February 2, 2016
McKinley's own CEO, Albert M. Berriz, writes an article for the Avanath newsletter about profitability in affordable housing. Click here
February 1, 2016
McKinley is pleased to announce that it has signed TD Ameritrade to a long-term lease at McKinley Towne Centre. TD Ameritrade will lease almost 25,000 sf at McKinley Towne Centre as they occupy the entire fifth floor joining Llamasoft, Bodman and Ann Arbor SPARK. Beginning May 1st, TD Ameritrade will also join downtown’s growing tech community in the blocks stretching from the University of Michigan’s diag down East Liberty Street to South Division. McKinley Towne Centre is a mixed use development offering 105,000 sf of class A, high-tech office space and 20,000 sf of retail space at the nexus of the University of Michigan and downtown Ann Arbor.
“We received an unprecedented amount of interest when we announced that we had 85,000 sf of office space available,” said Kenneth P. Polsinelli, Chief Real Estate Officer. “McKinley Towne Centre now has less than 4,200 sf of space remaining, and the speed of re-leasing the building is a testament to the significant investments that we have made and its key location at the intersection of State St. and Main St.” he added.
“When TD Ameritrade opened their office in town two years ago, they expressed a desire to be a part of the Silicon Valley of the Midwest, and being at McKinley Towne Centre helps them do just that,” stated Albert M. Berriz, CEO. “We believe that they will make a meaningful contribution to the Liberty St tech corridor,” he further offered. “TD Ameritrade offers cutting-edge technology and innovation for their clients, and we are excited about their long-term commitment to Ann Arbor’s downtown.”
February 1, 2016
MLive.com features McKinley in an article about submitted plans for its next apartment complex. Click here
January 28, 2016
Crain's Detroit Business features McKinley in an article about the newest lease with LLamasoft at the McKinley Towne Centre. Click here
January 26, 2016
McKinley is pleased to announce that it has signed LLamasoft to a long-term lease at McKinley Towne Centre. LLamasoft will occupy almost 60,000 square feet at McKinley Towne Centre including the entire second and third floors joining Bodman and Ann Arbor SPARK. Beginning May 1, LLamasoft 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 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.
“We talked with several companies about the possibility of moving into McKinley Towne Centre,” stated Albert M. Berriz, CEO of McKinley. “We spent time focusing on people that we thought would make an impact downtown, that would be committed to Ann Arbor and that would contribute to the community,” he further offered. “LLamasoft is the global leader in software for supply chain management, and while they have been rapidly expanding globally, they are significantly expanding in Ann Arbor and their key executives are committed to Ann Arbor.”
“LLamasoft continues to grow at a rapid pace, and we also need a world-class environment to support our team members” said Donald A. Hicks, CEO and President of LLamasoft. “McKinley Towne Centre is the highest quality office building in the downtown core, and it gives our employees the opportunity to enjoy all that Ann Arbor has to offer. McKinley is a leading corporate citizen as well, and we are excited that our LLamasoft team will have the space they need as we continue our record-setting growth.”
Founded in 1968 and headquartered in Ann Arbor, McKinley is a leading owner and operator of multifamily and commercial real estate. McKinley owns and manages more than 55 million square feet of commercial and residential real estate throughout 34 states. McKinley specializes in solving complex real estate problems for its own portfolio, as well as for a select clientele of institutional investors and partners.
LLamasoft supply chain optimization software enables companies across a wide range of industries to model, optimize and simulate their supply chain network, leading to major improvements in cost, service, sustainability and risk mitigation. Headquartered in Ann Arbor, Michigan, LLamasoft is a leader in supply chain excellence and innovation, advancing technology focused on continuous improvement of enterprise supply chains for the world’s largest organizations.
January 26, 2016
MLive features McKinley in an article about its newest tenant at the McKinley Towne Centre. CLICK HERE
January 26, 2016
Orlando, Florida McKinley City Beautiful, a boutique collection of historic and unique apartment communities located in the Downtown Orlando neighborhoods, continues its strategic expansion with the acquisition of a portfolio of three new communities. Delaney Park Flats, located in historic Delaney Park, and Lake Cherokee Flats and Osceola Flats, both located in the historic Lake Cherokee neighborhood provide authentic options for downtown living. These communities are walkable and bikeable to downtown and to Orlando Regional Medical Center, and they are in close proximity to vibrant dining and local shopping in downtown Orlando.
The PrivateBank is providing the acquisition and renovation financing as they have for all McKinley City Beautiful communities acquired to date. McKinley and The PrivateBank have a long, successful relationship together and they have been a core partner in McKinley's major expansion along the Interstate-4 Corridor from Orlando to Tampa/St Petersburg. "We have a unique partnership and relationship with The PrivateBank," offered Kenneth P. Polsinelli, McKinley's Chief Real Estate Officer. "They operate at our speed, they understand our business and our needs, and they share our long term vision," added Polsinelli.
All of these communities will undergo extensive renovations, including bringing all interiors to condo grade finishes with the finest materials and products. The exterior renovations will respect the historic integrity of the structures, while adding extensive amenities including outdoor dining and cooking areas, fire pits, bike and scooter parking, hammocks and lake view seating. All communities are redeveloped with an environmental focus and are smoke free living as well.
"McKinley City Beautiful in Downtown Orlando and McKinley Hyde Park in Hyde Park (Downtown Tampa) have allowed us to custom tailor living solutions for those very discerning customers that want to live in a dynamic downtown, but prefer a more secluded, quaint and historic alternative in traditional neighborhoods, as opposed to the newer high rises located in the business center downtown. As we have done in Hyde Park, each acquisition has been carefully curated to ensure that the brand delivers and exceeds expectations," offered Albert M. Berriz, McKinley's CEO.
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.