July 18, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the disposition of the Chapel Hill Mall in Akron, Ohio. McKinley was appointed Receiver for this enclosed regional mall on July 7, 2014, and was subsequently retained as property manager on September 24, 2014. The 661,818 square foot Chapel Hill Mall is home to tenants such as JC Penney, Sears and Party City. During its management McKinley completed over 100 leases with a value of nearly $5,500,000. McKinley dramatically improved curb appeal by replacing the sidewalks and building signage, painting the exterior, upgrading to LED lighting, updating landscaping, installing a new play area and updating the water fountain. It also implemented monthly promotional events and brought Archie the Snowman, a community staple, back to its long-time home.
"McKinley executed its value-creation strategy for this mall beautifully. The team maximized value by not only attracting and renewing key tenants but also by implementing capital projects to enhance curb-appeal. Performing on both the asset management and operations level allowed us to position this asset very well for disposition,” shared Lauren Leach, Director, Commercial Portfolio Management – Institutional Commercial Real Estate
"McKinley is very proud to have led the stabilization of the Chapel Hill Mall and looks forward to its continued success. Having owned and managed a significant amount of real estate in Akron since 1989, including the FirstEnergy corporate headquarters and the Akron Centre Plaza downtown, McKinley is fully committed to the long-term success of the region. We are happy to have had the opportunity to lend our expertise in such a positive manner," added Matthew Mason, Senior Vice President - Commercial Real Estate & Special Advisor to the CEO.
McKinley has also been retained as the property manager for Avenues North shopping center, a 99,000 SF retail center located in Jacksonville, FL, and Butler Industrial building, a 225,000 SF industrial building in Butler, IN.
June 29, 2016
McKinley is pleased to announce the Grand Opening of Bayside Villas East, one of its newest additions to the McKinley Beach Portfolio in St. Petersburg, Florida.
"South Pasadena is a beautiful part of the St. Petersburg area and we're excited to enrich it further with the renovation of Bayside Villas East," shared Albert L. Berriz, Senior Vice President & Managing Director - Owned Residential Real Estate.
During its Grand Opening this past week, McKinley celebrated with food, beverages and a ribbon cutting ceremony. Attendees included all of the Tampa Bay Beaches Chamber of Commerce, Max Elson (South Pasadena Mayor) and several City Commissioners. The boutique community received rave reviews from customers and the many folks in the St. Petersburg community, including 50 prospective residents and participants in total.
The newly renovated, waterfront boutique community includes upgraded spacious one and two bedroom flats with stainless steel appliances, quartz counter tops, in home washers & dryers, and wine coolers, as well as secluded patios which affords each apartment home its own unique outdoor living space.
The renovation for this contemporary community allowed for the addition of superb amenities including a beautifully landscaped courtyard which offers two fire pit lounges, a swimming pool with outdoor gourmet kitchen & grill, secure bike & kayak storage, private dock access with kayak launch and pet stations.
“We take pride in providing wonderful homes to our residents and that's our mission at Bayside Villas East," added Albert L. Berriz.
June 27, 2016
McKinley is proud to announce its own CEO, Albert M. Berriz, has been named as one of Crain’s “50 Names to Know in Real Estate.” CLICK HERE
June 23, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the takeover of The Riley Retail Center in Holland, Michigan. McKinley has been appointed Manager of this 108,001 square foot property, which is home to such tenants as Dick’s Sporting Goods, Home Goods, Five Below, Maurices, and Rue 21. This asset is located along the main north/south expressway of US 31 near Westshore Mall, Target, Michaels, Best Buy, WalMart, Sam’s Club, and Meijer. The Riley Center is 92% occupied and was built in 2014.
"With the addition of the Riley Center, McKinley manages over 1,600,000 square feet throughout the state of Michigan. McKinley’s commercial team is perfectly positioned to handle this important asset in Holland," shared Lauren Leach, Director, Commercial Portfolio Management – Institutional Commercial Real Estate
"Given McKinley's successful history of managing complex assets in West Michigan, we are excited to lend our expertise to the Riley Retail Center," added Matt Mason, Senior Vice President - Commercial Real Estate & Special Advisor to the CEO.
June 20, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce a comprehensive interior and exterior renovation of Algonquin Commons located in Algonquin, Illinois. McKinley was appointed manager of this 580,000 sf retail center in March, 2013. The property is currently preparing the space for the new Nordstrom Rack tenancy coming in fall 2016, as well as welcoming Art Van Furniture to the center this summer, increasing the overall occupancy to 86%. Finally, a $14MM concrete and asphalt replacement project will be completed this summer. The first phase of which was completed in 2015.
“Over the past three years, McKinley cured many deferred maintenance items at Algonquin Commons. Currently, the property is in phase two of a multi-year project to replace and repair concrete walks and parking areas that will bring a fresh new look to the visitor-friendly shopping destination,” stated Jessica Furlong, Director of Operations, Institutional Commercial Real Estate.
"I'm thrilled with the impressive leasing activity our team has cultivated at Algonquin Commons. The two new leases, Nordstrom Rack and Art Van, generated $8 million in lease value," added Lauren Leach, Director, Commercial Portfolio Management – Institutional Commercial Real Estate
"We are excited to welcome Nordstrom Rack and Art Van to an already strong roster of retail, restaurant and service tenants. These new additions, along with others soon to be announced, solidify Algonquin Commons as the premier lifestyle destination in the area," shared Matt Mason, Senior Vice President - Commercial Real Estate & Special Advisor to the CEO
June 16, 2016
McKinley is pleased to announce today the promotion of David Rohlfs to Managing Director, IRRE. In this new role, he assumes direct responsibility for both property management and asset management of McKinley’s residential third party management business with select clientele.
