September 27, 2016
McKinley is pleased to announce that Akron Centre Plaza office and retail building, located in downtown Akron, was recently awarded the 2016 Beautification Watch Award by the Beautification Bureau of Keep Akron Beautiful. The award was established in 1983 to recognize people, organizations and businesses that consistently work to keep their Akron property clean and beautiful. The award is based on businesses that exemplify a litter-free property with well-maintained flowers, shrubs and/or trees, free of weeds and that stands out from its neighbors.
"I am extremely proud of our Akron Team. Receiving this award once again proves we have the very best management team in the marketplace and the best commercial real estate asset in the Akron market," stated Chris Allen, AVP, Director of Commercial Owned Real Estate. “We have consistently outperformed with our Akron portfolio, and this is yet another example of the attention to detail and superior service delivery that our customers have come to expect,” added Allen.
McKinley also owns and operates First Energy Plaza and Akron Centre Plaza consisting of 531,359 square feet and located in Downtown Akron. Without question McKinley’s Akron portfolio is the best office alternative in the region with world class tenants such as First Energy Corporation, JP Morgan Chase Bank and Ernst & Young
“Excellence is core to who we are, and our Akron team delivers excellence in everything they do,” offered Albert M. Berriz, CEO, Co-Owner and Managing Member. “We are old fashioned owner-operators and this experience is what we are all about,” added Berriz.
September 14, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the takeover of The Plaza of Okemos, a 19,557 square center in Okemos, Michigan. This center is home to tenants such as Panera Bread, Bank of America, and Domino’s Pizza. This takeover is McKinley’s 57th takeover in the state of Michigan. Today, McKinley manages 1,466,940 square feet of commercial space in Michigan.
"We are thrilled to manage this asset in our home state of Michigan. Our solid experience managing nearly 60 commercial properties in the state positions us well to create value at The Plaza at Okemos,” stated Lauren Leach, Director, Commercial Portfolio Management - Institutional Commercial Real Estate.
September 14, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the disposition of 31st Street Crossing, a 27,340 square foot shopping center in Temple, Texas. During its time as Manager, McKinley completed lease renewals with 86% of the rent roll, including the anchor tenant. These renewals represented a total lease value of $1.45 million. During the execution of the plan, the property team worked closely with the tenants to better position the property for sale. By reducing expenses and renewing tenants to maintain 100% occupancy, McKinley was able to add 56% value in just one year.
"The McKinley team created an impressive amount of value in a very short amount of time. Stabilizing the rent roll enabled the property to be perfectly positioned for sale,” stated Lauren Leach, Director, Commercial Portfolio Management - Institutional Commercial Real Estate.
September 12, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the disposition of EasTen Shopping Center Moorhead, Minnesota. McKinley was appointed Receiver for this shopping center on June 4, 2012 and was retained as Manager on March 27, 2013. This 132,962 square foot shopping center is home to tenants such as Cash Wise Foods, Cash Wise Liquors, Sherwin-Williams, and Arby’s. During its time as Manager, McKinley completed over 83,339 square feet of new leases and renewals, with a lease value of over $2.6 million. The team also made numerous improvements to the appearance of the property by updating the pylon sign, landscaping, and facade.
"I am thrilled with the results our team was able to achieve in a challenging market. We tackled new leases, renewals, and capital projects in order to maximize value," stated Lauren Leach, Director, Commercial Portfolio Management - Institutional Commercial Real Estate.
"I appreciate the opportunity to leverage our experience in grocery-anchored retail on behalf of the EasTen Shopping Center. Maintaining Cash Wise Foods as the anchor tenant is important to both the shopping center and the community," added Matt Mason Senior Vice President Commercial Real Estate & Special Advisor to the CEO.
September 6, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the disposition of Taylor Farmer Jack in Taylor, Michigan. McKinley was appointed Manager for this shopping center on March 24, 2011. This 89,766 square foot property is home to Sears, Salvation Army, Oakwood Hospital, Ollie’s Bargain Outlet, and Urgent Care One. During its five years as Manager, McKinley completed nearly 60,000 sf of new leases and renewals for a total lease value of $3 million. Occupancy at takeover was only 28%, and today the property is 100% occupied.
"In addition to the physical improvements made to this asset, I am most proud of our team's ability to increase occupancy by 72%. The value created is extraordinary. Our team's execution allowed us to position the asset to achieve our client’s goals and thereby generate a successful exit which was their plan from the start," stated Lauren Leach, Director, Commercial Portfolio Management - Institutional Commercial Real Estate.
"It's another example of the value we create in very difficult circumstances and with complex assignments. Lauren and her team really dug in and allowed for a successful exit at a value that would not have been possible based upon the condition of the asset at takeover," added Matt Mason Senior Vice President Commercial Real Estate & Special Advisor to the CEO. "The team attacked the mission from a variety of perspectives which shows again how our multi-disciplinary team approach to solving complex real estate problems works so well," added Mason.
During the execution of the plan, the team completed the redevelopment of the former Farmer Jack store as a part of a Special Land Use project which was key to the value creation effort. They also completed an extensive capital improvement plan which included landscaping, parking lot design, and a new monument sign.
September 1, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce that it has been engaged as Property Manager for a 51,819 square foot single-tenant retail building in Chicago, Illinois. The property is 100% occupied by the Michigan-based furniture retailer Art Van Furniture. The latest takeover is McKinley’s 11th in Illinois, bringing its total square footage of managed assets in the state to 2,156,538.
"McKinley has a substantial commercial presence in Illinois, making this takeover a natural fit. Having managed numerous single-tenant assets in the area, our Illinois-based personnel are perfectly suited to take on this assignment," stated Lauren Leach, Director, Commercial Portfolio Management – Institutional Commercial Real Estate.
“We are very excited to add another Art Van Furniture location to our growing management portfolio in Illinois,” stated Matthew D. Mason, Senior Vice President of Commercial Real Estate and Special Advisor to the C.E.O. at McKinley. “McKinley’s deep experience in the market provides a significant advantage in supporting the operations of the fast-growing retailer.”