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News release

PORTLAND, OR

New Development to Continue in Portland’s South Waterfront District

Jones Lang LaSalle handles $7M sale of Block 37, a 1.67 acre prime waterfront commercial development parcel


PORTLAND, January 31, 2014  — Jones Lang LaSalle has completed the sale of one of the few remaining prime development sites in Portland’s South Waterfront District.  Known as Block 37, the 1.67-acre site located on River Parkway and SW Gaines Street has a 239-foot frontage on the Willamette River and is the last developable block available for multifamily development.  Mack Urban and Connell Real Estate and Development Company purchased the parcel for $7,050,000.  The partners intend to build a six story midrise building with up to 281 apartments and 250 parking stalls.

Jones Lang LaSalle’s Capital Markets experts Javier Rivera, Mark Friel, Paige Morgan, David Young, Joe Leon, Seth Heikkila, Corey Marx and financing expert Reid McGlamery marketed the parcel.
“This is a great development parcel close to amenities, mass transit and jobs and we had a lot of interest from a variety of potential buyers,” said David Young, Managing Director, JLL.  

The site is close to the $295 million Collaborative Life Sciences Building under development by Oregon Health & Science (OHSU), Portland State and Oregon State universities and is less than a mile from Portland State’s main campus.  Portland State has over 29,000 enrolled students and only 3,000 on-campus beds.  The site is also a few blocks from the Portland Aerial Tram, which carries passengers between the South Waterfront and OHSU, one of Portland’s largest businesses and a major regional employer.

Jones Lang LaSalle 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 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $4.0 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 3.0 billion square feet. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management. For further information, visit www.jll.com.