April 25, 2016
McKinley has completed the redevelopment of El Mar luxury beachfront apartments in North Reddington Beach, and Bayside Villas East luxury bayfront apartments in South Pasadena, Florida. McKinley Beach now owns six luxury communities along the barrier islands of Pinellas County in the Tampa Bay Region. "The McKinley Beach brand came to life at Seaside Villas Apartments, our first beachfront and bayfront community located in Gulfport, Florida, which has been a huge success," offered Albert L. Berriz, McKinley's Vice President & Managing Director, who leads McKinley Owned Multifamily business nationwide. "El Mar and Bayside Villas East are very unique communities with the highest quality finishes and amenities, along with exceptional waterfront locations, allowing us to further expand our dominant footprint along the barrier islands of Pinellas County," offered Berriz.
Project acquisition and renovation financing at El Mar has been provided by Comerica Bank, and at Bayside Villas East by The Private Bank. "Comerica Bank and The Private Bank are core long term McKinley relationships, and they have provided us over $300 million in acquisition/renovation financing over the past few years," offered Jim Willett, McKinley's VP Finance & Treasurer. "They understand our business model, they are with us every step of the way, and they are a key part of our McKinley family and team," added Willett.
McKinley's expertise and ability to execute very complex renovations and redevelopments has been an essential part of the success. "Developing, redeveloping and renovating projects along the barrier islands of Pinellas County is very complex with FEMA, county coastal development restrictions and the various other restrictive requirements in place. Our unique ability to deliver assets in that environment with such high barriers to entry allows us to compete effectively in a market with limited supply," offered Andrew A. Berriz, McKinley's Special Projects Director, who has been responsible for redevelopment of both projects. "We have delivered a luxury condominium grade option at a basis that works for us, and that meets the needs of our very discriminating customers," further added Berriz.
McKinley is uniquely positioned with a dominant workforce housing platform in the Orlando, Gainesville, Daytona Beach and Tampa Bay markets operated under its core McKinley brand, and it also operates its boutique luxury brands including McKinley City Beautiful in Downtown Orlando, McKinley Hyde Park in Downtown Tampa and McKinley Beach along the barrier islands of Pinellas County. "As we look forward ten, twenty and thirty years, we are excited about what the future will bring for these investments, and we are proud of what has been accomplished by our amazing team," offered Albert M. Berriz, CEO, Co-Owner and Co-Managing Member. "We continue to execute our long term strategic vision and initiative to be the dominant multifamily owner operator at the center of this growth engine which is the Interstate 4 corridor, and we are thrilled to participate in a meaningful way in future of Central Florida," added Berriz.
April 22, 2016
Crain's Detriot Business shares how McKinley's newest tenant at the McKinley Towne Centre, ThinkTech Inc., a technology subsidiary of TD Ameritrade, will bring 75 new jobs to the Ann Arbor Area. READ MORE
April 20, 2016
SPARK @nn Arbor USA shares how the McKinley Towne Centre's newest tenant, TD Ameritrade, will be creating new jobs in Michigan. READ MORE
April 7, 2016
McKinley Hyde Park announces the acquisition of Ivy Flats located within the historic neighborhoods of Hyde Park and Palma Ceia. Ivy Flats is the newest addition to McKinley Hyde Park, a boutique collection of historic and restored apartment homes in the Hyde Park and South Tampa neighborhoods. This majestic building is situated at the corner of Estrella St. and Obrapria St., and offers a classic Spanish architectural design typical of many buildings built in Hyde Park during the 1920's, 30's and 40's. Ivy Flats is the 19th community in the McKinley Hyde Park collection, and further expands the very unique choices available to its customers.
"Ivy Flats has an exceptional location bridging the Palma Ceia and Hyde Park neighborhoods. It has charming and spacious one-bedroom apartment homes with magnificent ten foot ceilings and wood floors, and we will make significant investments and upgrades at this community like we are making at all of our Hyde Park communities," stated Kenneth P. Polsinelli, Chief Real Estate Officer. “Residents appreciate our historically relevant renovations in combination with our thoughtful modern touches. Our ability to close very quickly, and complete a detailed property review very efficiently, makes it a win-win for us as the buyer and for the seller as well. Once again, The PrivateBank was along our side as we closed this transaction in record time," added Polsinelli.
