for our on-site team members,” stated Vuong.
“James is an amazing asset to this company. He single-handedly designed and developed my.mckinley.com from the ground up, which is one of the most innovative resident portals in the industry,” shared Albert L. Berriz. “James has been responsible for all of our web assets for the past several years and has taken on more and more responsibility in other areas as well including marketing and technology. This promotion is well-deserved,” added Berriz.
October 7, 2016
Crain's Detroit Business features McKinley to better understand the steps as a Michigan company getting ready for Hurricane Matthew. Click Here
September 27, 2016
McKinley is pleased to announce that Akron Centre Plaza office and retail building, located in downtown Akron, was recently awarded the 2016 Beautification Watch Award by the Beautification Bureau of Keep Akron Beautiful. The award was established in 1983 to recognize people, organizations and businesses that consistently work to keep their Akron property clean and beautiful. The award is based on businesses that exemplify a litter-free property with well-maintained flowers, shrubs and/or trees, free of weeds and that stands out from its neighbors.
"I am extremely proud of our Akron Team. Receiving this award once again proves we have the very best management team in the marketplace and the best commercial real estate asset in the Akron market," stated Chris Allen, AVP, Director of Commercial Owned Real Estate. “We have consistently outperformed with our Akron portfolio, and this is yet another example of the attention to detail and superior service delivery that our customers have come to expect,” added Allen.
McKinley also owns and operates First Energy Plaza and Akron Centre Plaza consisting of 531,359 square feet and located in Downtown Akron. Without question McKinley’s Akron portfolio is the best office alternative in the region with world class tenants such as First Energy Corporation, JP Morgan Chase Bank and Ernst & Young
“Excellence is core to who we are, and our Akron team delivers excellence in everything they do,” offered Albert M. Berriz, CEO, Co-Owner and Managing Member. “We are old fashioned owner-operators and this experience is what we are all about,” added Berriz.
September 20, 2016
McKinley Hyde Park announces the acquisition of Beach Flats - Phase 2, located within the historic neighborhood of Hyde Park, Downtown Tampa, Florida. Beach Flats - Phase 2 sits adjacent to its neighbor Beach Flats and becomes the twenty-third 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 today is the dominant owner-operator in these neighborhoods, and this next phase of Beach Flats further expands that dominant footprint. Both communities will be operated under one common name to be known as Beach Flats.
This new phase of Beach Flats is an extraordinary example of Olde Historic Florida Architecture with large floor plans, natural hardwood floors, tall ceilings, extraordinary woodwork throughout. This community adds to the choices of in-town walkable, historic alternatives available within the Hyde Park brand. The post renovated community will include condominium grade interiors and extensive urban amenities conducive to the lifestyle of the neighborhood and our customers.
"This is going to be another terrific addition to our overall strategy, that only we could have pulled off frankly given our capital capacity, expertise and speed of execution" offered Harry Collison, McKinley's Senior Vice President and Managing Director - Acquisitions and Dispositions. Beach Flats has an exceptional location just off prestigious Bayshore Boulevard, walkable to the river, the downtown and Tampa General Hospital. "Beach Flats is at the east end of Hyde Park, one block from Bayshore Boulevard and a short walk to the downtown and Tampa General, and we are confident that our core customers that work in those locations will love this alternative in our brand mix" further offered Collison.
"This acquisition was another example of our ability to close very quickly with our own capital in advance of funding by our bank partners, and Harry Collison and I were able to custom tailor what the seller needed to make this happen seamlessly and efficiently in this transaction" offered Jim Willett, McKinley's Senior Vice President and Managing Director - Finance . Another key element in this acquisition was McKinley's reputation in the marketplace. "We always do exactly what we say we are going to do, and in record time. Everyone knows that when McKinley comes to the closing table, we deliver 100% of the time as agreed, and that's a big comfort to sellers in this marketplace," further added Willett and Collison.
“McKinley Hyde Park represents the very best of authentic and historic apartment living in traditional neighborhoods within the heart of downtown,” said Albert M. Berriz, CEO, Co-Owner and Managing Member. “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 53 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.