McKinley Companies Announces a Triple Net Lease in FloridaOctober 9, 2017
The McKinley Companies announced today the acquisition of a Triple Net Lease Asset located in Windermere, Florida. The property is occupied on a long-term lease by Fifth Third Bank, located in close proximity to Walt Disney World, and near many of the McKinley Multifamily holdings in the Orlando Theme Park Market. The acquisition is part of McKinley’s strategic direction to exit the office and retail asset classes and become primarily a Multifamily enterprise.
“As we exit our retail and office holdings, we are moving capital to Multifamily primarily, and also into high quality investment grade triple net leases. We plan to eventually rotate all of our capital into Multifamily over time as opportunities arise, and markets shift to being more of a buyer’s market,” offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley. “In the interim, our Triple Net Investments will only be of the highest credit quality and in conjunction with being extraordinarily well located real estate. The Windermere/Disney location was a natural for us of course, it’s a core investment market for us,” added Berriz.
McKinley was supported by Comerica Bank in this acquisition, one of its longest commercial banking relationships it has had over the years. “Comerica is family for us, they are always there for us, and they did a terrific job on execution on this deal,” further added Berriz.