September 20, 2016
McKinley Hyde Park announces the acquisition of Beach Flats - Phase 2, located within the historic neighborhood of Hyde Park, Downtown Tampa, Florida. Beach Flats - Phase 2 sits adjacent to its neighbor Beach Flats and becomes the twenty-third 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 Beach Flats further expands that dominant footprint. Both communities will be operated under one common name to be known as Beach Flats.
This new phase of Beach Flats is an extraordinary example of Olde Historic Florida Architecture with large floor plans, natural hardwood floors, tall ceilings, extraordinary woodwork throughout. This community adds to the choices of in-town walkable, historic alternatives available within the Hyde Park brand. The post renovated community will include condominium grade interiors and extensive urban amenities conducive to the lifestyle of the neighborhood and our customers.
"This is going to be another terrific addition to our overall strategy, that only we could have pulled off frankly given our capital capacity, expertise and speed of execution" offered Harry Collison, McKinley's Senior Vice President and Managing Director - Acquisitions and Dispositions. Beach Flats has an exceptional location just off prestigious Bayshore Boulevard, walkable to the river, the downtown and Tampa General Hospital. "Beach Flats is at the east end of Hyde Park, one block from Bayshore Boulevard and a short walk to the downtown and Tampa General, and we are confident that our core customers that work in those locations will love this alternative in our brand mix" further offered Collison.
"This acquisition was another example of our ability to close very quickly with our own capital in advance of funding by our bank partners, and Harry Collison and I were able to custom tailor what the seller needed to make this happen seamlessly and efficiently in this transaction" offered Jim Willett, McKinley's Senior Vice President and Managing Director - Finance . Another key element in this acquisition was McKinley's reputation in the marketplace. "We always do exactly what we say we are going to do, and in record time. Everyone knows that when McKinley comes to the closing table, we deliver 100% of the time as agreed, and that's a big comfort to sellers in this marketplace," further added Willett and Collison.
“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 Reddington Beach. McKinley today is the largest owner-operator of Multifamily communities along the Interstate-4 corridor in Central Florida with 53 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.
September 14, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the takeover of The Plaza of Okemos, a 19,557 square center in Okemos, Michigan. This center is home to tenants such as Panera Bread, Bank of America, and Domino’s Pizza. This takeover is McKinley’s 57th takeover in the state of Michigan. Today, McKinley manages 1,466,940 square feet of commercial space in Michigan.
"We are thrilled to manage this asset in our home state of Michigan. Our solid experience managing nearly 60 commercial properties in the state positions us well to create value at The Plaza at Okemos,” stated Lauren Leach, Director, Commercial Portfolio Management - Institutional Commercial Real Estate.
September 14, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the disposition of 31st Street Crossing, a 27,340 square foot shopping center in Temple, Texas. During its time as Manager, McKinley completed lease renewals with 86% of the rent roll, including the anchor tenant. These renewals represented a total lease value of $1.45 million. During the execution of the plan, the property team worked closely with the tenants to better position the property for sale. By reducing expenses and renewing tenants to maintain 100% occupancy, McKinley was able to add 56% value in just one year.
"The McKinley team created an impressive amount of value in a very short amount of time. Stabilizing the rent roll enabled the property to be perfectly positioned for sale,” stated Lauren Leach, Director, Commercial Portfolio Management - Institutional Commercial Real Estate.
September 12, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the disposition of EasTen Shopping Center Moorhead, Minnesota. McKinley was appointed Receiver for this shopping center on June 4, 2012 and was retained as Manager on March 27, 2013. This 132,962 square foot shopping center is home to tenants such as Cash Wise Foods, Cash Wise Liquors, Sherwin-Williams, and Arby’s. During its time as Manager, McKinley completed over 83,339 square feet of new leases and renewals, with a lease value of over $2.6 million. The team also made numerous improvements to the appearance of the property by updating the pylon sign, landscaping, and facade.
"I am thrilled with the results our team was able to achieve in a challenging market. We tackled new leases, renewals, and capital projects in order to maximize value," stated Lauren Leach, Director, Commercial Portfolio Management - Institutional Commercial Real Estate.
"I appreciate the opportunity to leverage our experience in grocery-anchored retail on behalf of the EasTen Shopping Center. Maintaining Cash Wise Foods as the anchor tenant is important to both the shopping center and the community," added Matt Mason Senior Vice President Commercial Real Estate & Special Advisor to the CEO.
