January 21, 2016
McKinley is pleased to announce that Lauren Leach, Director, Commercial Portfolio Management – Institutional Commercial Real Estate has been selected to serve as the 2016 CREW Careers Event Co-Chair along with Heather Olson, Miller Canfield. Ms. Leach currently serves on the CREW Outreach Committee and is very active in supporting professional development for women in commercial real estate.
The CREW Careers event is a hands-on classroom program designed to introduce Detroit High School girls to the many career opportunities within the commercial real estate profession. It consists of a one-day program where approximately 60 girls from Golightly High School, Detroit International Academy for Young Women, and Detroit Cristo Rey High School join together and with the help of CREW volunteers, they share two meals, learn about networking opportunities, and work most of the day on a real estate project. The teams then present their project to a panel of industry experts for feedback and recognition is given to each team. The students also learn from a variety of guest speakers and further learn about summer internship opportunities. Since the inaugural event in 2008, CREW Careers has inspired more than 350 girls from Detroit High Schools, as well as engaging more than 200 CREW members as presenters and volunteers.
“Prior to the event, which will be held on May 18, we spend time at each school, meet with the girls to start forming relationships, and we teach them essential life skills,” said Lauren Leach. “I'm excited about my involvement in what will be a very rewarding experience for my fellow CREW volunteers and for these talented high school girls” offered Leach.
“Lauren is an exceptionally talented executive with extensive real estate experience,” said Albert M. Berriz, Chief Executive Officer. “She has a strong commitment to development, and we are proud of her efforts in promoting opportunities for these young women. McKinley’s core purpose is enriching the quality of life in our communities and a key component is our culture of service,” added Berriz.
January 15, 2016
McKinley is pleased to announce that OfficeMax has renewed and extended its lease through 2024 at JANAF Shopping Yard. OfficeMax operates in 23,159 sf and has been a core tenant at JANAF since 1991. JANAF Shopping Yard is a one million square foot regional shopping destination located at the intersection of Military Highway and Virginia Beach Boulevard in the very heart of the Tidewater MSA. Super Wal-Mart is a parking plate partner and shadow anchor, and JANAF Shopping Yard is the home to over 150 stores, restaurants and services. McKinley has owned and operated JANAF since 1991, and was instrumental in bringing OfficeMax to Norfolk.
"We are excited to have OfficeMax renew its lease and extend its term at JANAF. It demonstrates the long-term success that they have had with us, and it also provides a great service for our customers,” said Matthew Mason, Managing Director and Partner, Institutional Commercial Real Estate. “We have an exceptional and seasoned team at JANAF, and they do a great job caring for our tenants” added Mason.
“Matt and his team had a banner year leasing in 2015 having completed 274 leases for over 2,008,700 sf and $192,000,000 in leasehold value, and they are off to a strong start in 2016,” offered Kenneth P. Polsinelli, Chief Real Estate Officer. “We are over 98% occupied across our entire portfolio, and we expect several more major announcements in the coming weeks,” he added.
January 7, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce that it has completed the successful resolution and disposition of the Albertson’s portfolio. McKinley was engaged as the real estate advisor and manager for a 2,094,932 square foot portfolio consisting of a mix of single tenant and net leased assets, fee simple and ground lease interests on September 27, 2012. The portfolio encompassed 45 assets in 15 states and required a coordinated transition to new management in just a few days.
The portfolio operated in a complicated entity structure, with a multitude of lease formats, variable lease terms and differing landlord/tenant responsibilities. Many assets were “dark” and not operating, and almost all assets had building code, life safety or deferred maintenance issues at the beginning of the assignment. McKinley began an immediate and thorough lease review, abstracting all of the key terms, assessing the status of reserves and accurately defining landlord/tenant responsibilities. Simultaneously, a detailed physical inspection was performed at each property to ascertain the full condition of the assets, define the scope of work needed, collect the appropriate reserves and to cure outstanding defects.
McKinley successfully disposed of 42 of the 45 assets on behalf of our client in June 2013. Its efforts included coordinating all 3rd party reports, site inspections, estoppels and guiding both legal teams through closing. As a reflection of the quality of work, the new purchaser engaged McKinley to remain as Manager for these assets. The remaining three assets suffered from a variety of legal disputes, in which McKinley identified and resolved the key issues and also provided expert testimony at trial.
