December 1, 2016
Walled Lake, Michigan - McKinley announced today the successful disposition of Benstein Business Park, a 48,000 sf light industrial park, consisting of four buildings. The property is located in Walled Lake, which is in the southern central portion of Commerce Township in Oakland County, close to major freeways and just off West Maple Road and Benstein Road.
"The sale of Benstein Business Park is the continuation of our strategic effort to dispose of internally owned retail, office and light industrial assets, and migrate those dollars into our core Multifamily business," offered Albert M. Berriz, McKinley's CEO, Co-Owner and Managing Member. "Our team is focused, and we have several other commercial dispositions in the pipeline at this time, and we expect to close those transactions in the near future," added Berriz
The disposition effort is also allowing McKinley to focus its highly talented commercial team in the workout and receivership of distressed office, retail and mixed use assets for third party clients, which continues to be a significant part of McKinley's real estate platform. McKinley today is a leading expert in the area of retail workouts, and one of the largest workout operators of distressed enclosed mall transactions in the US.
November 28, 2016
'Our family was almost killed in the process': Ann Arbor CEO on fleeing Fidel Castro's Cuba in 1959
Were it not for a well-connected aunt, Albert Berriz might not be alive today to see the death of Fidel Castro.
Berriz, the 60-year-old CEO of Ann Arbor-based real estate company McKinley Cos. who came to READ MORE
November 18, 2016
TAMPA, FL – McKinley Hyde Park announces the acquisition of Schoolhouse Flats located within the historic neighborhood of Olde Hyde Park, Downtown Tampa, Florida. Schoolhouse Flats becomes the 25th community that is part of the McKinley Hyde Park brand, a boutique collection of historic and uniquely restored apartment homes in the Hyde Park and South Tampa neighborhoods. McKinley Hyde Park today is the dominant owner-operator in these neighborhoods, and the addition of Schoolhouse Flats further expands that dominant footprint.
Originally built as a neighborhood school, it was converted to a rental community many years ago, but now requires major improvements to make the community competitive. The McKinley Hyde Park Team has planned a very respectful renovation of this historic building well known in a neighborhood that is lined with cobblestone streets, charming lights and old oak trees. Schoolhouse Flats is also walking distance to Hyde Park Village (http://www.hydeparkvillage.com/) the best in retail and dining in all of Tampa Bay. "This is a very special community, and we will make strategic improvements that will create long term value and enhance the customer experience as well," offered Andrew A. Berriz, Director – Special Projects Group. "We will improve upon the existing Spanish architecture and the glorious entry as part of our exterior renovation, and provide condominium grade interiors and amenities which will include fire pits, outdoor dining with Italian string lighting, extensive landscaping and site lighting, combining to deliver an amazing overall living experience," added Berriz.
The McKinley Hyde Park brand now spans from the Hillsborough River to the east by Downtown Tampa all the way to MacDill Air Force Base in South Tampa. "Today we can offer our customers a variety of choices unparalleled in the Hyde Park market," offered Trey Caswell, Senior Vice President & Managing Director - Residential Redevelopment. "In addition to the diversity of locations, we offer just about every living option with a variety of price points as well. No one is delivering the customer experience we have created, and our communities are well known for their distinctive branding, designs and renovations which have made a mark in the marketplace. Beyond the superior product delivery, we are obsessed with service, and our customers can contact us around the clock supported by our mobile maintenance teams who are always ready to exceed expectations. I am very proud of our team in Hyde Park, they are second to none in the industry," added Caswell.
McKinley Hyde Park brand also leverages the talent, resources and history of McKinley's dominant workforce housing platform located in Orlando, Gainesville, Daytona Beach and the Tampa Bay markets operated under its core McKinley brand, and its other boutique luxury brand McKinley Beach which is located along the barrier islands of Pinellas County including Gulfport, South Pasadena and North Redington Beach. McKinley today is the largest owner-operator of Multifamily communities along the Interstate-4 corridor in Central Florida with 55 multifamily communities in the Central Florida market. A special thanks to the team at Old National Bancorp for a marvelous execution on this acquisition and renovation effort.
November 17, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the successful disposition of Tops Plaza Erie, a 106,331 square foot shopping center in Erie, Pennsylvania. McKinley was engaged as Manager for this property on December 21, 2012. During its time as manager, McKinley corrected several deferred maintenance issues, including painting both buildings and repaving the parking lot. McKinley also impressively executed 10 new leases and renewals, including the anchor tenant, to bring the occupancy to 100%. The total square footage of executed deals represented over $10.6 million in lease value.
