November 8, 2018
Celebration, Fl.– The McKinley Companies announced today the acquisition of its newest Triple Net investment in Southwest Orlando, Florida.This newly developed 7-11 gas station and convenience store just opened in the Disney Celebration Planned Development and is consistent with McKinley’s NNN acquisition criteria. This development is in McKinley’s core Central Florida market, an exceptional location, and is occupied by an investment grade tenant on a long-term lease. McKinley has amassed a formidable NNN presence in the Southeast to include Florida, Georgia, and South Carolina, as well as in Michigan in the Midwest.
“This was a very complicated transaction with a 1031 exchange on a newly developed property, but it all worked out brilliantly,” offered Harry Collison, Senior Vice President and Managing Director – Acquisitions and Dispositions. “We have once again found the perfect combination of an extraordinary location and a superior investment grade tenant, and of course, it’s located in our Orlando Theme Park market which is one of largest concentrations of Multifamily holdings in our platform nationwide,” further offered Collison.
Canadian Imperial Bank of Commerce (CIBC) provided long-term fixed rate financing for this acquisition, as they have done on many of McKinley’s NNN acquisitions over the past several years. “CIBC is a terrific partner, they understand our needs in the NNN space, and they always perform for us,” offered Jim Willett, Senior Vice President & Managing Director – Finance. “We have had an amazing relationship with the CIBC Team over the years, and we look forward to many positive years to come in our extraordinary relationship,” offered Willett.