McKinley Announces Disposition of Illinois Shopping CenterJuly 12, 2017
McKinley Institutional Commercial Real Estate Team is pleased to announce the disposition of Westwood Square in Lake Forest, Illinois. McKinley was appointed Receiver for this shopping center on October 03, 2016. This 29,150 square foot center is home to tenants such as Westwood Bistro, Shelley Patenaude Interiors, and Jade Foot Spa. During its short time as Receiver, McKinley helped create value and stabilize the rent roll by filling two vacancies with new tenants and renewing two existing tenants. The team also remedied multiple city and fire code violations and significant deferred maintenance including active roof leaks, exterior lighting repairs, exterior power washing, and painting of the interior common areas and underground garage. McKinley further improved the asset by upgrading the inadequate lighting in the underground parking garage to energy efficient fixtures as well as crack filling, seal-coating, and striping the weathered surface parking lot.
"Upon accepting this assignment, McKinley was immediately able to remedy long standing issues and create value by stabilizing the property as well as bringing new tenants in to provide services to this quaint community," offered Jessica Furlong, Director of Operations for McKinley's Institutional Commercial Real Estate Team.
"This is another example of McKinley delivering a quality management experience for an important third party client. We take our role of creating value for our partners seriously. In this case, we quickly took over a distressed asset, certified a rent roll, completed a detail physical due diligence, cured immediate needs, and set this asset on a positive spiral of a turn around," offered Trey (Royal) Caswell, Senior Vice President & Managing Director - Institutional Real Estate.