“I’m very proud of our team members, and how they attacked this very complex assignment,” offered Matt Mason, Managing Director and Partner. “They mobilized across 15 states, quickly decided upon the key issues and executed flawlessly to resolve the outstanding challenges. I’m thrilled with the results that we delivered,” he added.
“Matt and his team are uniquely qualified to handle the most complex assignments” said Kenneth P. Polsinelli, Chief Real Estate Officer. “They fully understand how to create value across the entire spectrum of real estate issues, and leverage the strength of the entire team to ensure that no opportunity is missed. Their depth of experience with large scale and complicated assets enables McKinley to deliver unsurpassed results for our institutional clients,” he further added.
January 5, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the successful disposition of Lincoln Square Shopping Center in Mahtomedi, Minnesota. McKinley was appointed Receiver on February 24, 2014 and then engaged to continue as Manager post-foreclosure. During its time as Manager, McKinley completed a comprehensive roof assessment, directed a complete parking lot resurfacing and secured a critical replacement tenant while navigating the asset through contract negotiation and a successful disposition.
"We are pleased to be selected by our client to manage and dispose of Lincoln Square on its behalf," stated Matthew Mason, Managing Director and Partner. "Our team, once again, demonstrated its ability to drive significant results in a very short time frame and meet the objectives of our valued institutional client."
“Matt and his executive team delivered exceptional service, and created the maximum amount of value as quickly as possible,” said Kenneth P. Polsinelli, Chief Real Estate Officer. “The current retail environment is quite challenging, and McKinley leveraged its expertise and its view as an Owner to produce a great outcome for all stakeholders,” added Polsinelli.
December 17, 2015
McKinley is pleased to announce the opening of the BJ's Wholesale Club gas service at JANAF Shopping Yard located in Norfolk, Virginia. This expansion will greatly enhance the already dominant position BJ's Wholesale Club enjoys in the Tidewater market, and provide an additional amenity for its customers. An adjacent parcel on Virginia Beach Boulevard was added to the main BJ's Wholesale Club facility, and a new market window orientation to JANAF was created. The grand opening celebration was recently held on December 10, 2015 as the gas service component opened for business for the very first time.
This expansion coincides with the long-term lease renewal of BJ's Wholesale Club, which is a core anchor for JANAF Shopping Yard. JANAF Shopping Yard is a one million square foot regional shopping destination located at the intersection of Military Highway and Virginia Beach Boulevard in the very heart of the Tidewater MSA. Super Wal-Mart is a parking plate partner and shadow anchor, and JANAF Shopping Yard is the home to over 150 stores, restaurants and services.
“We are pleased that we were able to assist a valuable long-term tenant by expanding its business,” stated Matthew D. Mason, Managing Director & Partner. “We were also able to create an improved market window on Virginia Beach Blvd. which improves the experience for our customers and also helps the other retailers,” he further added.
“This was a very complex transaction that required the cooperation and hard work of numerous stakeholders,” offered Ken Polsinelli, McKinley's Chief Real Estate Officer. “Our team did an exceptional job, and we are pleased that we will be closing on a long-term CMBS loan with KeyBank in January.”
December 7, 2015
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the successful disposition of Tops Plaza in Depew, New York. McKinley was selected as property manager on December 21, 2012 for this 148,245 square foot grocery anchored retail center. During its tenure, McKinley remediated all deferred maintenance issues, successfully managed and supervised the installation of a large backflow preventer system, and executed six leases which were essential to stabilize the rent roll. Most notably, McKinley renewed the largest tenant, Tops Market, with a long term lease which maximized the current value and which positioned the property for sale.
"McKinley is proud to have had the opportunity to leverage its property management and leasing expertise to stabilize another asset in New York and to create substantial value on behalf of our client,” stated Matthew D. Mason, Managing Director & Partner. “Our view as an owner and operator of commercial real estate enables us to focus on creating value quickly” added Mason.
"Matt and his executive team have an extraordinary track record of managing complex real estate, and of extracting maximum value in the shortest possible time,” said Albert M. Berriz, Chief Executive Officer. “This is another successful result for an important institutional client and further demonstrates McKinley’s expertise in a challenging environment for retail,“ Berriz further added.
