By Andie Lowenstein, Associate Editor
LOCA, a mixed-use multifamily and retail asset is joining the area called home by trendy restaurants and retailers, local and small-scale manufacturing as well as lively creative-class office tenants.
JLL Capital Markets experts announced Monday, on behalf of Vancouver-based developer Killian Pacific, the firm secured joint venture equity from a national pension fund for the planned LOCA.
“Ambitious projects entail a myriad risk factors, and having a premier national pension fund as an equity partner and U.S. Bank providing moderate leverage construction financing creates a strong foundation,” said Killian Pacific Managing Director Noel Johnson.
Managing Director Buzz Ellis and Senior Vice President Paige Morgan led the JLL team through the transaction.
“This development is located in Portland’s Close-in Eastside neighborhood–one of the city’s top submarkets that is increasingly attracting creative office space and tech tenants,” said Ellis. “With plenty of jobs heading to the area, there is rising demand for multifamily and retail offerings.”
Previously known as the “Goat Blocks,” the project is made up by seven distinct building masses found across a three block, 133,000 square-foot site. Designed by Ankrom Moisan Architects, the site preserves the neighborhood’s industrial heritage and tributes its nuanced urban fabric. The Class A, LEED Gold-designed, mixed-use development will feature 247 multifamily units and nearly 89,000 square feet of net retail space. The development will also highlight plenty of on-site parking with 385 spots for cars and 510 spots for bikes.
“Killian Pacific is a highly-respected developer here in Portland and has a tremendous vision for this site. The mixed-use style project and fun recent history of the site will create a vibrant urban space and attract shoppers and residents throughout the region,” said Ann Young, commercial real estate market manager for U.S. Bank in Portland.
The units showcase their own architecture, interiors and amenities to appeal to distinct target markets and provide a boutique feel. The retail space is secured by Market of Choice, a 26,000 square foot, locally owned specialty grocery and a 40,000 square foot hardware store.
“Providing the neighborhood essential services – a grocery and hardware – while complimenting them with what will be over a dozen carefully selected small scale retailers will create a community enhancing and lively neighborhood hub,” noted Killian Pacific President Lance Killian.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients – whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.