Cambridge, MA Urban Spaces, a Cambridge-based commercial real estate development company that focuses on mid-sized, transit-oriented projects, has sold its 10,000 s/f, fully leased retail building to 12 Jayne Road, LLC for $11.2 million, or $1,120 per s/f. The building, located 85-95 First St., was completed in June with 4,600 s/f of space pre-leased to specialty pet food and supply store, Loyal Companion. Paint supply store, Sherwin-Williams, will lease 2,900 s/f when it relocates from its previous location at 73 First St., and an undisclosed tenant will lease the remaining 2,500 s/f upon finalizing negotiations.
85-95 First St. is the third component of Urban’s $275 million investment in the First Street Corridor. The full development will be comprised of over 250 apartments, 50,000 s/f of office, 45,000 s/f of retail space, and a 23,000 s/f of green space upon completion. Urban Spaces completed 121 First St., a 60,000 s/f, five-story, mixed-use office/retail building in December of 2018, leasing the entire 50,000 s/f office portion to
CarGurus, the online automotive research platform and marketplace.
Urban Spaces is currently building Kendall East, a mixed-use apartment complex comprised of 136 units, 14,800 s/f of retail and a half acre of green space located between 121 and 85-95 First St. Designed by architectural firm Perkins Eastman, the project is located within the First Street Corridor across the street from CambridgeSide shopping center within minutes of MIT and the MBTA Kendall Sq. and Lechmere stations.
“The speed of the lease-up and the valuation of the property are further testament to the strength of the Cambridge market and the First Street Corridor,” said Paul Ognibene, CEO of Urban Spaces.
The deal was brokered by the Conviser Property Group.