TROY, MI. – KIRCO, a nationally recognized full-service investment and real estate company with a focus in senior living, is pleased to announce the successful acquisition of Legacy Reserve at Fritz Farm, a premier senior living community located in Lexington, KY. The acquisition of this asset at materially below replacement cost further strengthens KIRCO’s presence in the senior living market and enhances its commitment to providing exceptional living experiences for seniors.
Legacy Reserve at Fritz Farm is a core, stabilized class-A property that offers a luxurious and vibrant lifestyle for seniors. The community provides a range of high-quality amenities, services, and care options, allowing residents to live comfortably and enjoy their senior years to the fullest. Built in 2017, this state-of-the-art community boasts 167 units, including 114 independent living, 38 assisted living, and 15 memory care units.
The range of care offered meets the diverse needs of its residents and provides a model for continuity of care as needs may change.The successful acquisition of Legacy Reserve highlights KIRCO’s partnership with Blueprint, a leading investment sales broker in the senior living market. With this acquisition, KIRCO has also assumed the in-place agency debt at an attractive interest rate well-below market.
Located within the thriving metropolitan area of Lexington, KY, Legacy Reserve benefits from the region’s robust economic growth and increasing population. As the “Horse Capital” of the world and home to the prestigious University of Kentucky, Lexington offers a dynamic and culturally rich environment for residents. The community’s prime location on the corner of main and main roadways, adjacent to the area’s leading high-end retail center, positions it as the market leader in terms of quality, operations, and overall performance.
Legacy Reserve has consistently demonstrated strong performance and maintained an exceptional occupancy rate. With current occupancy at 100% and an average occupancy of 96% over the past three years, the community has truly established itself as the top choice for seniors seeking a luxurious and comfortable lifestyle in the Lexington area.
“We are thrilled to welcome Legacy Reserve to the KIRCO portfolio,” said Matt Coughenour, VP Senior Living at KIRCO. “This acquisition aligns perfectly with our investment strategy and commitment to providing exceptional senior living experiences. The community’s outstanding track record, combined with its prime location and exceptional amenities, positions it as the preeminent senior living community in the market.”
KIRCO is pleased to announce that Atlas, a trusted and highly respected senior living operating partner, has entered as a joint-venture partner and will continue to manage and operate Legacy Reserve. Dean Kiriluk, Chief Investment Officer at KIRCO, noted that “Atlas brings a wealth of experience to the property and a demonstrated track record of success. We anticipate this project representing the commencement of a successful strategic partnership.”
As KIRCO’s second senior living acquisition in less than three months, Legacy Reserve at Fritz Farm marks another significant milestone in KIRCO’s expansion strategy within the senior living sector. By providing seniors with unparalleled comfort, well-being, and resort-style amenities, KIRCO remains dedicated to enhancing their quality of life and redefining the standard of the senior living experience.
About KIRCO
Founded in 1974, KIRCO is a commercial real estate investment and development firm, whose comprehensive offerings as a national developer, builder (KIRCO MANIX), and property manager, builds excitement and pride with every customer and community with whom it works. KIRCO has concentrated focuses in senior living and healthcare, and client-driven corporate facilities. KIRCO is third-generation family owned and operated, with operations in 13 states. For information, please visit www.KIRCO.com.
KIRCO is thrilled to announce the rebranding and operational transition of two senior living properties located in Alabama, marking a significant enhancement in providing exceptional care and lifestyle options for senior residents in the area.
Formerly known as Madison Crossings (Madison, AL) and the Bluffs at Greystone (Birmingham, AL) these communities now bear the distinguished name of Monark Grove, reflecting KIRCO’s commitment to creating premier independent living, assisted living, and memory care communities. Monark Grove, KIRCO’s Class A portfolio of senior living solutions, embodies KIRCO’s dedication to nurturing and inspiring senior residents and their families. Through the design and construction of industry-leading spaces and outstanding amenities, KIRCO strives to create an environment that surpasses expectations and enhances the overall quality of life for residents.
