4/25/2006

Fourth Quarter Properties unloads Sunnyvale Town Center

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Downtown Sunnyvale Mixed Use LLC purchased the Sunnyvale Town Center in downtown Sunnyvale from Forum Development d/b/a Fourth Quarter Properties for an undisclosed price.

Drew Arvay, Managing Partner at NAI BT Commercial , represented both parties in the transaction which is reported to be one of the largest mixed-use sales ever in Northern California.

The sale consisted of 25 of the 36-acre project site, and included the mall structure with the exception of two buildings; free standing and separately owned Macy's and Target stores.

Downtown Sunnyvale Mixed Use LLC, which was created through the marriage of RREEF and Sand Hill Property Management, acquired over 900,000 SF of retail space and parking garages located at 250 S. Mathilda, in the heart of downtown Sunnyvale.

The redevelopment plans include a 14-screen movie theater, 299 for-sale housing units, 991,000 square feet of retail space, 315,000 square feet of office space and a hotel offering up to 200 rooms.

Atlanta based Fourth Quarter was fired by the city after numerous unexplained construction delays. They had been hired to turn the 36-acre shopping mall into a traditional-style downtown.

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