June – Briefs/Sales & Development

Beck Ventures begins $2B Dallas redevelopment; $600M Alpharetta project gets the green light; Kennedy Wilson sells $118M asset; KBS acquires maryland M-F asset; Vision starts distribution center; and Trammell Crow, One Liberty announce 533 KSF Office Towers.

Beck Ventures Begins $2B Dallas Redevelopment

A $2 billion Beck Ventures redevelopment project will transform the 30-year-old Valley View Center mall into Dallas Midtown, a 1.5 million-square-foot mixed-use project with retail, restaurants, residential units, office towers and a high-rise hotel. Beck Ventures acquired Valley View Center in late April for an undisclosed amount from LNR Partners L.L.C., which became the special servicer for a $125 million loan that had gone unpaid for the mall’s previous owner, The Macerich Co.

The current mall, which is about 55 percent occupied, will remain on the site as Beck Ventures begins work with the city to develop the mixed-use lifestyle center.

$600M Alpharetta Project Gets the Green Light

Avalon, a $600 million mixed-use development in the Atlanta suburb of Alpharetta, has received the green light from the city council. Developer North American Properties says the asset will combine high-end retail, restaurant, residential, office, hotel and public spaces for the first time in the Southeast.

Kennedy Wilson Sells $118M Asset

Kennedy Wilson has sold a 213-unit luxury high-rise apartment tower in San Jose, Calif., for $188 million. The asset, 360 Residences, was 97 percent occupied at the time of the sale. It was picked up by Capri Capital Partners L.L.C. on behalf of an institutional investor.

KBS Acquires Maryland M-F Asset

KBS Legacy Apartment REIT has purchased The Residence at Waterstone, a 255-unit Class A community in Pikesville, Md. The 2002-vintage property was originally designed to be sold as condos.

Vision Starts Distribution Center

The master plan for Vision Group Ventures’ I-81/I-78 Logistics Park has taken a big step forward after Panattoni Development Co. picked up a 129-acre tract at the Union Township, Pa., campus for 1.5 million square feet of space.

Trammell Crow, One Liberty Announce 533 KSF Office Towers

Trammell Crow Co. and a subsidiary of One Liberty Properties Inc. have plans to add 533,500 square feet of office space to the suburban Dallas office market with the redevelopment of a six-acre site.