McKinley Announce Disposition of Former Farmer Jack Shopping CenterSeptember 6, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the disposition of Taylor Farmer Jack in Taylor, Michigan. McKinley was appointed Manager for this shopping center on March 24, 2011. This 89,766 square foot property is home to Sears, Salvation Army, Oakwood Hospital, Ollie’s Bargain Outlet, and Urgent Care One. During its five years as Manager, McKinley completed nearly 60,000 sf of new leases and renewals for a total lease value of $3 million. Occupancy at takeover was only 28%, and today the property is 100% occupied.
"In addition to the physical improvements made to this asset, I am most proud of our team's ability to increase occupancy by 72%. 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 which was their plan from the start," stated Lauren Leach, Director, Commercial Portfolio Management - Institutional Commercial Real Estate.
"It's another example of the value we create in very difficult circumstances and with complex assignments. Lauren and her team really dug in and allowed for a successful exit at a value that would not have been possible based upon the condition of the asset at takeover," added Matt Mason Senior Vice President Commercial Real Estate & Special Advisor to the CEO. "The team attacked the mission from a variety of perspectives which shows again how our multi-disciplinary team approach to solving complex real estate problems works so well," added Mason.
During the execution of the plan, the team completed the redevelopment of the former Farmer Jack store as a part of a Special Land Use project which was key to the value creation effort. They also completed an extensive capital improvement plan which included landscaping, parking lot design, and a new monument sign.