February 14, 2018
McKinley acquires Walmart NNN lease located in DeBary, Florida, as it continues to exit from retail real estate and migrates into an all Multifamily platform along with a select portfolio of high quality investment grade NNN leases.
Debary on the northern shore of the St Johns River is the gateway to southwestern Volusia County with direct access to I-4 and US Highway 17/92 and serves as a corridor between Orlando, Sanford and Daytona Beach. The newly built 41,117 square foot Walmart is located with easy access to I-4 directly off of US-17 in a primary commercial corridor, minutes away from Central Business District of West Volusia County.
Comerica Bank provided acquisition financing for this specific transaction as it has been doing for McKinley as part of a major loan facility provided for McKinley’s NNN acquisition effort. “This is another excellent investment grade NNN asset that we have added to our portfolio,” offered Jim Willett Senior Vice President & Managing Director – Finance. “It’s also located in our core I-4 Corridor concentration which makes it a natural choice for us,” added Willett.
January 23, 2018
The McKinley Companies announced today the acquisition of two Triple Net assets located in Gainesville and Lakeland, Florida. McKinley has been exiting its retail and office holdings while migrating to an all Multifamily enterprise as well as owning and operating a select portfolio of high quality long term commercial real estate holdings that have excellent investment grade credit tenants in place. These two most recent acquisitions are occupied by SunTrust Banks, Inc. (NYSE - STI) which is rated BBB+, on long-term NNN leases.
Gainesville, Florida – The property at 5080 W Newberry Road consists of 6,314 square feet on 1.48 acres located in Gainesville’s financial district and situated within the University of Florida hub. The corner of 8th Avenue and W Newberry is a vibrant corridor with close proximity to the Oaks Mall Regional Shopping Center and I-75.
Lakeland, Florida – The property at 5441 N. Socrum Loop consists of 3,448 square feet on .85 acres located in the prosperous neighborhood positioned by Lake Gibson, accessible from interstate 4 on the corner of Publix Super Market.
McKinley secured acquisition financing with Comerica Bank, N.A., one of McKinley’s most trusted and long-term banking relationships. Comerica has provided McKinley with a significant debt facility for its NNN acquisitions which includes the recent acquisition of the Fifth Third Bank NNN investment located in Windermere (Orlando), Florida and the Walmart NNN investment located in Grand Rapids, Michigan. “We are thrilled with these additions to our extraordinary NNN investment portfolio,” offered Jim Willett, Senior Vice President & Managing Director – Finance. “We are looking forward to several additional acquisitions we have in the pipeline that will add to our portfolio of NNN investments,” added Willett.
January 18, 2018
The McKinley Companies announced today that it has sold JANAF Shopping Yard to Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR), for $85.65 million. McKinley has owned JANAF Shopping Yard (“JANAF”), an 887,917-rentable square foot shopping center located in Norfolk, Virginia, since 1990; and it was the single largest retail asset in the McKinley portfolio. This sale marks a critical milestone in McKinley’s strategic effort to exit the retail real estate business. McKinley has sold over 15 retail real estate assets over the past 36 months, and it is expected to finalize its exit from retail real estate by Q2 2018.
JANAF was originally built in 1959, and it has undergone extensive expansion and redevelopment since McKinley acquired the asset. McKinley partnered with Walmart as they expanded their contiguous Supercenter and created a shared parking plate making Walmart a core shadow anchor. McKinley built a new ground up development on-site, and totally repositioned the main retail center. McKinley also repurposed the former Montgomery Ward property into successful retail shops via a complex adaptive re-use effort, and most recently delivered the new Wawa at the main entrance. JANAF was 94% occupied at closing, and anchored by prominent retailers including BJ’s Wholesale Club and Fuel Center (151,345 square feet in total); T.J. Maxx (37,383 square feet); Petco (17,000 square feet); Wawa (7,240 square feet); and Big Lots (42,500 square feet). Service and necessity providers such as the United States Postal Service, SunTrust Bank and others are also tenants of JANAF and serve the surrounding community. JANAF encompasses approximately 92 acres and includes 850,683 square feet of retail space in multiple buildings and 37,234 square feet of office space in one building.
“We congratulate Jon Wheeler and his team on this most important acquisition, and we are confident that they will do great things with JANAF which is located in their home town,” offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley. “As we have shown, our exit from retail real estate has been carried out flawlessly and with enormous precision. My thanks to the McKinley team that has worked tirelessly to make this most complex disposition happen. We are very excited that this milestone event will be transformative for our enterprise,” further added Berriz.
April 11, 2017
McKinley Institutional Commercial Real Estate Team is pleased to announce the takeover of Cortez Common, a 72,160 square center in Brooksville, Florida, a suburb of Tampa. This center is home to tenants such as Dick’s Sporting Goods and Five Below and is 100% occupied. This takeover, on behalf of a major institutional client, is McKinley’s 42nd Institutional Commercial Real Estate takeover in the state of Florida.
"Our team was able to react quickly and immediately step in to achieve our client’s objectives in this complex workout transaction," offered Jessica Furlong, Director of Operations for McKinley's Institutional Commercial Real Estate Team. "Our capabilities on the ground and our vast experience and resources in the Central Florida region further allowed us to move quickly and execute the takeover in record time," added Furlong.
McKinley has been actively investing and operating Multifamily, Office and Retail assets in the Central Florida Region since 1982. McKinley is a major employer in the region as an owner/operator of real estate throughout Tampa Bay, Hyde Park, South Tampa, South Pasadena, Gulfport, North Redington, Clearwater, Inverness, Brooksville, Orlando, Winter Springs, Winter Park, Daytona Beach and Gainesville. McKinley is committed to the well-being and future of the region and is proud of its over 450 Central Florida Team Members who execute amazingly every single day.