BILLERICA, MASS. — Calare Properties has completed the sale of a laboratory space located at 749 Middlesex Road in Billerica. An undisclosed buyer purchased the property for $6.2 million. Calare Properties originally acquired the vacant 40,000-square-foot lab facility in 2013 for $3.3 million while concurrently leasing the entire property to RainDance Technologies, a biotechnology company.
BEDFORD, MASS. — The Davis Cos. (TDC) has executed a lease renewal with iRobot. The global consumer robot company has renewed its long-term lease for 208,686 square feet of space at The Xchange. TDC renovated the eight-building, 475,000-square-foot office park into a cutting-edge technology campus. Matt Daniels of JLL represented the landlord, while John Varholak and Ron Friedman of Transwestern Consulting Group represented the tenant in the transaction.
BOERNE, TEXAS — Austin-based developer Land Strategies Inc. is nearing completion of Phase I of Seven Oaks Office Park, a 27.7-acre office development located on Bee Cave Road in Boerne, a northern suburb of San Antonio. Phase I of construction will include a seven-story, 120,000-square-foot office building and a 604-space parking structure. Completion is scheduled for August, according to the Austin Business Journal.
DALLAS — Serendipity Labs Inc., a provider of coworking space for the office and hospitality sectors, will open its first location in the Dallas area at KPMG Plaza at HALL Arts in the city’s Arts District. The location will feature a 29,000-square-foot workplace on the building’s 17th floor and lobby level. Worth Coworking LLC will operate the location, which will offer dedicated offices and project rooms, as well as the capacity to host professional networking events.
DORAVILLE, GA. — SunTrust Commercial Real Estate has provided a $42.7 million construction loan to Holder Properties for the development of a new corporate headquarters for Serta Simmons Bedding. Located within Assembly, a 164-acre mixed-use urban renewal project in Doraville, roughly 15 miles north of Atlanta, the project will feature approximately 210,000 square feet of office, showroom and research and development space. The property will also include a 500-space parking deck. Upon completion in early 2019, Serta Simmons will consolidate its headquarters from three locations in the Atlanta area and one in Chicago, and bring roughly 500 jobs to the new development. The Atlanta-based company owns and manages two of the largest brands in the mattress industry, Serta and Beautyrest. The project is designed by Rule, Joy, Trammell + Rubio and DPR is the general contractor. Dom Wyant of JLL represented Serta Simmons in the lease transaction.
NORTH BETHESDA, MD. — Phillips Realty Capital has secured a $30 million loan for 6116 Executive Blvd., an eight-story, 217,732-square-foot office building in North Bethesda. John Sieber, David Foulk and Patrick Kelly of Phillips Realty structured the loan on behalf of the buyer, Goodstone LLC, which acquired the vacant building in April for $9.5 million. Constructed in 1989, the building was vacated by the National Institutes of Health’s National Cancer Institute in 2013. Goodstone’s capital improvement plan features new and contemporary entries, elevators and common areas, including a fitness center, conference facility, vending café, visitor lounge and upper-floor tenant terrace. The property also includes a three-story underground parking garage. JLL will handle the office’s leasing assignment, and Cushman & Wakefield will manage the property. Occupancy is slated for availability in June 2018.
PHOENIX — Harbert Management Corp. has acquired an ownership stake in High Street, a 628,000-square-foot mixed-use development located in Phoenix. Although the sales price was not disclosed, the buyer received a $93.5 million acquisition loan to fund the transaction. The property occupies 24.9 acres at 5100-5450 E. High St. along Loop 101 in northeast Phoenix, and features 88 multifamily units; 174,705 square feet of retail, dining and entertainment; and 330,369 square feet of office space. Tenants at the 83.7 percent leased center include Sprouts, Kona Grill, La Bocca, Pinspiration, Mellow Mushroom, Blue Martini, Ocean Prime and Modern Margarita. City North Associates LLC, a joint venture between ScanlanKemperBard Cos. and a private investment fund managed by Wayzata Investment Partners LLC, previously owned the property. Harbert Management has replaced Wayzata Investment Partners, now owning the property in partnership with ScanlanKemperBard. Ryan Gallagher, CJ Osbrink, Ryan Fitzpatrick and Clark Cashion of HFF worked on behalf of the original joint venture owner to procure the buyer in the transaction. Jeremy Womack and Tom Wilson of HFF worked on behalf of the new ownership to secure the acquisition loan through TPG RE Finance Trust. ScanlanKemperBard Cos. is a real estate merchant banking firm that acquires, develops …
BOSTON — CBRE/New England has arranged the sale of the leasehold interest of Boston’s Old City Hall, an 83,700-square-foot mixed-use building located at 45 School St. in downtown Boston. Synergy Investments acquired the property for $30.1 million. Constructed between 1862 and 1865, the building was renovated in 1970 by the seller, Architectural Heritage Foundation, after being vacated by the City of Boston in the mid-1960s. Dave Pergola and Brian Doherty of CBRE/NE represented the seller and procured the buyer in the deal.
BRICK, N.J. — Gebroe-Hammer Associates has arranged the sale of Olympic Gardens, a mixed-use property located along Route 88 in Brick. Brick APTS LLC acquired the property from Longwood Ave LLC for $10.1 million. The property features an 80-unit multifamily complex and an adjacent 14,336-square-foot office building. Joseph Brecher and Adam Zweibel of Gebroe-Hammer represented the seller and secured the buyer in the deal.
MCKINNEY, TEXAS — Independent Bank Group Inc. will build a corporate campus on 10.4 acres within the Craig Ranch development, located at the intersection of State Highway 121 and Grand Ranch Parkway in McKinney. The project is expected to cost approximately $52 million, according to the Dallas Business Journal, and could create as many as 400 new jobs. Independent Bank is an $8.6 billion regional lender. Since going public in 2013, the company has increased its employee base from approximately 340 to more than 1,000 and its number of locations in Texas and Colorado from 30 to 82.
