McKinley Companies Announces a Triple Net Acquisition in Ocala, FloridaJune 8, 2018
OCALA, FL. - The McKinley Companies announced today the acquisition of a Triple Net investment in Ocala, Florida. This new construction property is occupied on a long-term lease by a Wal-Mart Supercenter, located in a highly visible premier retail corridor. The acquisition is part of McKinley’s strategic direction to exit the office and retail asset classes and become primarily a Multifamily enterprise.
“We carefully handpicked these assets to ensure the long-term stability of our portfolio and partnered with CIBC to create a fixed-rate model to support stable cash flow for a decade,”offered Jim Willett Senior Vice President & Managing Director –Finance. “This is particularly important for us in a rising rate market. We're proud of our close relationship and partnership with CIBC that allows us to structure the financing needed to ensure this portfolio can weather any storm and remain a quality investment for years to come." further offered Willett.
This acquisition is financed as part of a $50,850,000 10-year structured financing with CIBC for McKinley’s owned Triple Net portfolio. The loan with CIBC offers fixed-rate financing in a rising-interest rate market, along with the optionality and flexibility McKinley needs to manage this portfolio in the future.