CHICAGO—Nationally, effective rents at B communities hover nearly 30% below those of A, making them especially appealing to millennials and other cost-conscious renters.

DALLAS—Phillip Rosenfeld and Matt Thompson, formerly of Colliers International, have joined the Dallas/Fort Worth office of Lee & Associates.

PHOENIX—Arizona Center is a class-A mixed-use campus spanning 1 million square feet-plus, and comprised of two 20-story office towers, low-rise office and open-air retail space, a 3.5-acre urban garden, a 24-screen AMC movie theatre and 3.341 acres of vacant land, all set on a 16-acre superblock site.

DALLAS--Dallas-based Centennial Real Estate Co., Montgomery Street Partners, the real estate investment affiliate of Blum Capital Partners and USAA Real Estate Co., closed on a $1.1 billion acquisition of five regional malls from Westfield Corp.