CAMBRIDGE, MA—The planned mixed-use development on property known as Northpoint could break ground in the near future now that the 42-acre master planned parcel has been sold to San Francisco-based real estate investment and management firm DivcoWest.

The property changed hands for a reported purchase price of between $291 million and approximately $300 million, which would make the deal one of the most expensive development site transactions in years in Greater Boston. The property, which includes a few residential buildings, has received all necessary approvals for the development of approximately 4.5 million gross square feet, including 2.4 million gross square feet of residential and 2.1 million square feet of commercial space. The property was sold by Los Angeles-based Canyon-Johnson Urban Funds and its development partner, the HYM Investment Group, LLC of Boston, which had acquired the property in 2010.

The completed project will feature a mix of residential, commercial office, retail, hospitality and life sciences uses surrounding a central park. The site will also feature MBTA's new and expanded Green Line station, part of the MBTA's public transit expansion to Tufts University in Medford, MA. That expansion project is already underway.

“Our partners and we are excited to acquire NorthPoint and continue the site's transformation into what we believe will be one of the most sought after mixed-use communities in the country,” states DivcoWest CEO Stuart Shiff. “We commend both Canyon and HYM for their outstanding work at NorthPoint and preparing the project for development. Cambridge exemplifies the strengths of education and innovation that DivcoWest believes are critical in driving economic, employment and leasing demand in our targeted markets. We are excited by the NorthPoint opportunity and ready to get to work.”

When completed, NorthPoint will feature a mix of residential, commercial office, retail, hospitality and life sciences uses surrounding a central park. In addition to completing construction of NorthPoint Twenty 20, a 20-story, 355-unit residential project that broke ground in 2013, the Canyon/HYM team made a number of enhancements to the site that included installation of roads, parks, pedestrian pathways and other key infrastructure.

“Canyon's investment in NorthPoint is a prime example of our commitment to urban revitalization,” states Maria Stamolis, senior managing director and head of asset management at Canyon. “The property's development to date, including our recent completion of Twenty 20, a 355 unit residential multifamily development project located directly adjacent to NorthPoint, has been a key factor in the positive transformation of the area. We are proud of what NorthPoint has become and are delighted that DivcoWest will oversee the realization of NorthPoint's full potential.”

JLL arranged the sale for Canyon. DLA Piper represented the seller and Goulston & Storrs represented DivcoWest in this transaction.

DivcoWest has extensive holdings in the Boston-Cambridge region including One Kendall Square, an 11-building 670,000-square-foot office, retail and laboratory complex in Cambridge, which it acquired in January 2014, One Winthrop Square, a 114,000-square-foot office building in Boston it purchased in April 2014; 38 Chauncy St., a 132,000-square-foot office building in Downtown Boston it acquired in August 2014 and in November of that year the firm picked up 55 Summer St,, a 125,000-square-foot office building in Boston. 

DivcoWest maintains its Boston office at One Kendall Square in Cambridge.