March 28, 2018
Ann Arbor, Michigan - McKinley announced today the successful closing of a $50,850,000 10-year structured financing with CIBC for its Owned NNN Portfolio. The 10-year loan offers fixed-rate financing in a rising-interest rate market, along with the optionality and flexibility McKinley needs to manage this portfolio into the future. McKinley’s NNN portfolio consists of absolute triple net leases with newly constructed buildings and investment grade tenants with long lease terms in premiere locations.
“We carefully handpicked these assets to ensure the long-term stability of our portfolio and partnered with CIBC to create a fixed-rate model to support stable cash flow for a decade,” offered Jim Willett Senior Vice President & Managing Director – Finance. “This is particularly important for us in a rising rate market. We're proud of our close relationship and partnership with CIBC that allows us to structure the financing needed to ensure this portfolio can weather any storm and remain a quality investment for years to come." further offered Willett.
The portfolio consists of exceptional assets mostly with investment grade tenants in place located in growing markets throughout Florida, Georgia, South Carolina and Michigan. “We are familiar with these markets and have a long history of investment in these regions,” added Willett. “These are quality tenants in growing markets that will meet the needs of their customers for decades.”
March 9, 2018
ORANGE CITY, FLORIDA - McKinley acquires KFC located in Orange City, Florida, as it continues to exit from retail real estate and migrates into an all Multifamily platform along with a select portfolio of high quality investment grade NNN leases.
KFC on Saxon Blvd is located in a robust retail corridor surrounded by major retailers such as Target, Walmart, Publix, Home Depot and Lowe’s across from the Florida Hospital Fish Memorial. The corridor traffic is bustling with activity situated conveniently nearby I-4. Orange City is the center of economic activity in Southwest Volusia County part of the Interstate 4 corridor that serves the growing metropolitan areas located between Orlando and Daytona Beach.
Comerica Bank provided acquisition financing for this specific transaction as it has been doing for McKinley as part of a major loan facility provided for McKinley’s NNN acquisition effort. “This is an excellent NNN asset that we have added to our portfolio,” offered Jim Willett Senior Vice President & Managing Director – Finance. “It’s also located in our core I-4 Corridor concentration which makes it a natural choice for us,” added Willett.
January 26, 2018
The McKinley Companies announced today the acquisition of the Pizzeria UNO NNN investment located at 8250 International Drive, Orlando FL, in the heart of the Orlando Theme Park Tourist Commercial corridor, and just a short distance to the Orange County (Orlando) Convention Center. The property which consists of 9,589 square feet on 2.16 acres is an extraordinary long-term investment, and is in close proximity to all of McKinley’s Multifamily holdings in the Orlando Theme Park market.
McKinley secured acquisition financing with Comerica Bank, N.A., one of McKinley’s most trusted and long-term banking relationships. Comerica has provided McKinley with a significant debt facility for its NNN acquisitions which includes the recent acquisition of the Fifth Third Bank NNN investment located in Windermere (Orlando), Florida, the Walmart NNN investment located in Grand Rapids, Michigan, and the SunTrust Bank NNN Investments in Gainesville and Lakeland, Florida. “This trophy location is truly an extraordinary addition to our NNN investment portfolio,” offered Jim Willett Senior Vice President & Managing Director – Finance. “We acquired an outstanding property that is sitting in an exceptional location,” added Willett.