McKinley Companies Announces Triple Net Acquisition in South CarolinaApril 24, 2018
CLEMSON, SC. - The McKinley Companies announced today the acquisition of a Triple Net investment located in Clemson, South Carolina. The property is occupied on a long-term lease by a Wal-Mart Supercenter, and is located in a dense retail trade area within three miles of Clemson University. 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 are thrilled with this addition to our extraordinary NNN investment portfolio,” offered Jim Willett, Senior Vice President & Managing Director – Finance. “We are looking forward to closing several acquisitions we have in the pipeline that will add to our portfolio of NNN investments,” added Willett.
This acquisition is being 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.