December 23, 2015
McKinley Hyde Park announces the acquisition of Carlyle Flats located in the core of Hyde Park. Carlyle Flats is the most recent addition to McKinley Hyde Park, a boutique collection of historic and restored apartment homes in the Hyde Park and South Tampa neighborhoods. This thirty-two apartment home community is located at the intersection of Armenia Avenue and Platt Street, and features a mix of one and two bedroom apartments within a private pool and courtyard setting.
"Carlyle Flats offers an exceptional location with easy access to all of the award-winning restaurants and amenities of Hyde Park. We will also continue the significant investments we are making at all of our communities. Carlyle Flats will feature three expansive outdoor courtyards including one outdoor kitchen, a resort-style pool, fire pit with Adirondack chairs, and bike shelters," stated Kenneth P.Polsinelli, Chief Real Estate Officer. “Our purchase of Carlyle Flats expands the McKinley Hyde Park brand to 17 communities. The acquisition and renovation financing is provided by The Private Bank, and I am pleased that the entire team was able to move from contract to closing in less than three weeks,” added Polsinelli.
"We are very proud that McKinley Hyde Park today is the dominant brand in the Hyde Park/South Tampa market, and Carlyle Flats provides our customers with another great choice," offered Albert M. Berriz, CEO. "We are working very hard to reposition assets, with extensive renovations now complete at Hyde Park Flats and Piccadilly Flats, and nearing completion at Parkland Flats and Brooklyn Flats. We are excited with our progress, and we anticipate sharing further important updates about our expansion efforts in Hyde Park in the very near future," Berriz added.
December 17, 2015
McKinley is pleased to announce the opening of the BJ's Wholesale Club gas service at JANAF Shopping Yard located in Norfolk, Virginia. This expansion will greatly enhance the already dominant position BJ's Wholesale Club enjoys in the Tidewater market, and provide an additional amenity for its customers. An adjacent parcel on Virginia Beach Boulevard was added to the main BJ's Wholesale Club facility, and a new market window orientation to JANAF was created. The grand opening celebration was recently held on December 10, 2015 as the gas service component opened for business for the very first time.
This expansion coincides with the long-term lease renewal of BJ's Wholesale Club, which is a core anchor for JANAF Shopping Yard. JANAF Shopping Yard is a one million square foot regional shopping destination located at the intersection of Military Highway and Virginia Beach Boulevard in the very heart of the Tidewater MSA. Super Wal-Mart is a parking plate partner and shadow anchor, and JANAF Shopping Yard is the home to over 150 stores, restaurants and services.
“We are pleased that we were able to assist a valuable long-term tenant by expanding its business,” stated Matthew D. Mason, Managing Director & Partner. “We were also able to create an improved market window on Virginia Beach Blvd. which improves the experience for our customers and also helps the other retailers,” he further added.
“This was a very complex transaction that required the cooperation and hard work of numerous stakeholders,” offered Ken Polsinelli, McKinley's Chief Real Estate Officer. “Our team did an exceptional job, and we are pleased that we will be closing on a long-term CMBS loan with KeyBank in January.”
December 7, 2015
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the successful disposition of Tops Plaza in Depew, New York. McKinley was selected as property manager on December 21, 2012 for this 148,245 square foot grocery anchored retail center. During its tenure, McKinley remediated all deferred maintenance issues, successfully managed and supervised the installation of a large backflow preventer system, and executed six leases which were essential to stabilize the rent roll. Most notably, McKinley renewed the largest tenant, Tops Market, with a long term lease which maximized the current value and which positioned the property for sale.
"McKinley is proud to have had the opportunity to leverage its property management and leasing expertise to stabilize another asset in New York and to create substantial value on behalf of our client,” stated Matthew D. Mason, Managing Director & Partner. “Our view as an owner and operator of commercial real estate enables us to focus on creating value quickly” added Mason.
"Matt and his executive team have an extraordinary track record of managing complex real estate, and of extracting maximum value in the shortest possible time,” said Albert M. Berriz, Chief Executive Officer. “This is another successful result for an important institutional client and further demonstrates McKinley’s expertise in a challenging environment for retail,“ Berriz further added.
December 3, 2015
Invest Florida talks with Albert M. Berriz about McKinley’s special interest in Florida. READ MORE
December 1, 2015
McKinley's Institutional Residential Real Estate Division is pleased to announce that it has acquired Fairmount Oaks Apartments on behalf of Avanath Affordable Housing II, LLC. Fairmount Oaks is a 172 unit apartment community located in Gainesville, Florida.
Fairmount Oaks offers immediate access to I-75 and is conveniently located adjacent to dining, entertainment and shopping at The Oaks Mall and Butler Plaza. Shands Medical Center and the North Florida Regional Medical Center are minutes away from the community, which offers quality workforce housing for these essential workers. The community features expansive grounds with mature oaks, and ample walking trails. It also offers very spacious floor plans including full-size patios with floor to ceiling glass, and in-home laundry.
"We are excited to add Fairmount Oaks to the high quality portfolio of communities that Avanath has acquired in Central Florida," stated Royal E. Caswell III, McKinley’s Managing Director, Institutional Residential Real Estate. “This addition builds upon our long-standing experience in the Gainesville market and allows us to offer an incredible value to meet the need for workforce housing” Caswell added.
“Fairmount Oaks Apartments is a perfect addition to our portfolio of affordable housing communities that provide homes for the growing workforce at Shands Medical Center, the University of Florida and in Gainesville. With our partners at McKinley, we will make enhancements to Fairmount Oaks that will enrich the quality of life for our residents,” stated Daryl Carter, Chief Executive Officer.
McKinley-Avanath is actively involved in the management of workforce housing communities located in Gainesville, Orlando, Cary, Chicago, Ann Arbor, Kissimmee and Naples for its own investment platform as well as for select institutional clients.