February 26, 2016
McKinley most recently announced two major lease transactions at McKinley Towne Centre which backfill the entire space currently occupied by Google. The leases were completed many months ahead of schedule and well in advance of Google’s move out on April 30th. As quickly as McKinley leased up 85,000 sf of premier office space in Downtown Ann Arbor, it has now closed a very favorable long term refinancing of the property. The long term refinancing, provided by The PrivateBank on very favorable terms, will allow continued investment in the building.
"This was always our plan," offered Kenneth P. Polsinelli, McKinley's Chief Real Estate Officer. "We have worked very hard to attract world class companies like TD Ameritrade and LLamasoft, and these lease transactions now allow us to position this core property for the long term with an extraordinary refinancing provided by our very good friends at The PrivateBank. This financing represents the 25th loan, and over $300 million in total financing, with The PrivateBank over the last several years.”
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. LLamasoft will occupy almost 60,000 square feet at McKinley Towne Centre including the entire second and third floors, and TD Ameritrade will occupy almost 25,000 square feet which is the entire fifth floor. Beginning May 1, LLamasoft and TD Ameritrade 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 is one of the premier real estate companies throughout the Midwestern and Southeastern United States and we are very fortunate to have enjoyed such a long-term, successful relationship," offered Steve Anderson, Managing Director, Commercial Real Estate, The PrivateBank. "We are excited to further deepen the relationship with the financing of this trophy asset in Downtown Ann Arbor," Anderson further added.
"This is a very unique asset and we were able to move very quickly once we finalized the leasing effort," said Jim Willett, McKinley's Corporate Treasurer and Vice President of Finance. "We have secured exactly what we needed via this very favorable bank financing and have positioned this asset for the long term," Willett added.
February 18, 2016
McKinley Hyde Park announces the acquisition of Willow Flats located in the heart of Hyde Park. Willow Flats is the most recent addition to McKinley Hyde Park, a boutique collection of historic and restored apartment homes in the Hyde Park and South Tampa neighborhoods. This twelve apartment home community is located at the intersection of Gomez Ave and West Platt Street features a unique mix of one and two bedroom apartments. It sits nestled amongst majestic trees within a secluded courtyard across from highly regarded Mitchell Elementary School.
"Willow Flats is walkable and bikeable to all of the vibrant dining on South Howard, and is also convenient for those working at Tampa Memorial. We will also continue the significant enhancements that we are making at all of our Hyde Park communities," stated Kenneth P. Polsinelli, Chief Real Estate Officer. “Our direct, off-market purchase of Willow Flats now expands the McKinley Hyde Park brand to 18 communities. Project financing is provided by The PrivateBank, and I am pleased that the entire team working was able to move from contract to closing in less than six weeks,” added Polsinelli.
“McKinley Hyde Park presents custom tailored living solutions for those very discerning customers that want to live in a dynamic downtown, but prefer a more secluded, authentic and historic alternative in traditional neighborhoods,” said Albert M. Berriz, CEO. “All communities are redeveloped with an environmental focus and are smoke-free as well. Each acquisition has been carefully curated to ensure that the brand delivers and exceeds expectations," he further offered.
February 17, 2016
McKinley is pleased to announce that it has been appointed Receiver by the Dickinson County Circuit Court for Iron Mountain Plaza, a 171,462 square foot retail shopping center in Iron Mountain, Michigan. This regional power center is home to tenants including Dunham’s, Goodwill, and Tractor Supply Co. This represents the 44th workout in the State of Michigan for the Institutional Commercial Real Estate team.
“Our Institutional Commercial Real Estate team has a proven track record and a keen understanding of our fiduciary to the Court” stated Matthew Mason, Managing Director and Partner. “We are able to quickly stabilize an asset, manage operations and protect the property on behalf of all parties” he added.
February 11, 2016
MLive.com features McKinley's newest apartment development, State Street Village, in an article about filling the void between low and high end apartments in Ann Arbor. CLICK HERE
February 11, 2016
McKinley's CEO, Albert M. Berriz, was honored to have been a guest on the Lifetime Cashflow Podcast with Rod Khleif. To hear the whole podcast click here.
February 10, 2016
Bisnow Special Report features McKinley's CEO, Albert M. Berriz, as one of the country's most successful Hispanic real estate titans.
February 5, 2016
McKinley recently completed the disposition of two large assets in Illinois on behalf of its institutional clients. Town Center Promenade is a 75,000 sf shopping center in Deer Park, IL. McKinley was appointed Receiver in March 2013 and post-foreclosure was hired to continue as the real estate advisor and property manager. During its tenure, McKinley completed a 10-year renewal with the anchor tenant, Dicks Sporting Good. The property management team actively engaged the tenants to eliminate all delinquency and to position the asset for sale. Through its prudent management and assertive leasing, McKinley increased the value of the center 33% in two years which led to a successful sale.
McKinley recently disposed of Raddant Road Industrial, a 54,569 sf industrial building in Batavia, IL. McKinley was appointed as Receiver August 2014 and continued to manage post-foreclosure. Raddant required significant exterior upgrades to the building to the parking areas. McKinley focused on reducing expenses and driving occupancy to 100%, which resulted in a two-fold increase in Net Operating Income in less than two years.
“Our Institutional Commercial Real Estate team has a keen understanding of the Receivership process,” stated Matthew Mason, Managing Director and Partner. “We focus on quickly improving NOI and maximizing occupancy to create the most value in the shorter possible time, which leads to great results for our clients,” he added.
“Matt and his team continue to defy the market, and to find creative opportunities to drive value,” said Kenneth P. Polsinelli, Chief Real Estate Officer. “Our clients appreciate their focus on quick results and on their passion for customer service,” he also offered.
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