March 6, 2008
Source:Greg Migliore | Ann Arbor Business Review
Thursday March 06, 2008
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McKinley Inc. wants to move ahead this spring with plans to add nearly 30,000 square feet onto the Glencoe Crossing shopping center on Washtenaw and build 60 units of apartments in an area north of the development.
McKinley asked the Pittsfield Township Planning Commission for site plan approval and a wetland permit, and for rezoning of the site in February, though the requests were postponed while the company clarifies some of the plans, which are expected to be approved.
The commercial building would be about 27,000 square feet and fill between Quiznos Sub and Starbucks in the shopping center, said Trey Caswell, executive vice president and managing director of commercial operations for McKinley.
The apartments would be multi-tenant dwellings behind the shopping center and are expected to have three bedrooms, according to site plans.
A walking path would connect the new structures to the Glencoe Hills apartments. The plan also includes a separate, 2,200-square-foot structure on an outlot near Washtenaw Avenue.
The development is being presented as a mixed-use project to Pittsfield Township officials, and Caswell said they will complement each other.
"We're going to have to have service tenants that service those multi-family tenants," he said.
McKinley has considered different uses for the site over the last five years, including listing it for sale for $3.21 million in 2003. The company had been seeking a developer to build up to 107 condos.
Caswell said he has a letter of intent signed with an unnamed tenant for the outlot building, and is looking to get national tenants to take space in the larger addition.
Other tenants at Glencoe Crossing include Ichiban, a Japanese steak house and sushi bar, Dollar General, Comcast and Dynasty Buffet.
The center a gross leasing area of 94,118 square feet. It had four vacancies totaling 17,056 square feet, or an 18.1 percent vacancy rate, in February, according to a listing. Rents listed for $14 to $18.
The development would impact less than a tenth of an acre of wetlands on the site, and preserve about 17.69 acres, the township said.
The additions to McKinley's Glencoe properties would bolster an already strong mix of shopping centers and apartments on Washtenaw Avenue. The strip is midway between the campuses of the University of Michigan and Eastern Michigan University.
McKinley expects to come back to Planning Commission this month and could have its plans reviewed by the Township Board of Trustees in April.
"In general, we look favorably on the project," said Paul Montagno, Pittsfield Township senior planner.
David Esau of Cornerstone Design Inc. in Ann Arbor is did architectural work for the site. The project has not been bid out yet to contractors, and construction costs were not available, Caswell said.
March 6, 2008
Source: Smart Business Detroit | March 2008
How to create a celebratory culture
Albert M. Berriz
CEO, McKinley Inc.
By Brian Horn
Thats why the CEO of real estate company McKinley Inc. stresses education, which he believes is a driver to becoming a top-notch executive. And to emphasize the importance of education, the company which posted 2007 revenue of $167.1 million gives raises to reward employees who participate in classes.
March 5, 2008
March 5, 2008
Contact: Mary S. Williams
734-769-8520 ext. 244
For Immediate Release
McKinley, a real estate investment firm headquartered in Ann Arbor, Michigan, is pleased to announce the successful completion of Management and Advisory Services for our client, special servicer Capmark Finance, Inc. for the 152,000 square foot office property known as Pontiac Place in Pontiac, Michigan. The Pontiac Place asset recently sold.
In March 2007, McKinley began providing Management and Advisory Services at the nearly vacant office building. Next, McKinley located and procured a broker for the sale of the property. After a relatively short marketing period, the property was sold on January 29, 2008.
This recent disposition is another example of how McKinley aggressively solves real estate problems for our clients. From takeover to disposition, we enjoy exceeding expectations on a regular basis.
McKinley, founded in 1968, is a well respected national real estate investment firm that owns and operates $1.9 billion in assets in 107 properties for its own account and for select clientele. This includes 17,371 apartments and 6.2 million square feet of commercial space located in ten states. Albert M. Berriz serves as Chief Executive Officer for McKinley, headquartered in Ann Arbor, Michigan. McKinley employs 751 full-time employees nationwide.
March 2, 2008
McKinley expands Ann Arbor development
By Daniel Duggan
McKinley Inc. is starting the second phase of its McKinley Towne Centre office, retail and multifamily development.
So far, the office component project is fully occupied with anchor tenants Google and Detroit-based law firm Bodman L.L.P.
Bar Louie, a hip restaurant, is one of the retail tenants, and Illinois-based Joseph Freed and Associates L.L.C. is embarking on a 106-unit apartment adjacent to the project on land sold by McKinley.
The development has grown into the type of mixed-use project that often has to start from scratch in other suburbs, said Matthew Mason, director of sales and leasing for Ann Arbor-based McKinley.
"You could call it a nonattached lifestyle center," he said.
Geographically, the project is also a hybrid. University of Michigan students mostly keep to State Street, and the downtown business community sticks to Main Street.
At Division and Liberty streets, McKinley Towne Centre is between both areas but draws businesses to the office space and students to the retail and restaurants.
Mason expects more retail tenants to be drawn to the second phase of the project. Once the headquarters for Borders Group Inc., the one-story building will be redeveloped into a two-story building with retail on the first floor and offices on the second floor. The phase will add 12,000 square feet to the existing 125,000-square-foot Towne Centre.
And there's room to expand.
McKinley has an option to purchase two existing retail buildings between the first and second phases along Liberty Street.
The Ann Arbor central business district posts a vacancy rate of 7.1 percent for office space, according to research by the Southfield office of real estate firm Grubb & Ellis, which lists the overall metro Detroit market at 21.6 percent.
The city has been a bright spot in the local office market, said Dave Hamilton, CEO of the Ann Arbor-based real estate company Swisher Commercial. And the Towne Centre development has been prime office space. The asking rate for office space in the building is $30 per square foot, but it varies based on specific spaces, Mason said. Grubb & Ellis lists the average Class A asking rate for the Ann Arbor CBD at $24 per square foot."It's one of 10 or so sites downtown where someone would say 'I want to be there,' " he said. "The rates are on the higher side, but it's competitive."
Reprinted in full from web Source: Crains Detroit