McKinley Announces Successful Disposition of Large Retail Asset and Continued Management of Several AssetsJuly 18, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the disposition of the Chapel Hill Mall in Akron, Ohio. McKinley was appointed Receiver for this enclosed regional mall on July 7, 2014, and was subsequently retained as property manager on September 24, 2014. The 661,818 square foot Chapel Hill Mall is home to tenants such as JC Penney, Sears and Party City. During its management McKinley completed over 100 leases with a value of nearly $5,500,000. McKinley dramatically improved curb appeal by replacing the sidewalks and building signage, painting the exterior, upgrading to LED lighting, updating landscaping, installing a new play area and updating the water fountain. It also implemented monthly promotional events and brought Archie the Snowman, a community staple, back to its long-time home.
"McKinley executed its value-creation strategy for this mall beautifully. The team maximized value by not only attracting and renewing key tenants but also by implementing capital projects to enhance curb-appeal. Performing on both the asset management and operations level allowed us to position this asset very well for disposition,” shared Lauren Leach, Director, Commercial Portfolio Management – Institutional Commercial Real Estate
"McKinley is very proud to have led the stabilization of the Chapel Hill Mall and looks forward to its continued success. Having owned and managed a significant amount of real estate in Akron since 1989, including the FirstEnergy corporate headquarters and the Akron Centre Plaza downtown, McKinley is fully committed to the long-term success of the region. We are happy to have had the opportunity to lend our expertise in such a positive manner," added Matthew Mason, Senior Vice President - Commercial Real Estate & Special Advisor to the CEO.
McKinley has also been retained as the property manager for Avenues North shopping center, a 99,000 SF retail center located in Jacksonville, FL, and Butler Industrial building, a 225,000 SF industrial building in Butler, IN.