JLL raises $335.6M in capital for Bay Area mixed-use project

Republic Urban Properties to develop the transit-oriented property adjacent to the Millbrae BART Station

December 09, 2019

SAN FRANCISCO, December 9, 2019 – JLL announced today that it has raised capital totaling $335.6 million for the development of Gateway at Millbrae Station, a transit-oriented, mixed-use residential and office property adjacent to the Millbrae BART and Caltrain Stations in Millbrae, California.

JLL worked on behalf of the developer, Republic Urban Properties LLC, to arrange joint venture equity from Principal Real Estate Investors and a floating-rate construction loan through U.S Bank.

Gateway at Millbrae Station is fully entitled to include 320 apartment homes and 157,000 square feet of Class A office space in a six-story building with podium-style parking. The property will also include a combined 36,000 square feet of ground-floor retail and 645 parking spaces. The residential component will offer a mix of studio, one-, two- and three-bedroom homes. The project is due for completion in summer 2022.

The JLL Capital Markets equity and debt placement team included Scott Bales, Brandon Roth, Peter Yorck and Nolan Moore.

“Gateway at Millbrae Station is one of the top transit-oriented development opportunities on the West Coast,” Roth said. “It’s the only transit center in the entire Bay Area that includes both BART and Caltrain stops, providing quick train rides to the top employment centers in Silicon Valley and San Francisco, as well as San Francisco International Airport.”

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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Brokerage services now provided by Jones Lang LaSalle Americas, Inc., a licensed real estate broker. CA Real Estate License #01223413.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Republic Urban Properties LLC

Republic Urban Properties LLC, a division of the Republic Family of Companies, represents a privately owned, full-service real estate investment, management and development enterprise based in San Jose, California. For the past 40 years, the Republic Family of Companies have developed real estate ranging from historic adaptive reuse, multifamily apartment developments, office projects and urban, retail and regional and specialty shopping malls. It has developed in investment transactions of over 27 million square feet with a value in excess of $7 billion dollars.

About Principal Real Estate Investors

Principal Real Estate Investors manages or sub-advises $85.7 billion in commercial real estate assets (as of September 30, 2019). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.