January 24, 2018
Hyde Park, Tampa, Florida - The McKinley Companies announced today the closing of a long-term financing facility with Comerica Bank, N.A. for Addison Flats, Estancia Flats, Miramar Flats & Village Flats. These four communities are part of the McKinley Hyde Park boutique collection of unique and historic apartment communities located in Hyde Park, Downtown Tampa, Florida.
Addison Flats offers the perfect balance of thoughtfully restored historic architecture with sophisticated and spacious ultra-luxury finishes situated on Azeele Street, a quaint brick road neighborhood with well-established homes blocks away from Bayshore Blvd, Tampa General Hospital and Downtown Tampa.
Estancia Flats redesigned in the spirit of historic art deco elegance offers residents stylish living on San Pedro Street nestled in the highly sought-after Palma Ceia neighborhood within walking distance to local eateries and direct access to Bay to Bay Blvd and the Selmon Expressway.
Miramar Flats offers eclectic bohemian-style bungalows with a secluded and calm ambience with contemporary interiors on San Juan St. This gem is tucked away in the highly sought-after Palma Ceia neighborhood moments away from Bayshore Blvd.
Village Flats with a view of Bayshore Blvd and located on the iconic Rome Avenue bolsters one of the most coveted corners in all of Hyde Park. With restored interiors and charming historic architecture, Village Flats residents enjoy extravagant living in a premier setting at the doorstep of Hyde Park Village and classy restaurants such as Bern’s Steakhouse.
McKinley today is the largest owner-operator of multifamily apartments in the Hyde Park market, spanning a total of 26 communities located throughout Hyde Park, South Tampa and the Westshore Marina District. Comerica Bank has a long-term relationship with McKinley, and has supported McKinley throughout its growth in Hyde Park and continues to do so with the closing of this most important long-term financing. “Comerica comes through once again on this long-term facility for these very special communities we own in Hyde Park,” offered Jim Willett, Senior Vice President & Managing Director – Finance. “They understand our needs and they work very hard to make things happen for us, we are thrilled with this outcome,” added Willett.
McKinley has owned and operated multifamily apartment communities in Central Florida since 1982, and today is largest Multifamily owner-operator along the highly populated Interstate-4 Corridor between Orlando and Tampa. McKinley currently owns apartment communities in Orlando, Winter Park, Daytona Beach, Gainesville, North Reddington Beach, South Pasadena, Clearwater, Gulfport, Hyde Park, South Tampa and Tampa.
January 23, 2018
The McKinley Companies announced today the acquisition of two Triple Net assets located in Gainesville and Lakeland, Florida. McKinley has been exiting its retail and office holdings while migrating to an all Multifamily enterprise as well as owning and operating a select portfolio of high quality long term commercial real estate holdings that have excellent investment grade credit tenants in place. These two most recent acquisitions are occupied by SunTrust Banks, Inc. (NYSE - STI) which is rated BBB+, on long-term NNN leases.
Gainesville, Florida – The property at 5080 W Newberry Road consists of 6,314 square feet on 1.48 acres located in Gainesville’s financial district and situated within the University of Florida hub. The corner of 8th Avenue and W Newberry is a vibrant corridor with close proximity to the Oaks Mall Regional Shopping Center and I-75.
Lakeland, Florida – The property at 5441 N. Socrum Loop consists of 3,448 square feet on .85 acres located in the prosperous neighborhood positioned by Lake Gibson, accessible from interstate 4 on the corner of Publix Super Market.
McKinley secured acquisition financing with Comerica Bank, N.A., one of McKinley’s most trusted and long-term banking relationships. Comerica has provided McKinley with a significant debt facility for its NNN acquisitions which includes the recent acquisition of the Fifth Third Bank NNN investment located in Windermere (Orlando), Florida and the Walmart NNN investment located in Grand Rapids, Michigan. “We are thrilled with these additions to our extraordinary NNN investment portfolio,” offered Jim Willett, Senior Vice President & Managing Director – Finance. “We are looking forward to several additional acquisitions we have in the pipeline that will add to our portfolio of NNN investments,” added Willett.
January 23, 2018
Norfolk’s JANAF Shopping Yard may be seeing some new retailers and development in the coming years thanks to a new owner, Wheeler Real Estate Investment Trust Inc. CLICK HERE
January 22, 2018
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) (“Wheeler” or the “Company”), a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing retail properties with a primary focus on grocery-anchored centers, today reported that the Company has acquired JANAF Shopping Yard (“JANAF” or “Property”), a 887,917 rentable square foot shopping center located in Norfolk, Virginia.
