November 6, 2013Orlando, Florida McKinley acquires Bella Capri, a 248 unit garden apartment community formerly known as Mission Pointe Apartments located in Orlando, Florida. Bella Capri joins eleven garden apartment communities in the theme park sub-market including eight McKinley "Owned and Managed" communities, and three communities operated by our Institutional Residential Real Estate team for what is the single largest assembly of multifamily owned and managed real estate between Disney and Universal Studios in Southwest Orlando. McKinley has been actively investing in the Southwest Orlando market since 1982, and today is one of the single largest owner-operators of multifamily real estate in Central Florida.
McKinley continues to expand its dominant footprint along the Interstate-4 Corridor to Tampa and the Interstate-75 Corridor to Gainesville along transportation triangle between Orlando, Tampa and Gainesville. Central Florida now joins Metropolitan Ann Arbor as McKinleys largest multifamily concentration, and McKinley anticipates this expansion to continue in Central Florida and at some point exceed its market position in Ann Arbor, Michigan.
Bella Capri has one, two and three bedroom apartment homes located just two blocks from The Mall at Millenia, an ultra-luxury indoor mall which includes world class retailers such as Apple, Neiman Marcus, Chanel, Yves Saint Laurent, Macy's, lululemon athletica and Bloomingdales. A few blocks to the west of Bella Capri is Universal Studios Orlando which includes Universal Islands of Adventure and the Wizarding World of Harry Potter, plus the latest Transformers 3-D Experience.
We have invested in Orlando with conviction for the past 30 years and will continue to do so for the next 30 years and beyond, states Albert M. Berriz, Chief Executive Officer. Mr. Berriz went on to say, These are generational assets operated by an extraordinary and experienced management team that is executing at the highest level which further adds to our conviction.
Comerica Commercial Real Estate is providing the acquisition financing for this transaction and Berkadia Commercial Mortgage is providing HUD long-term financing. Comerica and Berkadia are terrific financial partners and they are key to our strategic acquisition efforts, added Berriz.
October 22, 2013
Atlanta, GA - McKinley Institutional Commercial Real Estate is pleased to announce the successful disposition of Gwinnet Place Mall located in Duluth, Georgia. The Mall includes a list of national tenants such as Macys, Abercrombie and Fitch, Bath and Body Works, Zales and Victorias Secret among others, and was placed under management with McKinley in June of 2012. The large, regional shopping mall includes1,283,133squarefeet and at the time of construction 16 years ago was the preferred shopping destination in the region.
The McKinley Institutional Commercial Real Estate team was able to reposition the asset by delivering exceptional results, including a reduction in expenses, stabilization of the rent roll, and an improvement of the overall appearance of the property which enabled the successful sale on behalf of a valued client.
I am very pleased to add the Gwinnett Place Mall in suburban Atlanta to our considerable track record of repositioning enclosed regional malls, states Matthew D. Mason, Managing Director, McKinley Institutional Commercial Real Estate. This latest success in the Southeast nicely complements our previously completed projects throughout the Midwest and Mid-Atlantic regions, shared Mason.
October 20, 2013
ERIE, PA - McKinley Institutional Commercial Real Estate has been appointed as Receiver for the Giant Eagle Plaza, a 90,861 square foot grocery-anchored retail property in Erie, PA by the Court of Common Pleas of Erie County, Pennsylvania.
The former Giant Eagle grocery store is over 70,000 square feet and has been vacant since June of 2012. The remaining 20,000 square feet of retail is fully occupied. Tenants include Little Caesars, Verizon Wireless and PNC Bank. The retail market in the Harborcreek Township of Erie, Pennsylvaniahas experienced recent redevelopment as a result of various township incentives.
We are pleased to add this property to our efforts in Pennsylvania, shared Matthew D. Mason, Senior Vice President and Managing Director, Real Estate, McKinley. We appreciate the opportunity to once again utilize our expertise and track record in this market, shared Mason.
October 15, 2013
Brown Deer, WI McKinleys Institutional Commercial Real Estate has completed another successful workout of a distressed office building. The property, Brown Deer Office Building, is a 55,551 square foot office building in Brown Deer, Wisconsin. McKinley was appointed as Receiver for the property in July 2012 and remained in place as Receiver until the asset was sold to a private investor at a Sheriffs Sale.
"We are very pleased to add another successful chapter to the McKinley Institutional Commercial Real Estate track record," commented Matthew Mason, Senior Vice President and Managing Director of Real Estate at McKinley.
October 15, 2013
South Lyon, MI - McKinley Institutional Commercial Real Estate has been appointed Manager of Huntington Square on behalf of our valued client. This 60,597 square foot retail asset is located in South Lyon, Michigan. The property is positioned on Pontiac Trail, a major Oakland County thoroughfare, just North of 10 Mile Road. South Lyon is located in the southwestern corner of Oakland County and is minutes from I-96 and US-23. Conveniently located near major employers, shopping and international airports, South Lyon offers small town charm with big city amenities. With this management assignment, the McKinley Institutional Commercial Real Estate groups total number of managed commercial assets in Michigan climbs to 27.
