December 11, 2014
THIRD LAKE, IL – McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the successful workout of Waterstone Place in Third Lake, Illinois located approximately 50 miles northwest of Chicago. McKinley was appointed Receiver of this 12,744 square foot asset on September 28, 2010 and was retained as Property Manager. During its time as Manager, McKinley executed a ten year lease with a dentist, and reduced association expenses by 50%.
“The dedicated team assigned to this asset was able to double NOI during McKinley’s time as Manager,” stated Lauren Leach, Director, Commercial Portfolio Management – Institutional Commercial Real Estate. “These results are beyond impressive,” shared Leach.