"I am very proud of our team's leasing success in bringing the property to full occupancy and positioning it for long term success. This is another example of McKinley's expertise in creating value for suburban, grocery-anchored retail centers,” stated Matt Mason, Senior Vice President - Commercial Real Estate & Special Advisor to the CEO.
“In addition to the physical improvements made to this asset, I am proudest of our team's ability to increase occupancy to 100%. The value created is extraordinary. Our team's execution allowed us to position the asset to achieve our client’s goals and thereby generate a successful exit,” stated Lauren Leach, Director of Commercial Portfolio Management.
November 16, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the takeover of Arrowhead Mall in Muskogee, Oklahoma. The District Court of Muskogee County appointed McKinley as Receiver for this 439,224 square foot enclosed regional mall, making this McKinley’s 11th enclosed mall takeover. Arrowhead Mall is 68% occupied and is home to tenants such as Dillard’s, JCPenney, Beall’s, Hibbett Sports and Dickinson Theatres.
“We are thrilled to have our first commercial takeover in the state of Oklahoma, a state where we have had much success with Multifamily real estate dating back to 1971. The takeover of Arrowhead Mall marks McKinley’s 11th enclosed mall takeover, further cementing us as the country’s best mall workout specialists," stated Lauren Leach, Director of Commercial Portfolio Management.
"Arrowhead Mall provides an opportunity for the McKinley team to stabilize another regional mall utilizing its significant national experience and proven track record on behalf of the Muskogee community," added Matt Mason, Senior Vice President - Commercial Real Estate & Special Advisor to the CEO.
November 8, 2016
McKinley announced today that it has acquired Winter Park Flats, a 120-unit apartment community located in Winter Park, Florida. Winter Park Flats is McKinley's third community in Winter Park, and it's 55th community throughout its expansive Central Florida Platform which includes Orlando, Winter Park, Daytona Beach, Gainesville, South Pasadena, Gulfport, North Redington Beach, Clearwater, Tampa, South Tampa and Hyde Park.
Harry Collison, McKinley's Senior Vice President and Managing Director – Acquisitions and Dispositions, led the acquisition efforts for this investment, and leads McKinley's real estate efforts throughout Florida. "McKinley can move instantaneously, analyze and review acquisitions faster, and close more efficiently, and do all of that with its very own capital and its own team on the ground with over 450 full time team members in the region," offered Collison. "As a well-known Multifamily owner-operator in the region since 1982, McKinley has always performed flawlessly and exactly as promised with all sellers in the region, and that's a huge differentiator for us,” added Collison.
Winter Park Flats is located in a residential setting at the north end of Winter Park, conveniently located to shopping, dining and just a few minutes from Downtown Winter Park and prestigious Park Avenue. The community is also moments away from Azure Winter Park, and Indigo Winter Park, owned and operated by McKinley, and major employers like Florida Hospital (Adventist Health). The Orlando CBD, Orlando Regional Medical Center (Orlando Health) and numerous other major employers are only a short ride away on the SunRail. McKinley will immediately commence an extensive exterior renovation of the community which will be completed with six months of takeover including exterior painting, signage, landscaping, paving, amenity and sales center enhancements, and an overall brand makeover and repositioning of the asset.
"Winter Park Flats is another example of our ability to acquire assets opportunistically, even in this market, and the community itself will enhance our overall position in the Central Florida Multifamily marketplace adding another Winter Park address to our extensive customer offerings available throughout the region," offered Albert M. Berriz, McKinley's CEO, Managing Member and Co-Owner. "I also want to thank the Comerica Bank team who was with us every step of the way, and is always a fabulous partner in everything we do," added Berriz.
November 1, 2016
McKinley Hyde Park announces the acquisition of Delaney Flats - Phase 2, located within the historic neighborhood of Hyde Park, Downtown Tampa, Florida. Delaney Flats - Phase 2 sits adjacent to its neighbor Delaney Flats and becomes the 24th community that is part of the McKinley Hyde Park brand, a boutique collection of historic and uniquely restored apartment homes in the Hyde Park and South Tampa neighborhoods. McKinley today is the dominant owner-operator in these neighborhoods, and this next phase of Delaney Flats further expands that dominant footprint. Both communities will be operated under one common name to be known as Delaney Flats. A classically restored exterior respecting the historic neighborhood with cobblestone streets, oak trees, walkable to the best retail and dining in Tampa Bay, along with condominium grade interiors and amenities which will include fire pits, outdoor dining with Italian string lighting, extensive landscaping and site lighting, combining to deliver an amazing overall living experience.
