McKinley Companies Announces Triple Net Acquisition in Cayce, South CarolinaMay 10, 2018
CAYCE, SC. - The McKinley Companies announced today the acquisition of a Fee Simple interest in a commercially zoned property subject to a Triple Net Lease located in Cayce (Columbia), South Carolina. This property is occupied on a long-term lease by a Wal-Mart Supercenter, sitting on the high traffic signalized intersection of Hwy 321 and Knox Abbot Rd in the city’s main commercial corridor. The acquisition is part of McKinley’s strategic direction to exit the office and retail asset classes and become primarily a Multifamily enterprise along with a portfolio of select investment grade NNN assets.
“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.