McKinley Companies Announces Triple Net Acquisition in GeorgiaMay 1, 2018
AUGUSTA, GA. - The McKinley Companies announced today the acquisition of a Triple Net investment located in Hephzibah, Georgia. This property is occupied on a long-term lease by a Wal-Mart Supercenter, sitting in a dense retail and commercial corridor and in close proximity to Fort Gordon with 30,000 active military personnel. 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.
“As we exit our retail and office holdings, we are moving capital to our core Multifamily platform, and also into a newly created platform of high-quality investment grade triple net leases consisting primarily of Walmart properties in the Southeast and Midwest,”offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley. “We have been methodical and disciplined in crafting a sophisticated portfolio of long term Triple Net Investments of the highest credit quality and in conjunction with being extraordinarily well located real estate,”added Berriz.
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.