"This is going to be another terrific addition to our overall strategy," offered Mary Williams, McKinley's Chief of Staff who leads the sales and customer experience effort for the McKinley Hyde Park brand. "We have had enormous success at all of our communities at the east end of Hyde Park by downtown, the river and Tampa Regional Medical Center, it's where we have achieved our highest rents to date. Additionally, this community is just one block away from Bayshore Boulevard, the largest continuous waterfront sidewalk in the world where our residents can bike, run, roller blade and kayak just seconds from their doorstep," further offered Williams.
“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, CEO, Co-Owner and Managing Member. “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," Berriz further offered. McKinley Hyde Park also leverages the talent, resources and history of McKinley's dominant workforce housing platform located in Orlando, Gainesville, Daytona Beach and the Tampa Bay markets operated under its core McKinley brand, and its other boutique luxury brand McKinley Beach which is located along the barrier islands of Pinellas County including Gulfport, South Pasadena and North Redington Beach. McKinley today is the largest owner-operator of Multifamily communities along the Interstate-4 corridor in Central Florida with 54 multifamily communities in the Central Florida market. "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 the future of Central Florida," added Berriz.
October 27, 2016
FORWARD Florida feature McKinley's CEO, Albert M. Berriz, in article about the hard times for Real Estate in 2008. READ MORE
October 27, 2016
McKinley announced today that it has secured long term financing from Fannie Mae and Berkadia for State Street Village, a newly built market rate apartment community adjacent to the grounds of the University of Michigan athletic campus in Ann Arbor, Michigan. The newly built 78-unit apartment community was leased up in record time, and is part of several communities McKinley has built in Ann Arbor and Fenton over the past several years, all of which have been financed with Fannie Mae and Berkadia.
"We continue our core strategy to secure very favorable long-term fixed rate financing for our generational Multifamily holdings," offered Jim Willett, Senior Vice President and Managing Director - Finance. "We have essentially completed our efforts to secure very favorable long term debt in this low interest rate environment for our existing Multifamily portfolio, and now our focus has turned to securing similar favorable long-term financing for our acquisition pipeline," added Willett.
Additionally, McKinley also announced today that it had secured long-term financing for Bayside Villas and Bayside Villas East, both located in South Pasadena, Florida. The communities which total 70 units are recent acquisitions and were redeveloped to become part of the McKinley Beach brand, a luxury collection of bayfront and beachfront apartment communities located on the barrier islands of Pinellas County, Florida. Financing was provided by The PrivateBank. The properties were leased up in record time and the successful lease ups allowed McKinley to move quickly and secure favorable long-term financing ahead of schedule.
"Jim and his team have done a superb job engineering an outstanding mix of debt sources including HUD, Fannie Mae, and commercial bank financing, which collectively have delivered a fortress position allowing us to achieve our long-term goals for our Multifamily portfolio. We have an extraordinary collection of Multifamily assets located in Florida, Michigan, Indiana, Illinois and Georgia, and the work Jim has done has allowed us to position that portfolio for the long-term on a base of strong recurring cash flow and liquidity," added Albert M. Berriz, CEO, Managing Member and Co-Owner of McKinley.
October 13, 2016
Albert L. Berriz, Senior Vice President & Managing Director - Owned Residential Real Estate, announced today the promotion of James Vuong to Assistant Vice President, Technology Director.
Mr. Vuong began his tenure at McKinley in June 2009 as a Web Designer/Developer in the newly created “Marketing, Media and Attraction” group under Albert L. Berriz. In this role he was responsible for the design and development of My.McKinley.com – a resident services portal that allows residents to connect with McKinley in a transparent and honest way, as well as submit maintenance requests and pay rent online.
In Mr. Vuong’s new role he will be involved in building and leading a team of tech professionals focused on providing world class support for our owned residential site teams as well as innovative services for our residents.
“I’m super excited to start in this expanded role to bring a new level of focus, responsiveness and transparent technical support for our on-site team members,” stated Vuong.
“James is an amazing asset to this company. He single-handedly designed and developed my.mckinley.com from the ground up, which is one of the most innovative resident portals in the industry,” shared Albert L. Berriz. “James has been responsible for all of our web assets for the past several years and has taken on more and more responsibility in other areas as well including marketing and technology. This promotion is well-deserved,” added Berriz.