McKinley Continues Strategic Central Florida Expansion with Complex Private Client TransactionMarch 8, 2016
McKinley is pleased to announce that it recently completed the acquisition of four NNN assets on behalf of a private client pursuant to a 1031 tax-deferred exchange. McKinley served as real estate advisor for the initial disposition, and the subsequent identification, due diligence, acquisition, financing and ongoing management of a portfolio of NNN assets that will generate a current yield while preserving favorable tax treatment.
The four properties acquired include Aspen Dental in Inverness, FL, Pei Wei and Mattress One in Winter Garden, FL, Just Brakes in Tampa, FL and Taco Bell in Orlando, FL. All leases are long-term leases in newly constructed or renovated buildings. Financing for the transactions was provided by KeyBank, N.A.
“Our team moved quickly to identify and acquire this strong portfolio of assets” offered Kenneth P. Polsinelli, Chief Real Estate Officer. “They operated within a tight timeline, with a specific target price and closed on all four assets simultaneously in just 90 days from the disposition date,” he further added.
“We were very surgical in our approach, and we were able to coordinate the exchange agent, legal review and all third party requirements for these four purchases in this compressed timeline,” said James Willett, Treasurer. “Our team has a deep understanding of the structure and complexities of the transaction, and we were well organized to deliver an exceptional result for our client,” he stated.