December 28, 2017
PHOENIX, AZ. - The McKinley Companies announced today that it closed on the sale of the 35th and Greenway Shopping Center located in Phoenix, Arizona, an asset it has owned since the 1980’s. The sale is part of McKinley’s strategic effort to exit the retail commercial real estate business as it migrates its real estate holdings to an all Multifamily platform.
“We are focused, passionate and we have executed our strategic exit from retail real estate flawlessly,” offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley. “We expect our remaining dispositions to close in Q1 and Q2 2018,” further offered Berriz.
December 27, 2017
ANN ARBOR, MI. - The McKinley Companies announced today the successful completion of supplemental financings for two of its generational Multifamily assets that it owns in Indiana and Florida. The communities, Carmel Woods a 314-unit community located in Carmel, Indiana, and Turnbury at Countryside a 350-unit community located in Clearwater, Florida, exceeded all operational expectations and thus allowed McKinley to secure supplemental financing from Fannie Mae well in advance of its anticipated target date.
“The team at Berkadia led by our good friends Ernie Katai and Justin Wheeler performed flawlessly along with our friends at Fannie Mae as they both always do,” offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley. “Once again, our Owned Multifamily team led by Albert L. Berriz, exceeded all expectations, generating exceptional revenue and net operating income gains at these communities, allowing us to execute these financings well ahead of plan,” further added Berriz.
The Indianapolis and Tampa Bay markets are core markets for McKinley, having owned and operated Multifamily communities in Indianapolis since 2001 and Central Florida since 1982.
December 26, 2017
GRAND RAPIDS, MI. - The McKinley Companies announced today the acquisition of a Triple Net Lease Asset located in Grand Rapids, Michigan. The property is occupied on a long-term lease by a Wal-Mart Supercenter, located on 28th Street SE, just off US-96 and in close proximity to the Gerald R. Ford International Airport. The acquisition is part of McKinley’s strategic direction to exit the office and retail asset classes and become primarily a Multifamily enterprise.
“As we exit our retail and office holdings, we are moving capital to Multifamily primarily, and also into high quality investment grade triple net leases. We plan to eventually rotate all of our capital into Multifamily over time as opportunities arise, and markets shift to being more of a buyer’s market,” offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley. “In the interim, our Triple Net Investments will only be of the highest credit quality and in conjunction with being extraordinarily well located real estate. The Grand Rapids location was a natural choice for us of course, it’s a market and a location we know very well and we are very pleased to have it in the portfolio,” added Berriz.
McKinley was supported by Comerica Bank in this acquisition, one of its longest commercial banking relationships it has had over the years. “Comerica is family for us, they are always there for us, and they did a terrific job on the execution of this transaction as they do in everything they do for us,” further added Berriz.
December 7, 2017
Check out this feature on Mgoblue.com about McKinley's Summer Intern. Read More