TEMPE, ARIZ. — A two-building, Class A office complex in Tempe has received $34 million in first-mortgage refinancing. The buildings are located at 100 & 150 West University Drive. They contain a total of 299,000 square feet and are currently 99 percent occupied. JP Morgan Chase occupies about 90 percent of the space. The funds were provided to Brookfield Asset Management by Jason Bressler of Mesa West. Financing was arranged by HFF’s John Ahmed.
GILBERT, ARIZ. – The 147-unit Legacy Village at Gilbert Towne Center has sold to a San Diego-based private investor for $15.6 million. The community is located at 351 East Civic Center Drive in Gilbert. The buyer was represented by Dixie Hall of CB Richard Ellis’ San Diego office. The seller, Legacy Partners Residential, was represented by Steve Gebing and Cliff David of Marcus & Millichap’s Phoenix office.
SAN FRANCISCO – A 21-story tower office tower located at 100 Spear Street in San Francisco has sold to Prudential Real Estate Investors for $100 million. The 203,071-square-foot building resides near Market Street in the city’s South Financial District. It was 91.5 percent leased at the time of closing. The tower has undergone a $4.5-million renovation and modernization over the past four years. The seller, Clarion Partners, was represented by HFF’sGerry Rohm, Michael Leggett and Dave Karol.
DENVER, PHOENIX — BRE Properties has sold its joint venture interests in six multifamily properties throughout Denver and Phoenix for $47.5 million. The interests were sold to the firm’s joint venture partner. The six communities included in the sale are the Bluffs at Highland Ranch; the Fairways at Raccoon Creek; Pinnacle at DTC; Pinnacle at Mountain Gate in Denver, as well as Pinnacle at Union Hills and Pinnacle Terrace in Phoenix. The sale of these communities resulted in a net gain of about $15 million. BRE is currently focused on high-quality apartment communities in targeted growth markets like California and Seattle.
WOODLAND, CALIF. – Walmart has announced plans to open a new Walmart Neighborhood Market in Woodland. The smaller-format store will occupy a 62,000-square-foot building at 1250 E. Gibson Road about 15 miles northwest of Sacramento. The building was previously occupied by Mervyn’s at the County Fair Fashion Mall. The mall is owned by County Fair Fashion Mall, LLC and managed by Primero Management. Scott Sterlekar serves as the mall’s director of real estate and leasing.
JACKSONVILLE, FLA. — Parkway Properties has completed its purchase of eight office properties totaling 1 million square feet in the Deerwood submarket of Jacksonville for $130 million. The properties were developed in phases from 1996 through 2005 and are a combined 93.7 percent occupied. With this acquisition, Parkway now owns approximately 1.4 million square feet and also manages or leases another 2 million square feet, which total 3.4 million square feet in Jacksonville.
KNOXVILLE, TENN. — Developer CHM LLC has broken ground on University Commons, Knoxville's first urban, vertical retail complex. The property will be situated on 12 acres near the University of Tennessee and will include 211,000 square feet of retail space and parking. The shopping and dining development is located on the former Fulton Bellows site. Walmart and Publix will anchor the property and more than 40,000 square feet will be dedicated to smaller retailers and service providers once the project is completed. The complex is expected to fill a grocery and retail void in the downtown and university areas, in what is considered a federally designated “food desert,” says Mike Griffin, a partner with CHM. The Walmart and Publix are slated to open in the summer of 2014.
NASHVILLE, TENN. — Florida-based real estate firm Stiles and developer Ray Hensler have partnered to develop an $80 million apartment building in Nashville's Gulch District. The Gulch is a 22-block redevelopment district located on the edge of downtown, which has experienced a spike in urban development and an influx of trendy restaurants and retail. Construction of the 312-unit luxury high-rise is set to begin immediately. The project, located at 12th Avenue and Laurel Street, is designed to achieve LEED Silver certification. The 327,000-square-foot project is expected to be complete by summer 2014 and amenities will include a heated saline pool, fitness center and resident lounge. The property will also feature a 7,000-square-foot restaurant on the ground floor.
AUGUSTA, GA. — Home2 Suites by Hilton, the mid-tier hotel designed for business travelers and extended stay guests, has opened its 15th U.S. hotel at 3606 Exchange Lane in Augusta. The four-story, 123-room hotel is located within the Augusta Exchange, an 87-acre regional power center close to the Augusta National Golf Course. Generation Suites of Augusta owns the property, which is managed by The Generation Cos. The property includes an outdoor saline swimming pool, a three-hole putting green and a walking trail.
MONROEVILLE, ALA. — A joint venture between Bright Interest and Timber Development is developing Monroeville Marketplace Shopping Center, a 40,000-square-foot property adjacent to a Walmart Supercenter in Monroeville. Tenants at the $4.5 million center will include Dollar Tree, Cato, Shoe Show and Verizon Wireless. The center is expected to open this summer.