Downtown Redevelopment Accelerates in Sacramento with JMA Ventures’ Acquisition of Westfield Downtown Plaza
Cornish & Carey Commercial Newmark Knight Frank Represents JMA in Acquisition of Six City Blocks
Sacramento, Calif. (August 15, 2012) — Cornish & Carey Commercial Newmark Knight Frank today announced that it has successfully represented JMA Ventures, LLC (JMA) in its acquisition of Downtown Plaza in Sacramento, Calif., from The Westfield Group (Westfield). Originally built in 1971 and redeveloped in 1993, Downtown Plaza encompasses six city blocks in the heart of the downtown district, representing a unique opportunity for JMA to add value to an important, high-profile property and also enhance the surrounding community.
Cornish & Carey Commercial Newmark Knight Frank’s David Brandenburger, Tom Heacox and John Austin represented JMA, a premier full service real estate investment and development firm. Terms of the sale are not disclosed.
“We are proud to be the new owners of Downtown Plaza,” said Todd Chapman, CEO of JMA. “Situated in the heart of downtown Sacramento and close to the State Capitol, this property is vitally important to the Sacramento community. As an experienced developer and owner of high-end, mixed-use, lifestyle developments, JMA is best positioned to transform the Downtown Plaza into a modern, thriving retail and entertainment center and we plan to do just that.”
Anchored by Sacramento’s only flagship Macy’s, Downtown Plaza is the cornerstone of the pedestrian-only K Street Promenade that connects to the State Capitol and the Convention Center. Spanning six city blocks on 14 acres, the property comprises more than 900,000 square feet of retail space — of which JMA acquired approximately 415,000 square feet (Macy’s is separately owned) — and 285,000 square feet of office space. The retail portion is currently approximately 50% leased to tenants that include Century Theatres, 24-Hour Fitness, Gap, Gap Kids, Forever 21 and Express. The two office buildings, which also are approximately 50% leased, are home to several State of California departments as well as private sector tenants that include Integra Telecom, Randstad, and APS Healthcare. JMA plans to transform Downtown Plaza into an urban destination by remaking the area as a lifestyle retail and entertainment experience that can’t be found at typical suburban malls in the area.
“The Cornish & Carey Commercial Newmark Knight Frank team has been working with JMA for nearly three years to source the right Sacramento opportunity,” said David Brandenburger, a senior associate with Cornish & Carey Commercial Newmark Knight Frank. “Downtown Plaza represented the highest profile project on the market and the best strategic fit for this experienced investment, development and redevelopment firm. As a professional who lives, works and shops in the greater Sacramento area, I am truly excited about this project that will anchor a revitalization of the downtown urban core.”
About JMA Ventures, LLC
JMA Ventures, LLC (“JMA”) is a full service San Francisco based real estate investment company with in-house acquisition, development, finance, leasing, marketing and management capabilities. The company has compiled a 20-year track record of successful projects, both residential and commercial, combining investment and development expertise with a commitment to the highest quality of design. JMA currently serves as general partner for in excess of $500 million of real estate investments across the western United States. For more information, please visit www.jmaventuresllc.com.
JMA’s portfolio encompasses some of Lake Tahoe’s and the San Francisco Bay Area’s premier lifestyle and entertainment venues, including the proposed redevelopment of Homewood Mountain Resort in Lake Tahoe, the West Shore Café and Inn, Constellation Residences at Northstar, ownership positions in the recently merged Alpine Meadows and Squaw Valley Ski Resorts, and the planned Hotel Avery in historic downtown Truckee, as well as Fairmont Heritage Place at Ghirardelli Square in San Francisco and Waterbar and EPIC Roasthouse restaurants on San Francisco’s revitalized Embarcadero waterfront.
About Cornish & Carey Commercial Newmark Knight Frank
A dominant regional real estate force since 1935, Cornish & Carey Commercial Newmark Knight Frank has an expansive reach as part of one of the largest commercial real estate service firms in the U.S. Regionally, Cornish & Carey Commercial Newmark Knight Frank has more than 280 agents in 13 strategically located offices throughout Northern California, creating a powerful platform from which to deliver superior services locally, while upholding its core values of integrity and knowledge. For further information, visit www.ccareynkf.com.
About Newmark Grubb Knight Frank
A part of BGC Partners, Inc. (NASDAQ:BGCP), Newmark Grubb Knight Frank is one of the largest commercial real estate service firms in the U.S. It brings together the strategic consultative approach to creating value for clients and leading position in the New York market that are hallmarks of Newmark Knight Frank; the complementary strengths of Grubb & Ellis in leasing and management, investment sales, valuation and capital markets services; and BGC’s financial strength, proprietary technology, expertise in global capital markets and deep relationships with many of the world’s leading financial institutions.
Newmark Grubb Knight Frank, together with its affiliates and London-based partner Knight Frank, employs more than 11,000 professionals, operating from more than 300 offices in established and emerging property markets on five continents. This major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide.