McKinley Announces Sale of Two Trophy Assets in Ann Arbor, MichiganAugust 11, 2017
The McKinley Companies is proud to announce the sale of two of its trophy assets, McKinley Towne Centre and Liberty Square located in the prestigious Tech Corridor in Downtown Ann Arbor. McKinley acquired McKinley Towne Centre in 2005 after the move-out of a major bank impacted the State Street area leaving the building essentially vacant. Shortly after in 2007, McKinley acquired the also vacant Liberty Square, after which it set forth on a major mixed use redevelopment of the existing buildings and sale of the vacant parcel located across the street. This parcel became the purpose built student housing development known as Sterling 411 Lofts, the first of many luxury student apartment developments in the area. What followed was a revitalization of the area now known as the Ann Arbor Tech Corridor which houses many of the most exciting companies in Downtown Ann Arbor today.
"Our team is very proud of its efforts over the past 12 years. We achieved our specified goals of making McKinley Towne Centre the connection of "town and gown", the hub of cultural activities in the downtown, igniting the tech corridor, and activating from a pedestrian vantage point the connection along Liberty between Main and State streets. We are also confident that the Hillside Investments team will carry on our efforts and take what we have done to a new level for the community" said Albert M. Berriz, McKinley's CEO, Co-Owner and Managing Member.
McKinley embarked on a major initiative to dispose of its retail and office assets several years ago, and this sale transaction is a part of that effort. McKinley, it's ownership, it's Board, along with itsmanagement team, developed a comprehensive plan that will eventually migrate McKinley's owned asset platform to become essentially an all Multifamily enterprise. McKinley will continue ownership of select commercial assets including its corporate campus in the Kerrytown District in Downtown Ann Arbor, it's retail holdings in Pittsfield Township, Michigan where it is the largest Multifamily owner/operator, and its trophy office holdings in Akron, Ohio. McKinley will also continue its ownership of a very high quality Triple Net portfolio located throughout Central Florida. Finally, McKinley continues its Institutional Commercial Client Services effort which manages over 5 million square feet of office and retail assets for select institutional clients including complex receiverships, workouts and long term management.
"Our team has done a superb job migrating our owned asset platform to essentially an all Multifamily enterprise. At our current growth rate, our owned portfolio will approach 20,000 units by 2020 in Florida, Michigan, Illinois, Indiana and Georgia, along with another 5,000 units we operate for a select blue chip list of long term oriented institutional partners we have done business with for many years. We have decided to focus our talent and capital on what we do best, operating Multifamily assets on an extraordinary basis, and with a high degree of customer satisfaction" added Berriz.