SHEA PROPERTIES BREAKS GROUND ON $120M OFFICE PROJECT
Shea Properties has broken ground on the first phase of the $120 million Shea Center Roseville, the company's first development in the Sacramento area. The center is a 600,000 sq. ft., 10-building office development that adjoins the Galleria at Roseville mall. Construction on Phase I, a 2-story, 55,000 sq. ft. building, is scheduled for completion by the end of 2003.
TWO MORE D.C.-AREA APARTMENT PROPERTIES SOLD
The institutional multifamily group of Transwestern Commercial Services has brokered the sale of two Class-A communities in suburban Maryland. Archstone Smith Real Estate Investment Trust sold the 252-unit Archstone Saybrooke to Alliance Holdings for $37.5 million, while Ameriton sold the 186-unit The Verandahs to Alliance Holdings for $26.2 million. Both properties are located in Gaithersburg, Md.
FIRST PHASE OF ALABAMA MIXED-USE PROJECT FILLS UP
The first phase of TigerTown, a 130-acre mixed-use development in Opelika, Ala., is 100% leased. The 176,000 sq. ft. first phase of the development, which is scheduled to open next summer, includes such retailers as Old Navy, Ross Dress for Less and Office Depot. When completed, TigerTown will comprise three shopping centers that total about 800,000 sq. ft. of retail space as well as office and hotel space.