CHARLOTTE, N.C. — Batson-Cook Construction breaks ground on The Gibson, a 250-unit apartment community located at 1000 Central Ave. in Charlotte. The developer on the $25 million project is Pollack Shores Real Estate Group and the architect is Poole and Poole Architects. The apartment development will neighbor the historic Plaza Midwood and Elizabeth neighborhoods. Batson-Cook expects to deliver the mid-rise, infill apartment community in the fourth quarter of 2015.
SUNSET BEACH, N.C. AND NORTH MYRTLE BEACH, S.C. — Multi Housing Advisors (MHA) has brokered the sales of the 168-unit Tides at Calabash in Sunset Beach and the 172-unit Cherry Grove Commons in North Myrtle Beach. Hamilton Point Investments LLC acquired Tides at Calabash from Berkadia for $12.6 million and Cherry Grove Commons from Aspen Square Management for $15.1 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in both transactions. The buyer didn’t use a broker in either transaction. The two properties are approximately 15 miles apart.
NAPLES, FLA. — Steelbridge Capital has acquired Pelican Bay Executive Center, a three-building, 190,000-square-foot office complex in Naples. The park is located at Pine Ridge Road and Tamiami Trail. Tenants of Pelican Bay Executive Center include Wells Fargo Bank, Hahn Loeser LLP, Newsbank and Fischer International. The park was 71 percent leased at the time of sale. Michael Lynch of MLPA Realty Inc. represented Steelbridge Capital in the transaction. Christian Lee, Charles Foschini, Christopher Apone and Amy Julian of CBRE arranged acquisition financing for the transaction. CRE Consultants will handle the management and leasing of the office park.
SCOTTSDALE, ARIZ. – SheKnows has leased 20,000 square feet at Element at Kierland, a 55,268-square-foot office building in Scottsdale. The space is located at 14614 N. Kierland Blvd. The women’s lifestyle media platform will use this space as its corporate headquarters. SheKnows was represented by Clint Hardison of Keyser. The landlord, Montana Avenue Capital Partners, was represented by Luke Walker, Dave Carder and Eric Schultz of CBRE’s Phoenix office.
HAYWARD, CALIF. — KTR Capital Partners has acquired seven out of the eight buildings comprising the Hayward Corporate Center for an undisclosed sum. The high-tech R&D/flex space is located at 29902-20991 Cabot Blvd. in Hayward. The transaction contains a total of 208,420 square feet. The unnamed seller was represented by Steve Hermann and Robert Gilley of Cassidy Turley.
LOS ANGELES — Fogo de Chao has signed a 15-year lease for 7,414 square feet in Downtown Los Angeles. The Brazilian steakhouse will be located at 800 S. Figueroa Street in the city’s Financial District. It will be situated across the street from the FIGat7th open-air shopping mall. The lease is valued at $6.2 million. The space was previously occupied by Roy’s Hawaiian Fusion. It is currently undergoing tenant improvements. Fogo de Chao is hoping to open in the fourth quarter of this year, in time for the holiday season. The restaurant was represented by Sierra Commercial Real Estate. The landlord, 800 Fig Verona Corp., was represented by Derrick Moore of Avison Young.
LOS GATOS, CALIF. – A 12,800-square-foot retail property in Los Gatos has sold to a limited liability company for $6.1 million. The property is located at 102 South Santa Cruz Ave. It was built in 1974. Notable tenants at the property include 101 Broadway and The Spa. The LLC was represented by Anh Stovall, J.J. Taughinbaugh and Yuri Sergunin of Marcus & Millichap’s Palo Alto office.
SAN DIEGO – A 9,945-square-foot retail property in San Diego has sold to Howard Park of 1999 Park Family Trust for $2.7 million. The property is located at 7763-67 Balboa Ave. The space was originally built for Color Tile, which occupied the property for more than 20 years. The new owner, which also owns T-Shirt Mart and several related retail stores, will upgrade the property. The trust plans to occupy about 60 percent of the space.
Today’s Kansas City apartment fundamentals resemble the height of the 2007 market as jobs, deliveries, building permits, occupancy and rents are up. The availability of financing for developers and investors, along with the temperate economic recovery, portends further operational strength and investment activity in the near term. Job growth in the metro area this year has been positive. The end of the first quarter saw a full rebound of the job losses that occurred in late 2013. Through the first half of 2014, total payroll employment expanded by 5,200 jobs, an increase of 0.5 percent compared with the end of 2013. The local unemployment rate at the end of the second quarter of 2014 was 6.3 percent. Some 4,200 additional new jobs are projected for the second half of 2014, which would bring the area nonfarm job count to only 1,800 under its 2007 high of 1,018,300. Supply and Demand Apartment developers are expected to deliver new product in time to meet the demand created by the new jobs. By year’s end, construction is scheduled to be completed on 3,750 new apartments for multifamily properties of 100 or more units. New construction has been ramping up since the first quarter …
ALVIN, TEXAS — The Alvin Independent School District has begun construction on Shadow Creek High School. Stantec designed the school, which will span 500,000 square feet when completed. According to Stantec, the school’s design “removes physical barriers, incorporates collaboration space and has an abundance of technology, transparency and natural light.” The school’s 2,500 students will be grouped into five learning houses, each with two learning hubs. Each hub will have 240 students and 10 teachers. The school, located 30 miles southeast of Houston, will be completed in 2016.