September 6, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the disposition of Taylor Farmer Jack in Taylor, Michigan. McKinley was appointed Manager for this shopping center on March 24, 2011. This 89,766 square foot property is home to Sears, Salvation Army, Oakwood Hospital, Ollie’s Bargain Outlet, and Urgent Care One. During its five years as Manager, McKinley completed nearly 60,000 sf of new leases and renewals for a total lease value of $3 million. Occupancy at takeover was only 28%, and today the property is 100% occupied.
"In addition to the physical improvements made to this asset, I am most proud of our team's ability to increase occupancy by 72%. 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 which was their plan from the start," stated Lauren Leach, Director, Commercial Portfolio Management - Institutional Commercial Real Estate.
"It's another example of the value we create in very difficult circumstances and with complex assignments. Lauren and her team really dug in and allowed for a successful exit at a value that would not have been possible based upon the condition of the asset at takeover," added Matt Mason Senior Vice President Commercial Real Estate & Special Advisor to the CEO. "The team attacked the mission from a variety of perspectives which shows again how our multi-disciplinary team approach to solving complex real estate problems works so well," added Mason.
During the execution of the plan, the team completed the redevelopment of the former Farmer Jack store as a part of a Special Land Use project which was key to the value creation effort. They also completed an extensive capital improvement plan which included landscaping, parking lot design, and a new monument sign.
September 1, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce that it has been engaged as Property Manager for a 51,819 square foot single-tenant retail building in Chicago, Illinois. The property is 100% occupied by the Michigan-based furniture retailer Art Van Furniture. The latest takeover is McKinley’s 11th in Illinois, bringing its total square footage of managed assets in the state to 2,156,538.
"McKinley has a substantial commercial presence in Illinois, making this takeover a natural fit. Having managed numerous single-tenant assets in the area, our Illinois-based personnel are perfectly suited to take on this assignment," stated Lauren Leach, Director, Commercial Portfolio Management – Institutional Commercial Real Estate.
“We are very excited to add another Art Van Furniture location to our growing management portfolio in Illinois,” stated Matthew D. Mason, Senior Vice President of Commercial Real Estate and Special Advisor to the C.E.O. at McKinley. “McKinley’s deep experience in the market provides a significant advantage in supporting the operations of the fast-growing retailer.”
September 1, 2016
Ambassador Ron Weiser and Family Commit to a Corporate Challenge for JDRF. READ MORE
August 26, 2016
McKinley's CEO, Albert M. Berriz, is featured in a Crain's Detroit Business article about the lack of diversity in commercial real estate. READ MORE
August 26, 2016
Stamps School of Art & Design Announces New Downtown Gallery Space at the McKinley Towne Centre. READ MORE
August 25, 2016
McKinley is pleased to announce that it has signed the University of Michigan's Stamps School of Art & Design to a long-term lease at McKinley Towne Centre. Stamps (http://stamps.umich.edu) will occupy nearly 8,000 square feet of prime street level space at McKinley Towne Centre joining Bar Louie, Tios and AT&T, walking distance to all the best restaurants in the downtown, and adjacent to the Michigan Theatre. Construction will begin immediately to create a world-class art gallery and exhibit space. Stamps will join downtown’s diverse and growing community in the blocks stretching from the University of Michigan’s Diag down East Liberty Street to South Division, known as the Ann Arbor Tech Corridor. 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 flagship retail space at the nexus of the University of Michigan and downtown Ann Arbor.
"We are honored to have the Stamps School of Art & Design open their downtown art gallery at McKinley Towne Centre. When we first conceived this mix use development over a decade ago, we spoke about making McKinley Towne Centre the connection of ‘Town and Gown’. This transformational project in a walkable, vibrant and urban setting, makes our vision that much more of a reality. We applaud UM for their vision and leadership in making this project a reality, and improving the quality of life in Downtown Ann Arbor. Thanks also to our Owned Commercial Team for serious effort to make this redevelopment happen as well," Albert M. Berriz, CEO, Co-Owner & Managing Member, McKinley.
For more information regarding McKinley Towne Centre please contact:
AVP, Director of Commercial Owned Real Estate