“McKinley Hyde Park represents the very best of authentic and historic apartment living in traditional neighborhoods within the heart of downtown,” said Albert M. Berriz, Chief Executive Officer. “Each community has been carefully curated to ensure that the brand delivers and exceeds expectations. We thoughtfully approach each building with an eye to detail that is sure to please the most discerning customers,” he further offered.
March 16, 2016
MLive reports that the Ann Arbor Planning Commission will forward McKinley's proposed 68-unit apartment complex, known as Liberty Flats, to the Ann Arbor City Council. CLICK HERE
March 15, 2016
MLive features McKinley in an article about it's proposed $9M apartment complex on Ann Arbor's west side. CLICK HERE
March 14, 2016
CRE Radio talked Affordable Housing with Albert Berriz and Darryl Carter. Live, Interactive TV on March 11th. LISTEN HERE
March 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.
March 3, 2016
McKinley’s Institutional Commercial Real Estate division is pleased to announce that the Fifth Judicial Circuit Court for Lake County, Florida has appointed Matthew D. Mason of McKinley as Receiver for Shoppes of Lake Village. This 135,437 square foot grocery-anchored shopping center is located in Leesburg, Florida. Shoppes at Lake Village is 70% occupied and is home to tenants such as Publix, Bon Worth, and Mattress Firm. This property brings McKinley's total commercial managed square footage in Florida to 2,210,308.
McKinley has owned and operated in Florida since 1982, and is highly recognized for its expertise with distressed retail assets. This appointment is McKinley’s 15th current workout assignment in the state of Florida and represents the 30th assignment in the last several years.
"This takeover further cements McKinley's dominant footprint in the state of Florida,” offered Lauren Leach, Director, Commercial Portfolio Management – Institutional Commercial Real Estate. “McKinley takes its fiduciary as a Receiver and Property Manager very seriously, and we are excited to preserve and add value to this most important asset," she further added.
February 26, 2016
McKinley most recently announced two major lease transactions at McKinley Towne Centre which backfill the entire space currently occupied by Google. The leases were completed many months ahead of schedule and well in advance of Google’s move out on April 30th. As quickly as McKinley leased up 85,000 sf of premier office space in Downtown Ann Arbor, it has now closed a very favorable long term refinancing of the property. The long term refinancing, provided by The PrivateBank on very favorable terms, will allow continued investment in the building.
"This was always our plan," offered Kenneth P. Polsinelli, McKinley's Chief Real Estate Officer. "We have worked very hard to attract world class companies like TD Ameritrade and LLamasoft, and these lease transactions now allow us to position this core property for the long term with an extraordinary refinancing provided by our very good friends at The PrivateBank. This financing represents the 25th loan, and over $300 million in total financing, with The PrivateBank over the last several years.”
McKinley Towne Centre is a mixed use development offering 105,000 square feet of Class A, high-tech office space and 20,000 square feet of retail space at the nexus of the University of Michigan and downtown Ann Arbor. LLamasoft will occupy almost 60,000 square feet at McKinley Towne Centre including the entire second and third floors, and TD Ameritrade will occupy almost 25,000 square feet which is the entire fifth floor. Beginning May 1, LLamasoft and TD Ameritrade will join downtown’s growing tech community in the blocks stretching from the University of Michigan’s Diag down East Liberty Street to South Division. Together, companies such as Menlo Innovations, Barracuda Networks and PRIME Research employ hundreds in that area.
"McKinley is one of the premier real estate companies throughout the Midwestern and Southeastern United States and we are very fortunate to have enjoyed such a long-term, successful relationship," offered Steve Anderson, Managing Director, Commercial Real Estate, The PrivateBank. "We are excited to further deepen the relationship with the financing of this trophy asset in Downtown Ann Arbor," Anderson further added.
"This is a very unique asset and we were able to move very quickly once we finalized the leasing effort," said Jim Willett, McKinley's Corporate Treasurer and Vice President of Finance. "We have secured exactly what we needed via this very favorable bank financing and have positioned this asset for the long term," Willett added.