By Corina Stef
In a deal brokered by Newmark Knight Frank, Cardinal Capital Partners has sold a 46,350-square-foot office/retail asset located in Cambridge, Mass. The property traded for $30.1 million and its sale was funded by an $18 million loan financed by First Republic Bank, public records show.
Built in 1928, the four-story building is located at 515 Massachusetts Ave. and is entirely occupied by Santander Bank. Additionally, the transit-oriented property is located steps away from the Central Square MBTA station, eateries, retailers, hotels and parks.
Newmark Knight Frank Boston Capital Markets Group Executive Managing Director Geoffrey Millerd, Managing Director Justin Smith, Associate Director Paul Penman and Financial Analyst Christian Brannelly represented the seller in the transaction.
“515 Massachusetts Ave. enjoys an irreplaceable location bookended by Harvard University and MIT and surrounded by nearly 20 million square feet of office and laboratory space. Over the last year, MIT has opened its ‘maker space,’ The Engine, next door at 505 Massachusetts Ave., and the local retail scene has completely transformed. The influx of national retail tenants such as Target and Caffè Nero, plus the arrival of high-end restaurants such as Little Donkey and Waypoint, have been great for the Central Square market,” Penman said in a prepared statement. “Benefiting from recently approved, development-friendly zoning regulations, the asset also features exceptional future development potential,” Penman added.
According to public records, the property previously traded in 2000, when Cardinal acquired it for almost $11 million.
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