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CC&F Acquires Cambridge Industrial Property for $50M
Boston-based real estate firm Cabot, Cabot & Forbes (CC&F) has acquired 67 Smith Place, a 66,964-square-foot industrial building in Cambridge. The sales price was $49.6 million.
The facility is currently occupied by the City of Cambridge Police Department, with space for additional tenants. The site is adjacent to CC&F’s master-planned development known as the Quad, a planned mixed-use project with 485 multifamily units, 60,000 square feet of ground-floor retail and 575,000 square feet of lab space. CC&F secured $21 million in equity for the acquisition from individual investors through commercial real estate investing platform CrowdStreet.
“Our investors responded very favorably to this industrial property offering located in the nation’s #1 Life Sciences Corridor where space remains a premium despite the pandemic,” said Darren Powderly, co-founder at CrowdStreet. “We attribute this outstanding $21.4 million online capital raise to the attractive purchase price combined with a sound business plan to be executed by one of Boston’s oldest private real estate companies.”
The seller was not disclosed.
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- ◦Financing
