91ÊÓƵ

A group of heavy hitters in the nation’s real estate industry have zeroed in on Portland’s South Waterfront District.

Mack Urban – a partnership between New York-based Mack Real Estate Group and Los Angeles-based Urban Partners LLC – and New Jersey-based Connell Real Estate and Development have purchased 1.67-acre Block 37 from an affiliate of Williams & Dame Development Inc. for $7.05 million. The group plans to build a six-story building with 281 apartment units and 50 parking stalls.

News of the development broke in April 2013, when Harbor Urban – a Seattle-based development company – applied for early
assistance from the Portland Bureau of Development Services.

Harbor Urban was folded into Mack Urban, which derived from the Mack family. Its members helped found AREA Property Partners, an international real estate fund manager with investments valued at $70 billion; and Mack-Cali Realty Corp., one of the nation’s largest real estate investment trusts.

Richard Mack, CEO of Mack Real Estate Group, said his company is focusing on Portland and the South Waterfront for numerous reasons. Among them is the metro area’s high barrier to entry, employment base, and a quality of life that attracts a young, talented demographic. He pointed to Oregon Health and Science University, and the soon-to-open Collaborative Life Sciences Building as evidence.

“You have leading scientists and doctors in the field of medical health that are a doorstep away from us, and we think that’s going to contribute to the vitality of the entire Portland market, and provide jobs for people that are excited about enacting change in the world,” he said. “What a great place to be a developer. That’s why we like Portland.”

Jones Lang LaSalle helped broker Mack Urban’s property acquisition.