MCKINLEY APPOINTED TO MANAGE 45 SINGLE-TENANT GROCERY STORESOctober 3, 2012
ANN ARBOR, MIMcKinley Commercial Client Services is pleased to announce that it has been appointed to manage a portfolio of 45 single-tenant Albertsons grocery stores comprising 2.1 million square feet. This is the largest takeover in McKinley's Commercial Client Services history. The assets are located in 15 states throughout the western and southeastern United States and are concentrated primarily in the markets of California, Washington, Nebraska, Oregon, Florida and Alabama. The portfolio is currently 89% leased to Albertsons, Stater Bros., Bag N Save and Sweetbay Supermarket. The total portfolio is valued at more than $125 million.
"We are thrilled to be presented with this opportunity," said Lauren Dritz, director of commercial portfolio management for McKinley. "We have already started initiating a long term work out strategy and have brought on several members of the McKinley team, led by April Fitch, to provide property management services. McKinley has a unbelievably strong record regarding workout assignments and we look forward to being involved with this portfolio."
"Lauren and her folks have done another fantastic job," added Albert M. Berriz, CEO of McKinley. "We have the best team in the marketplace and with our focus on execution and operational excellence, we look forward to enhancing the value of these assets."