KANSAS CITY, KAN. — Capital Electric Construction Co. Inc. has signed a 50,296-square-foot industrial lease to consolidate its regional headquarters in Kansas City. The company currently operates out of the Rivergate Building at 600 Broadway as well as warehouse space on Dodge Street in the Fairfax District. The new location will house all local operations at 627 Adams St., and is expected to open in July. Bob Fagan, Matt Eckert and Joe Orscheln of CBRE represented Capital Electric Construction in the lease transaction. Paul Neal of Grindstone Properties represented the landlord, Prime Investments. Capital Electric Construction is a wholly owned subsidiary of MDU Construction Services Group Inc. in North Dakota.
SANTA MONICA, CALIF. — The retail landscape is changing, and the tried and true formulas for retail centers and malls are no longer cutting it. The convenience of e-commerce is cutting into purchases once almost exclusively entrusted to the local mall, and consumer tastes are evolving to demand better experiences from the centers they choose to shop at with their discretionary dollars. Those were the conclusions suggested by panelists at the third annual Entertainment Experience Evolution (EEE) conference, where over 550 retail experts and top industry players joined Shopping Center Business at the Fairmont Miramar Hotel & Bungalows in Santa Monica Feb. 7-8. Panelists and attendees were there to discuss the future of retail and the brightest and best upcoming trends for success in today’s changing landscape. Overwhelmingly, the conversation focused on creating an emotional connection with visitors. When it comes to discretionary purchases, shoppers seek a space where they can create memories, not just pick up merchandise and leave. This connection is attained through thoughtful placemaking, a carefully chosen mix of unique shopping and dining, the hosting of community events and the creation of an environment through lighting, music and landscaping. Creating Memory-Making Destinations After opening remarks by Jerry …
Solid employment growth and the attractiveness of an urban lifestyle led to improvements in the multifamily market across metro Chicago in 2016. Although there was positive movement in the performance of key indices in both the city and the suburbs, corporate migration from the suburbs to the city brought young professionals and high-paying job opportunities, especially to the core. Millennials overwhelmingly favored renting over homeownership in 2016 and sought residence in urban centers offering walkability and a live-work-play lifestyle. In 2017, these trends are expected to continue. Job growth acts as catalyst Last year, Chicago employers hired 65,000 workers, representing a 1.4 percent workforce expansion metrowide. This healthy job growth helped boost the median household income to around $67,168 per year at the end of 2016. In 2017, job growth is expected to continue at a similar rate, and it is anticipated that Chicagoland employers will hire 70,000 new workers for a 1.5 percent employment gain over the course of this year. Employment gains last year were led by the professional and business services sectors, which expanded headcount by 2.6 percent with the creation of nearly 21,200 positions over the yearlong period that ended in September 2016. During the same …
EASTVALE, CALIF. — Amazon has leased a 1 million-square-foot logistics center in Eastvale. Located within a 205-acre, mixed-use development, the new space will offer a variety of space options, including distribution, business park, retail and medical. It will be situated directly off the Cantu-Galleano Ranch Road Exit on the I-15. Amazon is scheduled to occupy the new facility in 2018. Goodman Group will build Goodman Commerce Center Eastvale.
SEATTLE — PSRS has provided $54 million in acquisition financing for a 324,287-square-foot office campus in Seattle. The borrower was not disclosed. The loan features a three-year term and a 25-year amortization schedule. The loan was placed with a life insurance company. It was structured by PSRS’s Antonio Hachem.
SAN DIEGO — Renovate America has leased 160,000 square feet of office space at the Rancho Vista Corporate Center in the San Diego submarket of Rancho Bernardo. The center is located at 16409 W. Bernardo Drive. The seven-year lease was one of the largest signed in San Diego in 2016, according to CBRE. CBRE represented both the landlord, Swift Real Estate Partners, and Renovate America in the transaction.
LAS VEGAS — The Freeman Storage Container Facility in Las Vegas is set to undergo a $3.5 million expansion. The additional 10,000 square feet will include a marshaling yard on the adjacent land. The project is located on seven acres and is scheduled for completion in June. Construction of the existing facility was completed by Alston Construction in October 2015. The developer was Panattoni Development Co. and the owner is Ponderosa Yard LLC.
JURUPA VALLEY, CALIF. — Star Holdings LLC has acquired a 32,898-square-foot manufacturing/distribution facility in Jurupa Valley for $4.1 million. The facility is located at 4758 Troy Court. The building was completed in January as part of the Galena Business Park. It sits on 68,389 square feet of land.
NORFOLK, VA. — The City Council of Norfolk has unanimously approved IKEA’s plans for a new store, the Swedish retailer’s second location in Virginia. Plans call for a 331,000-square-foot store featuring 10,000 items, 50 room settings, three model home interiors, a supervised children’s play area and a 450-seat restaurant, as well as 1,200 parking spaces. The new store will be situated on 19 acres at the northwest corner of Interstate 64 and Northampton Boulevard, about eight miles east of downtown Norfolk. Pending remaining approvals and permits, construction on the new store is slated to begin this summer with an opening set for summer 2018. The project is expected to create 500 construction jobs and 250 permanent jobs upon opening.
CHARLOTTE, N.C. —Insite Properties plans to develop The Refinery, a five-story office development located at 1213 W. Morehead St. near Uptown Charlotte. Insite’s joint venture partner on the development is Washington, D.C.-based Northridge Capital LLC. Situated a half mile from Bank of America Stadium, The Refinery will span 105,000 square feet of office space and feature a connected parking structure, rooftop indoor/outdoor conference center, first floor showers and lockers, community meeting space, tenant café and an interior bike room. The project team includes civil engineer LandDesign, architect BB+M Architecture and leasing agents Barry Fabyan and Charley Leavitt of JLL. The design team is aiming for LEED certification. Insite and Northridge plan to deliver the project in the fall of 2018.