Over the past five years David has been an integral part of the McKinley team through a variety of roles across its real estate platform. He has learned the business and culture from the ground up. He is a terrific and dedicated leader making David well positioned to be a tremendous success in his new role.
“I am extremely excited to have the opportunity to continue to work with our incredible IRRE team,” stated David Rohlfs, Managing Director, IRRE. “We will continue our unwavering focus on providing the best customer service along with making a positive impact within each of our communities every day,” added Rohlfs.
"David and I have been working side by side for a number of years. He will be a tremendous success in this new role due to his smarts, passion for our core values, and the tremendous respect he has garnered both internally and with our clients," shared Trey Caswell, Senior Vice President & Managing Director - Residential Redevelopment.
June 6, 2016
McKinley Hyde Park announces the acquisition of Beach Flats located within the historic neighborhood of Hyde Park, Downtown Tampa, Florida. Beach Flats is the twenty-fourth community that is part of 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 Beach Flats further expands that dominant footprint.
Beach Flats is an extraordinary example of Historic Florida Colonial Architecture with massive windows, flowing lines and elegant front porches allowing for great flow through ventilation. Large floor plans with natural hardwood floors, fireplaces, vaulted ceilings, extraordinary woodwork throughout, and washer-dryers in place make this an exceptional addition to the portfolio. "We will restore the historic elements true to the original design, while adding modern exterior amenities and condominium grade interiors. The kitchens and bathrooms once renovated will be stunning, and the apartments are some of the largest units we have acquired to date in Hyde Park," offered Harry Collison, McKinley's Senior Vice President and Managing Director - Acquisitions and Dispositions. Beyond the building itself, Beach Flats has an exceptional location just off prestigious Bayshore Boulevard, walkable to the river, the downtown and Tampa General Hospital. "Beach Flats sits immediately adjacent to Class A+ newly built high-rise rental communities located on Bayshore Boulevard overlooking Tampa Bay and the Downtown. Except we strongly believe that Beach Flats will deliver a more authentic and appealing alternative that is sought by the Millennials and Baby Boomers that we serve with our McKinley Hyde Park brand," further offered Collison.
Project acquisition and renovations will be financed by Key Bank, N.A. "We are excited to again work with Key Bank on this most important acquisition. They have a been a major part of the McKinley family over the years, and they have worked with us on two prior acquisitions in Hyde Park," offered Jim Willett, McKinley's Senior Vice President & Managing Director – Finance. "This acquisition was another example of our ability to close very quickly with our own capital in advance of the funding by Key Bank, and Harry Collison and I were able to custom tailor what the seller needed to make this happen seamlessly and efficiently for them and for us," added Willett. 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 Co-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 brands including McKinley City Beautiful in Downtown Orlando, and McKinley Beach along the barrier islands of Pinellas County. McKinley today is the largest owner-operator of Multifamily communities along the Interstate-4 corridor in Central Florida. "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.
May 25, 2016
McKinley is proud to announce Iris Flats, its newest redevelopment in the City Beautiful Portfolio, is now available for lease up. McKinley City Beautiful is a boutique collection of historic and unique apartment communities located in the Downtown Orlando neighborhoods. This community is walkable and bikeable to downtown and to Orlando Regional Medical Center, and is in close proximity to vibrant dining and local shopping in downtown Orlando.
Upon Iris Flat’s acquisition in January, 2015, McKinley immediately began renovating the 48-unit property. The newly renovated boutique community now includes upgraded spacious one bedroom flats with stainless steel appliances, granite counter tops, and wine coolers. In addition, washer-dryers were installed in all units, and a comprehensive exterior renovation of the buildings and grounds have been implemented. Iris Flat’s amenities now include a 24-hour fitness center, outdoor gourmet kitchen & grill, dog park and recycle center making this community the perfect place to call home.
"We are having great success with our boutique brands in Orlando and Tampa Bay. Developing a condo grade product that focuses on design inside and out, that are small in scale, and are located in walkable downtown locations, has really resonated with our Millennial and Baby Boomer customers alike," offered Albert M. Berriz, McKinley's CEO, Co-Owner and Co-Managing Member. "McKinley Hyde Park in Downtown Tampa, and McKinley City Beautiful in Downtown Orlando, have shown us that our customers are seeking an alternative to the newly built ultra-luxury options in the marketplace, and the same is true of our efforts on the Barrier Islands of Pinellas County with our beachfront and bayfront brand that we call McKinley Beach. On top of creating an amazing customer experience, our communities are priced to deliver significant value when we match up with the newly built options as well. We are thrilled with the opportunity to create these new experiences and we are excited that our new brands have had such great success," added Berriz.
May 25, 2016
Michigan Business Network interviews McKinley's CEO, Albert M. Berriz at the 2016 Ann Arbor SPARK Annual Meeting. Listen Here
May 24, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the takeover of the 100% leased Troy Retail Center in Troy, Michigan. McKinley has been appointed as Manager of this 11,476 square foot new construction property, which is home to tenants such as Tom + Chee, Qdoba, and Capriotti’s. This asset is located in Troy’s retail hub on Big Beaver Road and is a neighbor to the upscale, super-regional, Sommerset Collection Mall.
“We are excited to execute the takeover of this well-positioned and important asset in Troy, Michigan. Our experienced team was able to quickly respond and seamlessly transition this property onto our platform, and we look forward to creating significant value for our owners, the community and all stakeholders involved," stated Lauren Leach, Director of Commercial Portfolio Management.
"Lauren and her team are extraordinary in all aspects for complex property transitions and takeovers. They work hard, they know the business, and they quickly generate value in all things that they do," added Matt Mason, Senior Vice President - Commercial Real Estate & Special Advisor to the CEO.