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Brookfield Residential Acquires National Mixed-Use Developer OliverMcMillan

Calgary-Based Brookfield Seeks to Raise Profile in Mixed-Use Realm With Purchase of San Diego-based Development Firm
February 6, 2018
OliverMcMillan is building the Fifth + Broadway project in downtown Nashville. source: OliverMcMillan

In a significant diversification move from its core homebuilding and master-planned community development focus, Canada-based Brookfield Residential Properties Inc. confirmed Tuesday that it has acquired the assets of national-renowned mixed-use developer OliverMcMillan. The price commanded by San Diego-based developer was undisclosed.

OliverMcMillan will continue to design and build mixed-use developments in major U.S. urban centers following the acquisition, Brookfield said in a statement.

“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, Brookfield Residential president and chief operating officer.

Foley said the acquisition was driven by Brookfield's belief that continuing "urban intensification" in many of its North American markets, coupled with the ongoing disruptions in the retail sector, will result in the need to redevelop some of its properties over the next few years.

OliverMcMillan will continue to manage its existing assets, according to the buyer, the North American residential property arm of Brookfield Asset Management, which has about $265 billion in real estate and other assets under management globally.

Founded in 1978 by CEO Dene Oliver and Jim McMillan, OliverMcMillan is a prominent developer of retail, residential and mixed-use projects across the country. Its current projects include Fifth + Broadway, an office and retail development under way in downtown Nashville; River Oaks District, a high-end retail and office project entering its second phase in Houston; and Symphony Honolulu, the latest of several high-rise residential condominium projects the OliverMcMillan firm has developed in Hawaii since 2009.

The firm has also developed retail and office components in Atlanta’s upscale Buckhead commercial district. And in the Orange County, CA city of Tustin, the developer is planning a largescale, 123-acre, mixed-use redevelopment of a former U.S. Marine Corps base.

In its flagship San Diego market, OliverMcMillan's big projects include an upcoming 57-acre, mixed-use redevelopment of former rental car lots on waterfront property at Harbor Island near San Diego International Airport. The developer is also overseeing an extensive redevelopment of a Gaslamp Quarter property that formerly housed a Pacific Theatres cineplex.

Foley said the 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."

With similar values, culture and goals, Oliver called Brookfield Residential “the perfect partner” to continue its legacy work of the past 40 years.

"We simply could not have found a better long-term home," Oliver said.

Brookfield Residential parent firm Brookfield Asset Management, with headquarters in Toronto and New York City, has been in expansion mode of late. In 2016, it acquired New York-based mall REIT Rouse Properties Inc. for $2.8 billion.

More recently, Brookfield was reported to be in talks to acquire assets of Cleveland-based Forest City Realty Trust, another large operator and developer of shopping malls.

Lou Hirsh, San Diego Market Reporter  CoStar Group   

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