We are pleased to add this property to our numerous efforts in Michigan, commented Matthew D. Mason, Senior Vice President and Managing Director of Real Estate at McKinley. We appreciate the opportunity to once again utilize our expertise and track record in this market, one that we know well and in which we have extensive experience, shared Mason.
September 22, 2013
McKinleys CEO, Albert M. Berriz joins 27 other business leaders in support of Detroits $250 billion bright futureREAD MORE.
August 12, 2013
CHAMPAIGN, ILLINOIS McKinley has been appointed Receiver for University Village by the Circuit Court of the Sixth Judicial Circuit, Champaign County, IL and will immediately begin managing this purpose-built student housing community located in Champaign, IL, just north of the University of Illinois main campus. The property consists of 240 units and 792 beds and offers a mix of two bedroom/two bath, three bedroom/three bath and four bedroom/four bath floor plans. A full array of amenities is provided for residents including: swimming pool, tanning beds, indoor basketball court, dog park, game room, computer study lounge, fitness center, car care facility, and grilling areas. University Village is a gated community and provides a complimentary shuttle service to and from the University of Illinois campus. In addition to serving students who attend the University of Illinois, the property also caters to students attending Parkland College in Champaign.
McKinley has a long history of operating properties in college towns that serve student populations and our management platform includes a team dedicated specifically to the specialized area of purpose-built student housing. We are pleased to be able to offer management and advisory services to our clients with student housing assets and look forward to putting our expertise to work at University Village, stated Alexandra S. Jackiw, Managing Director, Institutional Residential Real Estate.
August 5, 2013
COLUMBUS, OH McKinleys Institutional Residential Real Estate group is pleased to announce its newest multi-family portfolio appointment on behalf of our valued client. McKinley has been engaged to provide Real Estate Advisory services, Property Management Services and Asset Management Services for three apartment communities in greater Columbus, OH. The communities include College Park, Gateway Lakes and Worthington Meadows, and consist of 1,030 apartment homes.
College Park is ideally located near The Village of Bexley and Capital University, Gateway Lakes is conveniently located near shopping and dining in Grove City, and Worthington Meadows Townhomes are located in the beautiful community of Worthington. These three communities include one and two bedroom apartment homes and are located with quick access to downtown Columbus and to major highways and interstates.
McKinley currently owns and manages 12,372 apartment homes in the Midwest and is continuing to expand in the region. Our team has done an extraordinary job mobilizing quickly for this assignment," said Albert M. Berriz, McKinleys Chief Executive Officer. "We are pleased to undertake this most recent endeavor on behalf of all stakeholders and are committed to delivering superior results," added Berriz.
August 1, 2013
LAKE MARY, FL McKinley is pleased to announce that its Institutional Commercial Real Estate Group has completed another successful workout. The Property, Lake Emma Corporate Park, is a 245,000 square foot, two building office complex located in Lake Mary, Florida. McKinley was appointed as Receiver on August 8, 2011 and was subsequently retained as Property Manager. During McKinleys time managing the property, a successful tax appeal was negotiated, an extensive HVAC replacement project was completed, operating costs were reduced, occupancy was increased and the overall property appearance was enhanced. These improvements allowed for the successful disposition of the asset.
We are pleased to have the opportunity to successfully reposition this asset for sale, shared Matthew D. Mason, Managing Director, Real Estate, McKinley. Our expertise and track record is longstanding in Florida, as we have successfully owned and operated real estate in the state since 1982, shared Mason.
July 28, 2013
Ann Arbor, MI McKinley is pleased to announce that James Stanfill has joined the company as Managing Director, West Coast Operations to lead the McKinley Residential expansion into California. Jim is a California native, and an accomplished real estate executive having graduated from UCLA with a BA in Economics in 1990. Jim spent the past 23 years as an office and retail property specialist, earning the CCIM designation while focusing his efforts primarily on Southern California. During his tenure, Jim leased or sold assets with a total value of over a half billion dollars. Jim was a top producer at Coldwell Banker Commercial WESTMAC, representing numerous local and national firms, and achieved the Circle of Distinction for every year Coldwell Banker Commercial has given the award. Jim began his Commercial Real Estate career in the research department of Cushman & Wakefield.
We are thrilled to welcome Jim into the McKinley family, states Albert M. Berriz, McKinley's Chief Executive Officer. This appointment is part of our overall strategy to position McKinley to thrive as we continue to grow and expand. Jim complements our strong existing capabilities and he is a great fit with our culture which will positively impact our customers and the services we provide to our stakeholders, shared Berriz.
Mr. Stanfill's experience, expertise and market knowledge will be instrumental to McKinley's growth throughout California and the West Coast. Jim and his wife Cindy have two daughters, and reside in Southern California.