July 12, 2017
McKinley Institutional Commercial Real Estate Team is pleased to announce the disposition of Westwood Square in Lake Forest, Illinois. McKinley was appointed Receiver for this shopping center on October 03, 2016. This 29,150 square foot center is home to tenants such as Westwood Bistro, Shelley Patenaude Interiors, and Jade Foot Spa. During its short time as Receiver, McKinley helped create value and stabilize the rent roll by filling two vacancies with new tenants and renewing two existing tenants. The team also remedied multiple city and fire code violations and significant deferred maintenance including active roof leaks, exterior lighting repairs, exterior power washing, and painting of the interior common areas and underground garage. McKinley further improved the asset by upgrading the inadequate lighting in the underground parking garage to energy efficient fixtures as well as crack filling, seal-coating, and striping the weathered surface parking lot.
"Upon accepting this assignment, McKinley was immediately able to remedy long standing issues and create value by stabilizing the property as well as bringing new tenants in to provide services to this quaint community," offered Jessica Furlong, Director of Operations for McKinley's Institutional Commercial Real Estate Team.
"This is another example of McKinley delivering a quality management experience for an important third party client. We take our role of creating value for our partners seriously. In this case, we quickly took over a distressed asset, certified a rent roll, completed a detail physical due diligence, cured immediate needs, and set this asset on a positive spiral of a turn around," offered Trey (Royal) Caswell, Senior Vice President & Managing Director - Institutional Real Estate.
December 1, 2016
Walled Lake, Michigan - McKinley announced today the successful disposition of Benstein Business Park, a 48,000 sf light industrial park, consisting of four buildings. The property is located in Walled Lake, which is in the southern central portion of Commerce Township in Oakland County, close to major freeways and just off West Maple Road and Benstein Road.
"The sale of Benstein Business Park is the continuation of our strategic effort to dispose of internally owned retail, office and light industrial assets, and migrate those dollars into our core Multifamily business," offered Albert M. Berriz, McKinley's CEO, Co-Owner and Managing Member. "Our team is focused, and we have several other commercial dispositions in the pipeline at this time, and we expect to close those transactions in the near future," added Berriz
The disposition effort is also allowing McKinley to focus its highly talented commercial team in the workout and receivership of distressed office, retail and mixed use assets for third party clients, which continues to be a significant part of McKinley's real estate platform. McKinley today is a leading expert in the area of retail workouts, and one of the largest workout operators of distressed enclosed mall transactions in the US.
November 17, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the successful disposition of Tops Plaza Erie, a 106,331 square foot shopping center in Erie, Pennsylvania. McKinley was engaged as Manager for this property on December 21, 2012. During its time as manager, McKinley corrected several deferred maintenance issues, including painting both buildings and repaving the parking lot. McKinley also impressively executed 10 new leases and renewals, including the anchor tenant, to bring the occupancy to 100%. The total square footage of executed deals represented over $10.6 million in lease value.
"I am very proud of our team's leasing success in bringing the property to full occupancy and positioning it for long term success. This is another example of McKinley's expertise in creating value for suburban, grocery-anchored retail centers,” stated Matt Mason, Senior Vice President - Commercial Real Estate & Special Advisor to the CEO.
“In addition to the physical improvements made to this asset, I am proudest of our team's ability to increase occupancy to 100%. 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,” stated Lauren Leach, Director of Commercial Portfolio Management.
November 16, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the takeover of Arrowhead Mall in Muskogee, Oklahoma. The District Court of Muskogee County appointed McKinley as Receiver for this 439,224 square foot enclosed regional mall, making this McKinley’s 11th enclosed mall takeover. Arrowhead Mall is 68% occupied and is home to tenants such as Dillard’s, JCPenney, Beall’s, Hibbett Sports and Dickinson Theatres.
“We are thrilled to have our first commercial takeover in the state of Oklahoma, a state where we have had much success with Multifamily real estate dating back to 1971. The takeover of Arrowhead Mall marks McKinley’s 11th enclosed mall takeover, further cementing us as the country’s best mall workout specialists," stated Lauren Leach, Director of Commercial Portfolio Management.
"Arrowhead Mall provides an opportunity for the McKinley team to stabilize another regional mall utilizing its significant national experience and proven track record on behalf of the Muskogee community," added Matt Mason, Senior Vice President - Commercial Real Estate & Special Advisor to the CEO.
September 27, 2016
McKinley is pleased to announce that Akron Centre Plaza office and retail building, located in downtown Akron, was recently awarded the 2016 Beautification Watch Award by the Beautification Bureau of Keep Akron Beautiful. The award was established in 1983 to recognize people, organizations and businesses that consistently work to keep their Akron property clean and beautiful. The award is based on businesses that exemplify a litter-free property with well-maintained flowers, shrubs and/or trees, free of weeds and that stands out from its neighbors.
"I am extremely proud of our Akron Team. Receiving this award once again proves we have the very best management team in the marketplace and the best commercial real estate asset in the Akron market," stated Chris Allen, AVP, Director of Commercial Owned Real Estate. “We have consistently outperformed with our Akron portfolio, and this is yet another example of the attention to detail and superior service delivery that our customers have come to expect,” added Allen.
McKinley also owns and operates First Energy Plaza and Akron Centre Plaza consisting of 531,359 square feet and located in Downtown Akron. Without question McKinley’s Akron portfolio is the best office alternative in the region with world class tenants such as First Energy Corporation, JP Morgan Chase Bank and Ernst & Young
“Excellence is core to who we are, and our Akron team delivers excellence in everything they do,” offered Albert M. Berriz, CEO, Co-Owner and Managing Member. “We are old fashioned owner-operators and this experience is what we are all about,” 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.”