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.
LITTLETON, MASS. — Rockland Trust has provided $27 million in financing to Boston-based Sam Park & Co. for the completion of the first phase of The Point, a 540,000-square-foot mixed-use project currently under construction in Littleton. Located at the intersection of Interstate 495 and Route 119, the project will feature 400,000 square feet of retail space, an entertainment complex, office space, a health club and a 115-room Courtyard by Marriott. Retail tenants will include Market Basket, Starbucks, AT&T, O’neil Cinemas, The Paper Source, Tavern in the Square and Pet Source, among others.
NEW YORK CITY — The City of New York has acquired a two-story building located at 850 E. 138th St. in the Bronx’s Port Morris section from Aramark for $10.2 million. The city will use the 75,080-square-foot property to consolidate and house the operations of The Department of Parks & Recreation Five-Borough shops. Built in 1988 as a commercial laundry operation, the facility features open floor plates, attractive ceiling heights and a gated parking lot. Jim Panczykowski of Binswanger’s New Haven, Conn., office handled the transaction.
NEW YORK CITY — Thor Equities has acquired a residential and retail building located at 17 W. 125th St. in Central Harlem for an undisclosed sum. Constructed in 1900, the five-story, 46,200-square-foot elevator building features 50 rental units, including 32 one-bedroom apartments, 14 two-bedroom units and three three-bedroom units, and more than 9,000 square feet of retail space with 18-foot ceilings. The name of the seller was not released.
NEW YORK CITY — Meridian Capital Group has arranged a $30 million mortgage for the refinancing of a multifamily property located at 15-17 Park Ave. in New York City. The seven-year loan, which was provided by a regional balance sheet lender, features a 3.5 percent fixed rate and interest-only payments for the full term. The borrower is Samson Management LLC. Built in 1924, the 16-story property features 97 apartment units and 2,810 square feet of office space. Avi Weinstock and Chaim Tessler of Meridian Capital Group negotiated the financing.