October 1, 2015
Matthew D. Mason, Managing Director & Partner, Owned and Institutional Commercial Real Estate at McKinley, announced today that Books-A-Million signed a major lease extension for 26,458 square feet at Village Marketplace. McKinley has owned this 185,000 square foot retail center in Port Charlotte, Florida since 1989, and it is one of its many Commercial and Multifamily owned and managed assets along the I-75 corridor in Florida.
"We are excited to have Books-A-Million renew its lease and expand its offerings at the center in order to position the store for continued retailing success. Our people on the ground in Florida and our team in Ann Arbor continue to deliver at all of our commercial assets nationwide and in Florida specifically. This year (2015) has been a banner year for us in terms of new lease executions and renewals in the Florida market," added Mason.
Florida today is McKinley's largest portfolio concentration for its commercial and multifamily assets, and it continues to expand its platform along the I-75 and I-4 corridors across the state.
"Matt's team produces amazing outcomes everyday for our owned assets and those assets we manage on behalf of our institutional clients and partners. It's a testament to the team Matt has built, and the resources we have on the ground in Florida having been there as an owner-operator since 1982," added Albert M. Berriz, McKinley's CEO and Co-Managing Member.
September 24, 2015
FORT MEYERS, FL. – Matthew D. Mason, Managing Director & Partner, Institutional and Owned Commercial Real Estate, announced today that the Twentieth Judicial Circuit Court for Lee County, Florida, has appointed McKinley as the Receiver for Gulf Coast Town Center. This 1,048,861 square foot, 30-building shopping center was built in 2005 and is located in Fort Myers, Florida. Gulf Coast Town Center is home to tenants such as Bass Pro, JC Penney, Marshall's, LA Fitness, Babies-R-Us, Home Goods, and Belk.
"We have distinguished ourselves as workout operators for very large and very complex assignments, and this opportunity for our Institutional Commercial Real Estate Team is a perfect example of an assignment that is in our sweet spot" offered Mason during the announcement today. "When you couple the complexity and size with our over 33 year proven track record owning and operating assets throughout Florida, this opportunity is perfectly suited for our team. A large takeover like this takes a very unique and special team, and extraordinary resources on the ground and in the market, all of which we have" Mason added.
McKinley has been an owner operator of Commercial and Multifamily assets throughout Florida since 1982. It currently owns and operates over $2.0 Billion in total assets throughout the state, and Florida has become the largest portfolio concentration for the entire real estate enterprise.
"We understand Florida, we live it and we operate assets at an extraordinary level delivering alpha along the Interstate 4 Corridor and the Interstate 75 Corridor every day" offered Ken Polsinelli, McKinley's Chief Real Estate Officer and Partner. "We have over 600 full time team members on the ground in Florida, a formidable cadre of vendors and suppliers than have been with us for years, and senior management with over three decades of experience in these markets, which enabled up to execute differently than our competition" Polsinelli added, who also leads McKinley's Florida office in Winter Park, Florida.
August 10, 2015
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the completion of the TOPS Markets portfolio renewal in Western New York. The 11-15 year lease extensions for the five property, 335,915 square foot portfolio of grocery stores represent the largest lease deal in the history of ICRE by a large margin. In addition to the enormous leasehold value the deal represents, it also created value well in excess for its Client.
“The completion of these long-term lease extensions confirms the strength of the markets and TOPS’ commitment to those areas. Furthermore, these lease extensions will stabilize the properties and the surrounding communities for years to come,” stated Chris Allen, Director, Institutional Commercial Real Estate.
"We are excited to finalize this very important lease extension and, once again, create significant value on behalf of our client,” added Matthew D. Mason, SVP & Managing Director, Institutional Commercial Real Estate.
June 10, 2015
HUNTSVILLE, AL. - McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the successful disposition of 9020 Baily Cove Road in Huntsville, Alabama. McKinley was appointed as Manager of this 58,000 square foot freestanding retail building on October 3, 2012, as part of the original 2,100,000 square foot Albertsons Portfolio. During its time as Manager, McKinley successfully assisted its valued stakeholder and its counsel in resolving a long, contentious ground lease dispute with the ground owner.
“This was an amazing opportunity for my team to demonstrate our value creation expertise,” stated Lauren Leach, Director, Commercial Portfolio Management – Institutional Commercial Real Estate. “We were thrilled to have had the opportunity to work out this asset on behalf of our important stakeholder, and are very pleased to announce this successful disposition on their behalf,” added Leach.