Tow read more CLICK HERE
January 18, 2018
The McKinley Companies announced today that it has sold JANAF Shopping Yard to Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR), for $85.65 million. McKinley has owned JANAF Shopping Yard (“JANAF”), an 887,917-rentable square foot shopping center located in Norfolk, Virginia, since 1990; and it was the single largest retail asset in the McKinley portfolio. This sale marks a critical milestone in McKinley’s strategic effort to exit the retail real estate business. McKinley has sold over 15 retail real estate assets over the past 36 months, and it is expected to finalize its exit from retail real estate by Q2 2018.
JANAF was originally built in 1959, and it has undergone extensive expansion and redevelopment since McKinley acquired the asset. McKinley partnered with Walmart as they expanded their contiguous Supercenter and created a shared parking plate making Walmart a core shadow anchor. McKinley built a new ground up development on-site, and totally repositioned the main retail center. McKinley also repurposed the former Montgomery Ward property into successful retail shops via a complex adaptive re-use effort, and most recently delivered the new Wawa at the main entrance. JANAF was 94% occupied at closing, and anchored by prominent retailers including BJ’s Wholesale Club and Fuel Center (151,345 square feet in total); T.J. Maxx (37,383 square feet); Petco (17,000 square feet); Wawa (7,240 square feet); and Big Lots (42,500 square feet). Service and necessity providers such as the United States Postal Service, SunTrust Bank and others are also tenants of JANAF and serve the surrounding community. JANAF encompasses approximately 92 acres and includes 850,683 square feet of retail space in multiple buildings and 37,234 square feet of office space in one building.
“We congratulate Jon Wheeler and his team on this most important acquisition, and we are confident that they will do great things with JANAF which is located in their home town,” offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley. “As we have shown, our exit from retail real estate has been carried out flawlessly and with enormous precision. My thanks to the McKinley team that has worked tirelessly to make this most complex disposition happen. We are very excited that this milestone event will be transformative for our enterprise,” further added Berriz.
January 9, 2018
Wheeler Real Estate Investment Trust, Inc. Announces Contract to Acquire JANAF Shopping Yard in Norfolk, Virginia. To read more news on the JANAF sale CLICK HERE
December 28, 2017
PHOENIX, AZ. - The McKinley Companies announced today that it closed on the sale of the 35th and Greenway Shopping Center located in Phoenix, Arizona, an asset it has owned since the 1980’s. The sale is part of McKinley’s strategic effort to exit the retail commercial real estate business as it migrates its real estate holdings to an all Multifamily platform.
“We are focused, passionate and we have executed our strategic exit from retail real estate flawlessly,” offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley. “We expect our remaining dispositions to close in Q1 and Q2 2018,” further offered Berriz.
December 27, 2017
ANN ARBOR, MI. - The McKinley Companies announced today the successful completion of supplemental financings for two of its generational Multifamily assets that it owns in Indiana and Florida. The communities, Carmel Woods a 314-unit community located in Carmel, Indiana, and Turnbury at Countryside a 350-unit community located in Clearwater, Florida, exceeded all operational expectations and thus allowed McKinley to secure supplemental financing from Fannie Mae well in advance of its anticipated target date.
“The team at Berkadia led by our good friends Ernie Katai and Justin Wheeler performed flawlessly along with our friends at Fannie Mae as they both always do,” offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley. “Once again, our Owned Multifamily team led by Albert L. Berriz, exceeded all expectations, generating exceptional revenue and net operating income gains at these communities, allowing us to execute these financings well ahead of plan,” further added Berriz.
The Indianapolis and Tampa Bay markets are core markets for McKinley, having owned and operated Multifamily communities in Indianapolis since 2001 and Central Florida since 1982.
December 26, 2017
GRAND RAPIDS, MI. - The McKinley Companies announced today the acquisition of a Triple Net Lease Asset located in Grand Rapids, Michigan. The property is occupied on a long-term lease by a Wal-Mart Supercenter, located on 28th Street SE, just off US-96 and in close proximity to the Gerald R. Ford International Airport. The acquisition is part of McKinley’s strategic direction to exit the office and retail asset classes and become primarily a Multifamily enterprise.
“As we exit our retail and office holdings, we are moving capital to Multifamily primarily, and also into high quality investment grade triple net leases. We plan to eventually rotate all of our capital into Multifamily over time as opportunities arise, and markets shift to being more of a buyer’s market,” offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley. “In the interim, our Triple Net Investments will only be of the highest credit quality and in conjunction with being extraordinarily well located real estate. The Grand Rapids location was a natural choice for us of course, it’s a market and a location we know very well and we are very pleased to have it in the portfolio,” added Berriz.
McKinley was supported by Comerica Bank in this acquisition, one of its longest commercial banking relationships it has had over the years. “Comerica is family for us, they are always there for us, and they did a terrific job on the execution of this transaction as they do in everything they do for us,” further added Berriz.
December 7, 2017
Check out this feature on Mgoblue.com about McKinley's Summer Intern. Read More