ARA, A Newmark Company (ARA Newmark) announces the $12 million sale of 99 South Broadway, a 2.36-acre land site on the northwest corner of Bayaud Avenue and Broadway in the Baker neighborhood. The development will feature 238 multifamily units - a mix of studios, one-, two- and three-bedrooms - as well as ground-floor retail space.
Executive Managing Director Chris Cowan and Associate Bryon Stevenson represented the buyer, Holland Partner Group, in the sale. The seller was Security Services Federal Credit Union, the former owner and tenant of the existing 25,532-square foot building.
“Our team recognized the long-term development potential of the site over 15 years ago; with strategic positioning and the right investor, we have seen the opportunity come to fruition,” said Cowan. “The site is surrounded by vibrant restaurants and retail and has been underutilized for many years -a large parking lot occupying most of the acreage.”
Cowan continued, “The sale was highly competitive and piqued the interest of numerous developers. Holland Partner Group rose to the top with its best-in-class reputation and proven development track record.”
The Baker neighborhood, known as “South Broadway,” is a designated historic district which has experienced tremendous redevelopment and growth in recent years. The area features an eclectic mixture of neighborhood bars, art galleries, bookstores, restaurants and live music venues. Popular establishments along Broadway include: Punch Bowl Social, Illegal Pete’s, the Mayan Theater, Sweet Action Ice Cream, The Walnut Room, Lena, The Hornet, Gozo, Historians Ale House, Sputnik, Beatrice & Woodsley, Metropolis Coffee, Adrift, the Hi-Dive and countless other retail shops, bars and restaurants.
Though the Baker neighborhood has long been a booming area for development, 99 South Broadway will be the first Class A residential community to be built on this stretch of Broadway.
About ARA, A Newmark Company
ARA, A Newmark Company (ARA Newmark) is the leading investment advisory firm in the multihousing industry. From marketing the sale of single assets and portfolios to, through the Newmark Capital Markets brand, sourcing acquisition and development equity and financing, ARA Newmark provides 360-degree solutions for clients. In addition to market-rate and mixed-use properties, we offer specialized services in land, student, seniors, manufactured and affordable housing.
With the industry’s deepest bench of multihousing advisors, ARA Newmark provides the insight and experience to ensure world-class execution. Our advisors average 20 years’ experience and are the most skillful negotiators in the industry. They are experts in 300+ markets and provide asset-specific customization that yields highly effective transaction strategies. By leveraging our proprietary database that identifies 200 percent more investor interest, each advisor has ready access to unique market intelligence to drive demand.
Backed by the global resources of Newmark, ARA Newmark matches each client’s assets to a robust group of investors - from private and institutional owners to global entities - and accesses nearly every commercial real estate class for options to diversify and profit.
The firm’s combination of asset sales and, through the Newmark Capital Markets brand, debt and equity services and specialty practice groups yields more than $19 billion in multifamily transaction volume annually. ARA also works closely with its affiliate Berkeley Point (www.berkpoint.com), which is a leading commercial real estate finance company focused on the origination, servicing and sale of multifamily loans through government-sponsored and government-funded loan programs. For more on ARA Newmark’s multihousing-exclusive services, visit www.aranewmark.com.
Newmark and ARA are owned by Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”. Newmark Group, Inc. is a publicly traded subsidiary of BGC Partners, Inc. (BGC), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
About Holland Partner Group
Founded in 2001, Holland Partner Group based in Vancouver, WA, is a fully-integrated real estate investment company. The company accomplishes its investment objectives in strategic alignment with its capital partners through its five integrated operating companies, including development, construction, redevelopment and management. The company’s vertically integrated focus has developed the real estate industry’s most consistent and reliable delivery mechanism for its capital partners. A hallmark of the Holland Partner Group is its narrow focus on exceptional developments over business and market expansion. Current assets under management and development represent approximately $7.5 Billion across the Western United States’ most sought after markets.