The rebranding efforts were celebrated with grand re-opening events at both communities. The events were well attended by current and prospective residents, KIRCO Associates, Beztak representatives and local officials. Guests enjoyed live music, sampled the facility’s gourmet dining, and toured the facilities.
Monark Grove Greystone
Residents of the two communities enjoy a wide range of elevated amenities designed to promote an active lifestyle, well-being and engagement. These include: indoor pool, wellness center, a yoga studio, and an industry-leading dining experience. Additionally, a pub, full-service salon and spa, outdoor pickleball and bocce ball courts and more, await residents seeking an enriched lifestyle.
Alongside the rebrand, Monark Grove Madison and Monark Grove Greystone have transitioned to the operational care of the experienced team at Beztak. Beztak is renowned for its commitment to excellence and its dedication to residents’ health and happiness. Their proven track record, along with the success of Monark Grove Clarkston (KIRCO’s most recently opened senior living community under their care), made the Beztak team the natural choice for Monark Grove’s newest additions.
Monark Grove Madison
The rebrand and operational change of these two senior living properties to the Monark Grove brand underscores KIRCO’s deep commitment to providing exceptional care and lifestyle options for seniors. Monark Grove Madison and Monark Grove Greystone, with their elevated amenities and the operational expertise of Beztak, are set to thrive as market-leading senior living communities. KIRCO looks forward to witnessing the continued health, happiness, and fulfillment of residents as they embrace the Monark Grove experience.
For more information about these communities, visit their websites:
KIRCO MANIX continues to make progress at a cell and electric vehicle battery pack manufacturing campus in Metro Detroit.
The first phase of the project is well underway. Recent progress to the building includes interior steel erection, dehumidifier installation for the massive dry rooms, and elevator pit foundations. When completed, this facility will be over half a million square feet in size.
KIRCO is pleased to be honored by CoreNet Global Michigan Chapter with the 2023’s Developer of the Year award!
We take pride in what we do. Our long-term ownership mentality ensures our clients that they have a partner vested in delivering a timeless asset, where aesthetics, budget, function, and longevity all play equal roles.
Representatives of our team attended the recent CoreNet Global Michigan Chapter Awards at the Gem Theater in Detroit on May 11, 2023. Attendees networked over an open bar and hors d’ouvres, and enjoyed dinner during the presentation.
Quinn Kiriluk, EVP Corporate Real Estate & CMO, accepted the award on KIRCO’s behalf with a brief speech:
CoreNet Global’s mission is to advance the practice of corporate real estate through professional development opportunities, publications, research, conferences, and chapters and networking groups.
KIRCO, a nationally recognized full-service corporate real estate and investment company, is proud to announce the acquisition of a Senior Living community, Brookmeadow at Blue Hills, located in the Boston, MA metropolitan area. This 91-unit assisted living and memory care facility was built in 2009 and presented a compelling opportunity for KIRCO to acquire an existing senior living community approximately 45% below replacement cost in a high income, underserved market. The sale and acquisition financing was skillfully managed by Cushman & Wakefield.
This opportunity was in part attractive, as the Boston Metropolitan Statistical Area (MSA) is one of the highest ranked in the USA in terms of income, employment and top tier educational institutions while boasting the highest senior housing occupancy nationally. This acquisition aligns with KIRCO’s Senior Living growth strategy, which is aimed at developing a portfolio of high-quality assets in upper-quartile income neighborhoods. With this acquisition, KIRCO is growing its portfolio with a view toward targeting Class A assets nationally.
