Brookfield Residential Properties Inc. announced Tuesday it has acquired the assets of San Diego-based mixed-use developer OliverMcMillan, which is involved in designing and building projects in several major U.S. urban centres.
Financial terms of the acquisition were not disclosed.
“Our focus on our core operations remains a priority, but we see increasing our position in mixed-use development as a significant opportunity and reflects our view of some potential shifts in our residential portfolio,” said Adrian Foley, president and COO of Brookfield Residential, in a release announcing the acquisition.
“This strategic acquisition supports our belief that the increased focus on urban intensification taking place in many of our North American markets, alongside some of the disruptions in the retail sector, will create a significant pipeline of redevelopment opportunities over the next few years.”
“Incredible” development opportunities
“The acquisition of OliverMcMillan provides us with the investment in some incredible mixed-use development opportunities and the skillsets to supplement our existing talented group at Brookfield Residential,” Foley said in the release.
“We see the role of developing place-making retail, office and residential product as a key attribute to creating great places to call home. OliverMcMillan will help us execute that vision.”
OliverMcMillan will continue to manage its existing real estate assets, Brookfield says.
OliverMcMillan acquires, designs, develops, manages and leases mixed-use and stand-alone real estate properties in major metropolitan growth markets across the U.S. and Canada. The company’s strategy begins with ground-up assets which are transformed into retail, entertainment, dining, office, medical, residential and hotel environments.
“Brookfield Residential is the perfect partner for us to continue the legacy of what we’ve done best for over 40 years – creating special places across the United States and Canada,” Dene Oliver, CEO OliverMcMillan, said in the release.
“Our progressive values, culture and goals are very much aligned and we are extremely excited to become part of their organization. We simply could not have found a better long-term home.”
Some of OliverMcMillan’s developments, and ongoing projects, include:
* Fifth + Broadway, Nashville: This project is designed to transform the original city convention centre site into a modern hotel / conference centre and mixed-use development. Retail and dining space, office, high-rise residential and the National Museum of African American Music are also planned for the site, which will comprise more than 900,000 square feet;
* Symphony Honolulu: This 388-unit condo tower is located in the Hawaiin city’s Kakaako district and also includes luxury auto dealer JN Exotics. It is the latest of several residential projects for OliverMcMillan in Hawaii;
* The Shops Buckhead Atlanta: This mixed-use project includes more than 800,000 square feet of space, including 300,000 square feet of upscale retail, more than 100,000 square feet of office and 400,000 square feet of high-rise residential. It encompasses six city blocks;
* River Oaks District Houston: Another major mixed-use district project, River Oaks is a 650,000-square-foot development which includes luxury retail, dining and entertainment, state-of-the-art office space and 279 residential units. Phase II is in development on an adjacent 3.4-acre property which will feature 455,000 square feet of space including a luxury hotel, office, residential and retail.
Brookfield Residential Properties Inc.
Brookfield Residential Properties Inc. is a leading land developer and homebuilder in North America. It entitles and develops land to create master-planned communities, builds and sells lots to third-party builders, and conducts its own homebuilding operations.
Brookfield also participates in strategic real estate opportunities, including infill projects, mixed-use developments and joint ventures.
Brookfield Asset Management is a leading global alternative asset manager with approximately $265 billion of assets under management.
Founded in 1978, award-winning OliverMcMillan creates high-quality, artistic, market-appropriate developments. The firm has designed and developed more than eight million square feet of projects, with a total project value exceeding US$5 billion.
OliverMcMillan currently has real estate projects under development in cities across the United States, including Houston, Atlanta, downtown San Diego, Nashville, Honolulu, Denver, Phoenix and Tustin, Calif.