NEW YORK CITY — Certes Partners, a New York City-based real estate development and investment firm, has acquired a development site at 214-218 W. 95th St. on the Upper West Side. The former Hertz parking garage sold for $26.5 million in an off-market transaction. While development plans for the site have not been released yet, the site is suitable for residential development or operations as a parking garage. Certes currently owns the adjacent property, 206 W. 95th St., which the firm is currently developing. The combined assemblage allows development of an 18-store, more than 85,000-square-foot property.
WAYNE, PA. — Equus Capital Partners, through its affiliates, has acquired Bay Colony Executive Park, a four-building office park in Wayne, a suburb of Philadelphia, for an undisclosed price. The 247,294-square-foot property was 88 percent leased at the time of closing. The acquisition was made on behalf of BPG Investment Partnership IX LP, a discretionary fund managed by Equus. The seller is Radnor, Pa.-based Brandywine Realty Trust, a publicly traded REIT. Terms of the sale were not released.
WILMINGTON, MASS. — Avison Young has brokered the lease of 30,995 square feet of office space at 46 Jonspin Road in Wilmington, north of Boston. Limbach Company LLC signed a seven-year lease for the space from Spinelli Commercial Properties for an undisclosed price. The mechanical contractor plans to relocate from its current location one town south in Woburn, Mass., to the new space in November. The lease brings the property to full occupancy. Jack Kerrigan and Colin Whitney of Avison Young represented the landlord, while Cushman & Wakefield represented the tenant in the transaction.
WALTHAM, MASS. — American Realty Advisors has completed the disposition of an office complex located at 10, 40 and 52 Second Ave. in Waltham. The three-building property consists of 294,663 square feet. The price and the buyer were undisclosed. At the time of sale, the property was 94 percent leased to a variety of tenants, including Massachusetts General Physicians Organization Inc. and National Grid.
CAMBRIDGE, SOMERVILLE AND BOSTON, MASS. — DivcoWest has acquired a 42-acre master-planned development site known as NorthPoint from Canyon Partners Real Estate for an undisclosed price. The site is located across the Charles River from downtown Boston and spans the cities of Boston, Cambridge and Somerville. Located adjacent to two MBTA lines, the transit-oriented site is fully entitled for the development of approximately 4.5 million gross square feet, including 2.4 million gross square feet of residential space and 2.1 million square feet of commercial product. When complete, the project will feature a mix of residential, commercial office, retail, hospitality and life sciences uses surrounding a central park. JLL and DLA Piper represented the seller, while Goulston & Storrs represented the buyer in the transaction. Canyon originally purchased the property in 2010 through its Canyon-Johnson Urban Funds with its development partner, The HYM Investment Group.
NEW YORK CITY — GFI Realty Services Inc. has arranged the sale of a development site located at 695-705 6th Ave. in Brooklyn’s South Slope section. The corner lot, which has a maximum buildable area of 34,800 square feet, sold for $9.9 million. The buyer plans to demolish the existing commercial building and develop a multi-story residential condo building on the site. Erik Yankelovich of GFI Realty represented the seller and buyer in the transaction. The names of both parties were not released.
OLDMANS TOWNSHIP AND FLORENCE TOWNSHIP, N.J. — NFI, a supply chain solutions provider, has added two new facilities to its industrial portfolio in New Jersey. In Oldmans Township, the company completed the development of a distribution center spanning more than 1 million square feet. The build-to-suit for Five Below broke ground in September 2014. The facility serves as Five Below’s core eastern U.S. distribution center, servicing more than 300 retail store locations in the region. Additionally, NFI recently broke ground on a 504,000-square-foot expansion project in Florence Township. Subaru of America will occupy 189,000 square feet of the expansion, while the remaining 315,000 square feet is available for lease.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a residential building located at 441 W. 22nd St. in Manhattan’s Chelsea district. The 5,520-square-foot property sold for $8.7 million, or $1,585 per square foot, in an all-cash transaction. The five-story building is divided into a garden-level two-bedroom apartment, seven one-bedroom units and one studio unit. All apartment units are fair market and feature working fireplaces. Brock Emmetsberger of Cushman & Wakefield represented the undisclosed seller, while Matthew Lesser of Leslie J. Garfield represented the undisclosed buyer in the transaction.
HOBOKEN, N.J. — Bijou Properties has opened Park + Garden, a sustainable residential development in Hoboken. Located at 1450 Garden St., the property features 212 one-, two- and three-bedroom apartment units. Designed by Marchetto Higgins Stieve to achieve LEED Gold certification, the development consists of two 12-story residential towers connected by a podium featuring an amenities center and a 383-car enclosed parking garage. Additionally, the development includes 13,000 square feet of street-level retail space and 32,000 square feet of educational space. On-site amenities include an attended lobby, state-of-the-art gym, multiple clubrooms, courtyards, an outdoor pool and landscaped deck, laundry facilities and bike storage. Monthly rents start at $3,250, and the property was more than 30 percent pre-leased prior to opening.
NEW YORK CITY — Capital One served as joint lead arranger, joint bookrunner and administrative agent for a 10-year, $150 million syndicated loan to refinance an office building at 40 Worth St. in Tribeca. Owned by Newmark Holdings, the 16-story property features 761,000 net rentable square feet, including 106,000 square feet of retail space. The property is currently occupied by a variety of retail and commercial tenants, including several New York City agencies and a number of nonprofits. TD Bank also served as a lead arranger and bookrunner on the loan. Paul Verdi of Capital One represented the bank, while Paul Talbot of NGKF Capital Markets represented the borrower in the financing transaction.