Though the capital markets have experienced disruption, particularly for value-add deals where transaction volume is now virtually non-existent, KIRCO is turning this disruption into opportunity. “As a result of KIRCO’s depth of relationships and coverage in the market coupled with its data driven approach, we are getting exposure to opportunities that very few organizations receive or can execute on,” said Dean Kiriluk, Chief Investment Officer at KIRCO. “We pass on the vast majority of opportunities as we scour the market for the most compelling deals.” KIRCO has relied on its strong relationships, its strength as a sponsor, and its experience in previous deals to build a robust Senior Living portfolio. KIRCO has developed, built and currently owns three Senior Living communities branded under its proprietary Senior Living brand, Monark Grove. Although these properties are geographically disperse, they are closely tied together by the resort inspired, high-quality amenities and programming that are hallmarks of the Monark Grove brand.
“KIRCO seeks high-quality properties below replacement cost with great fundamentals, that are struggling for a reason that we can rectify,” said Matt Coughenour, Vice President of Senior Living at KIRCO. “KIRCO has searched exhaustively for the right additions to our Senior Living portfolio. Having looked at billions of dollars worth of opportunities, Brookmeadow at Blue Hills really jumped off the page.” Brookmeadow at Blue Hills is located in an underserved market, where every other Senior Living residence in the Primary Market Area (PMA) is 95% occupied. With KIRCO’s depth of skill sets and relationships, the company has created a business plan to address the current deficiencies that are preventing Brookmeadow at Blue Hills from joining its peers at optimum occupancy. To oversee the operation of the residence, KIRCO is proud to partner with Everbrook Senior Living, a stalwart in Senior Living in New England.
As a vertically integrated organization, KIRCO is proud to bring its development expertise to the table to supervise the comprehensive renovation. The transformation of Brookmeadow at Blue Hills is actively underway with KIRCO’s $4M investment in the revitalization of common spaces for the betterment of future residents, their families, and the community.
About KIRCO
Founded in 1974, KIRCO is a commercial real estate development and investment firm, whose comprehensive offerings as a national developer, builder (KIRCO MANIX), and property manager, builds excitement and pride with every customer and community with whom it works. KIRCO has concentrated focuses in senior living and healthcare, and client-driven corporate facilities. KIRCO is third-generation family owned and operated, with operations in 13 states. For information, please visit www.KIRCO.com.
KIRCO is thrilled to announce the groundbreaking of another Goldfish Swim School in Oakland, Florida. This marks the 7th Goldfish franchise KIRCO and our partners have developed, built and/or invested in across the states of Iowa, Florida, and Massachusetts. This new Florida location is the first of our Goldfish franchise locations being developed from the ground-up.
Our team is committed to delivering a top-notch facility that will offer children in the community a safe and enjoyable environment to learn and develop their swimming skills.
KIRCO & KIRCO MANIX team members attended the Construction Association of Michigan’s annual meeting on February 15, proudly representing the completed Mercedes-Benz Financial Services USA Headquarters.
The project was named one of CAM Magazine’s 12 Outstanding Construction Projects in the State of Michigan for the year 2022. Our team was joined by project partners from Gensler (Architect) and Olympia Development of Michigan (Developer) representing the office campus.
KIRCO is pleased to be included in five lists in Crain’s Detroit Business’ 2023 “The Book.” Annually, Crain’s Detroit releases this compilation of ranked lists comprising the top businesses, non-profits and individuals throughout Metro Detroit.
The Fast 50 ranks the fastest-growing businesses in the Detroit area by using a combination of a company’s percentage revenue increase and the dollar amount of their revenue increase. KIRCO MANIX has been included in the Fast 50 for four of the last five years.
The Private 200 ranks privately owned companies by revenue. KIRCO MANIX has been included in the Private 200 for the last five years.
The Largest General Contractors ranks contractors by 2020 revenue. KIRCO MANIX has been ranked on this list for over five years.
The Nonresidential Property Managers list isranked by square feet under management in Metro Detroit.
Retail Centers is ranked by gross leasable area – two of KIRCO’s managed retail centers are ranked here.
KIRCO celebrated the completion and Grand Opening of its first senior living community in Michigan, Monark Grove Clarkston. The 189,000-square-foot community is located at 7373 Sashabaw Road in Clarkston. KIRCO was proud to welcome Oakland County Commissioner Karen Joliat (District 4) and Jennifer Fair Margraf, executive director of the Clarkston Area Chamber of Commerce for the ribbon cutting ceremony and remarks.
