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.
MCALLEN, TEXAS — Marcus & Millichap has brokered the sale of Redbud Place, an 80-unit apartment complex situated on four acres at 1001 E. Redbud Ave. in McAllen. Built in 2003, the property consists of 24 one-bedroom units and 56 two-bedroom units. Mike Moffitt Jr. of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Whitney Rhoades, Danalee Corso and Scott Logan, also of Marcus & Millichap, procure the buyer, a private investor.
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.
FRISCO, TEXAS — Henry S. Miller Cos. (HSM) has secured a 1,800-square-foot retail lease at Preston Hickory Crossing in Frisco. Verizon Wireless will occupy the space and open for business during the third quarter. Paul Vernon and Sean Lockovich of HSM represented the landlord, BAUG Corp., in the lease negotiations. The representative of the tenant was not disclosed.
SAN ANTONIO — BMC Capital has arranged $1.1 million in cash-out refinancing for a 32-unit multifamily property in San Antonio. Clayton Wells of BMC Capital arranged the 10-year loan, which features a 4.2 percent interest rate and a 30-year amortization schedule, through an agency lender on behalf of the undisclosed borrower.
ORLANDO, FLA. — Duke Realty has unveiled plans to develop a 170,428-square-foot, build-to-suit warehouse for PODS Enterprises LLC at 7133 Municipal Drive in Orlando. PODS, a residential and commercial mover and portable storage container provider, will consolidate its operations from two other Orlando-area warehouses and expand by approximately 72,000 square feet. Alex Beacham of Cushman & Wakefield represented PODS in the transaction, and Tim Perry of Duke Realty represented the company internally. The new warehouse will be situated on a 12.5-acre site, roughly one mile from Interstate 4.
LOS ANGELES — Walker & Dunlop has closed $289 million in loans for 21 multifamily properties across California. The portfolio contains a total of 2,189 units in major metropolitan areas like San Francisco, San Jose, San Diego and Los Angeles. More than half of the communities contain project-based Section 8 Housing Assistance Payments Contracts. The other 10 assets qualify for Fannie Mae’s Green Rewards Program, where new investments in water and electrical systems will reduce the properties’ environmental impact. Peggy Griffith, a Walker & Dunlop preferred correspondent, sourced the transaction.
CLEMSON, S.C. — Dominion Senior Living has broken ground on Dominion Senior Living at Patrick Square, a $10 million, 50,000-square-foot seniors housing community located at 100 Pershing Ave. in Clemson. The two-story, faith-based community will have 40 assisted living apartments and 17 apartments designed for memory care. Dominion Senior Living at Patrick Square is slated to open in fall 2018, bringing roughly 50 new jobs to the Clemson area. The property is Dominion’s second asset in South Carolina.
SACRAMENTO, CALIF. — OpenPath Investments has obtained a $52 million loan for the 565-unit Eleven Hundred Apartments in Sacramento. The financing is part of Freddie Mac’s Green Up program, which supports environmental improvements to properties. The Class B community is located at 1100 Howe Ave. and was first constructed in 1961. Since 2015, the property has undergone renovations including more than $6.5 million in improvements and repairs to common areas and the interiors of 535 units. The borrower plans to invest an additional $400,000 into the property, half of which will be allocated to green upgrades. The 10-year Freddie Mac loan was structured with five years of interest-only payments and a 75 percent loan to value. Walker & Dunlop structured the financing.
