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Cambridge Retail Property Trades for $11M
Cambridge-based commercial real estate development company Urban Spaces sold its 10,000-square-foot, fully-leased retail building in Cambridge for $11.2 million. The property was purchased by 12 Jayne Road LLC and the transaction was brokered by Conviser Property Group.
Located at 85-95 First St., the property was completed in June 2019 and is currently leased to a tenant roster that includes specialty pet food store Loyal Companion and paint supply store Sherwin-Williams. The property is the third component of Urban Spaces $275-million investment in the First Street Corridor. The full development will be comprised of over 250 apartments, 50,000 square feet of office, 45,000 square feet of retail space and 23,000 square feet of green space upon completion.
“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.
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- ◦Sale/Acquisition