“We are pleased to announce the completion, as well as opening, of our very first senior living community in our home state of Michigan on a beautiful 17-acre site in Clarkston,” said Dean Kiriluk, chief investment officer for KIRCO. “We are confident that residents of Monark Grove will enjoy our amenity-rich, resort-style approach to senior living coupled with best-in-class service, care and programming.”
The ‘Monark Grove’ brand, KIRCO’s premier portfolio of Class-A senior housing solutions, was inspired by the metamorphosis of a butterfly – nature’s reminder that change can bring about something beautiful.
The 148-unit senior living community, operated by Beztak, offers three levels of care including: 77 independent living units; 49 assisted living units; and 22 memory care units. The community features a French-country inspired architectural style, an abundance of natural light, and high-end interior finishes in both the common areas and individual residences.
In addition to convenient access to downtown Clarkston, residents will enjoy on-site gourmet meals crafted by an executive chef for a tailored dining experience, a well-stocked library, live entertainment, as well as opportunities to attend classes and lectures. Other amenities include: a state-of-the-art fitness center; yoga studio; full-service salon and barbershop; art studio; bocce court; pickle ball court; pub and bistro; and a French inspired garden with reflective water feature and outdoor fireplace.
Monark Grove Clarkston provides seniors with best-in-class care, social engagement and inspired living. Seniors can also age-in-place with the comfort and security of knowing they have the ability to receive the attention and care needed for whatever level of care is required. The independent, assisted living and memory care apartments offer superior services and features that seniors, and their families, want and need in their new home.
“Beztak is honored to be part of Monark Grove Clarkston and partner with KIRCO on the management of this exciting project,” said Sam Beznos, CEO of Beztak. “We are excited to expand our footprint into the Clarkston area and offer those seniors a premier senior living option with elevated amenities and an enriched social and educational program like no other.”
The Monark Grove brand is a unique portfolio of independent living, assisted living and memory care communities that nurture and inspire senior residents and their families through the design and construction of industry-leading spaces and outstanding amenities for residents. KIRCO MANIX constructs the Monark Grove communities, has extensive experience in the design and construction of senior living communities.
Monark Grove Clarkston marks the latest market-leading senior housing community added to KIRCO’s senior living investment portfolio. For each community, KIRCO selects a specialized team that understands the unique needs of seniors in each market to help highlight the local dynamic, including: architecture; interior design; culture; and climate. The company’s current senior living portfolio also includes projects in Birmingham, AL and Huntsville, AL.
Founded in 1974, KIRCO is a commercial real estate development and investment firm, whose comprehensive offerings as a national developer, builder (KIRCO MANIX), and facilities manager, builds excitement and pride with every customer and community with whom it works. KIRCO has concentrated focuses in senior living and healthcare, and client-driven corporate facilities. KIRCO is third-generation family owned and operated, with operations in 19 states. For information, please visit www.KIRCO.com.
KIRCO is pleased to be recognized in multiple service categories by RE Journals in the annual Midwest Real Estate News Best of the Best. The list ranks the Midwest’s top commercial real estate companies of 2022. KIRCO Development, KIRCO MANIX Construction, KIRCO Management and SK Medical Management are all featured in this year’s rankings.
While we are proud of our experience in 19 states across the U.S. and counting, the Midwest continues to be an important region for us: it is where our success story began. Without our clients and Associates in this key area, our growth across the country would not have been possible.
Thank you to our Associates for their hard work which leads to our yearly inclusion in this compendium, and to our fellow real estate organizations for keeping us in good company.
MBFS and Project Partners, Olympia Development of Michigan,KIRCO MANIX and Gensler, Find Success Amid Uncertainty withGround-Up Construction of New Headquarters Facility Through Pandemic
FARMINGTON HILLS, Mich. (Sept. 27, 2022) – Mercedes-Benz Financial Services USA LLC (MBFS), which provides brand-specific financing and leasing products, as well as insurance services, to customers who choose Mercedes-Benz vehicles, recently unveiled its one-of-a-kind, newly-constructed corporate campus in Farmington Hills, Mich. The innovative headquarters project, designed to support MBFS’ new hybrid workforce model, was completed within scope, on time and on budget, despite the backdrop of a global pandemic.
Shortly after construction commenced in 2019, the COVID-19 pandemic created numerous challenges in materials, regulations and worker safety, among other areas, but the project partners rallied together to facilitate progression against these new challenges. Additionally, in early 2021, a few months shy of the planned project completion, changes to the company’s corporate structure created the need for further changes to the new Farmington Hills headquarters building.
With the help of partners Olympia Development of Michigan, KIRCO MANIX and Gensler Detroit, MBFS was able to use the new building project as an opportunity to envision and create the ideal modern workplace. The new three-story, 200,000-square-foot MBFS headquarters building located on 35 acres at 35555 W. 12 Mile Rd. is only about one mile away from the company’s previous corporate home, continuing its commitment to and investment in the Farmington Hills, Mich. community.
The short move proved a major undertaking, however, as MBFS and project partners worked collaboratively with an eye toward the real-time evolution of workforces and workspaces, through the hurdles of a global pandemic and the challenges of a company spin-off mid-project. Now complete, the new headquarters supports over 700 team members from Mercedes-Benz, each working a flexible, hybrid model split between work-from-office and work-from-home hours each week.
“Our new headquarters is a testament to our vision for where we are going as a company and our dedication to being an employer of choice,” said Peter Henn, President and CEO of Mercedes-Benz Financial Services USA. “Our building represents our continuing commitment to our community, but also our focus on a forward direction…sustainability, flexibility, innovation and the unmistakable spirit of luxury of the Mercedes-Benz brand are at the heart of this space. Through numerous changes and challenges, this project team proved to be second to none, creating something that exceeded our expectations.”
“Working together, we were able to provide a workspace that is perfectly suited for the MBFS workforce now, and well into the future,” said Keith Bradford, President of Olympia Development of Michigan. “Through this collaboration we were able execute on our strength as a creative, flexible and client-orientated partner that helps organizations prepare for the future through innovative workplaces that inspire people, connect community and sustain the environment.”
Some of the features of the new LEED-certified (Leadership in Energy and Environmental Design) MBFS headquarters include:
A variety of workspaces: private offices, individual and shared workstations, open collaborative areas and social hubs.
Fifty meeting rooms and closed workspaces, from individual focus rooms to conference rooms for 20 people or more, with the latest in video and wireless conferencing technology.
10 complimentary EV charging stations.
Pantries on each floor, including kitchenettes, seating, storage and more.
Benz Beanz: A coffee bar just beside the main lobby.
Star Café: Open daily for breakfast and lunch, and anytime grab-and-go service.
The Body Shop: A subsidized employee fitness center, open 24/7, including: group classes, weightlifting and cardio equipment, private locker rooms and more.
Tech Stop: Walk-up employee technology support area.
Enhanced security technology, including newly introduced employee facial recognition at main entrances.
Integration with nature: Outdoor spaces and seating include a ¼-mile walking trail, dining patio, atrium spaces and front entrance.
Thoughtful design: Space designations, colors and design elements reflect the Mercedes-Benz three-point star, representing air, land and sea. Additionally, the space boasts a selection of over 70 fine art pieces curated for the MBFS corporate collection.
These features and amenities offer MBFS team members many of the conveniences and comforts of remote work, while enjoying the benefits of in-office work. Collaboration is essential to business success in today’s knowledge-driven economy, and the open floorplan, with thoughtfully designed collaboration spaces, captures this in the MBFS headquarters. The wide space and vaulted ceilings of the main atrium offer the perfect setting to celebrate cultural heritage holidays and mingle with colleagues at mixers following town hall meetings. Plus, the range of work spaces give options to any team member looking for privacy and focus, a large monitor, whiteboard, video conferencing setup, or all of the above.
“As a Michigan-based business, we were pleased to have had the opportunity to team up with Mercedes-Benz Financial Services, Olympia Development of Michigan and Gensler on this local project,” said Douglas W. Manix, president of KIRCO MANIX. “We at KIRCO MANIX pride ourselves on being a true partner with the ability to handle complex and innovative corporate headquarter projects like this on time and on budget.”
Although it’s been in regular use for just over six months, the new MBFS headquarters has already earned award-winning status, receiving the 2022 “Real Estate Project of the Year” accolades from the Michigan Chapter of CoreNet Global, a non-profit association representing nearly 10,000 executives with strategic responsibility for the real estate assets of large corporations.
“We were pleased to partner with such an incredible client; the MBFS team had a strong vision to create a refreshed, collaborative, wellness-driven experience for employees that reflects the shifting nature of work,” said Lily Diego, Design Director at Gensler Detroit. “The design unites the legacy of the Mercedes-Benz brand with Michigan’s landscape, drawing inspiration from the local ecosystem that can be found in the colors, textures, and indoor/outdoor blend of environments throughout the building.”
About MBFS
Mercedes-Benz Financial Services USA LLC (MBFS USA), headquartered in Farmington Hills, Michigan, with a Business Center in Fort Worth, Texas, provides finance, lease and insurance services for the dealers and customers of Mercedes-Benz cars and vans in the United States. MBFS USA is a member of the Mercedes-Benz Mobility AG group of companies (a division of Mercedes-Benz Group AG), headquartered in Stuttgart, Germany, a leading global financial services organization and provider of best-in-class automotive financial and mobility services in markets around the world. For more information on MBFS USA, please visit https://corp.mbfs.com or connect with us on LinkedIn (https://www.linkedin.com/company/2711920/), Facebook (https://www.facebook.com/mymbfs) or Instagram (https://www.instagram.com/mercedesbenz_fs/). For more information on Mercedes-Mobility AG, please visit https://www.mercedes-benz-mobility.com/en/.
About ODM
Olympia Development of Michigan, an Ilitch company, is a real estate development firm dedicated to improving the lives of people who live, work and play in Detroit and beyond. Through catalytic developments, innovative design and construction, and inclusive placemaking, Olympia Development continues to create jobs, increase tax base and grow businesses. Olympia Development’s growing portfolio of developments fosters dynamic connections between people and environments through a range of retail, residential, institutional and commercial office spaces. Learn more at https://www.OlympiaDevelopmentMi.com/.
About KIRCO MANIX
Operating throughout the region since 1929, KIRCO MANIX provides construction services in the following market sectors: corporate office and headquarters; advanced manufacturing / research and design; warehouse / distribution; retail; healthcare; and senior living. The company offers customers a unique, full-service approach by managing the design, engineering and construction phase through the eyes of an owner. For more information, please visit www.kircomanix.com or call 248.354.5100.
About Gensler
Gensler is a global architecture, design and planning firm with 52 locations across Asia, Europe, Australia, the Middle East and the Americas. Founded in 1965, the firm serves more than 3,300 active clients in virtually every industry. Guided by determined optimism, we believe the power of design can spark positive change and create a future that promotes equity, resilience, and wellbeing for everyone.
KIRCO was recently selected to develop and manage Orion180 Insurance’s new headquarters building in Melbourne, Florida.
The mixed-use building will include Orion 180’s corporate headquarters, a rooftop restaurant, ground level retail space, and a separate public-private parking garage. KIRCO’s local partner in Florida, Hedrick Brothers, will lead the construction on the project within Florida’s Space Coast region.
Orion180 is a growing technology-focused insurance company that utilizes cutting-edge technology and couples it with team members who have a desire to serve and achieve.