{"id":1004190732,"date":"2017-09-18T05:39:31","date_gmt":"2017-09-18T13:39:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004190732"},"modified":"2021-05-15T02:54:03","modified_gmt":"2021-05-15T10:54:03","slug":"santander-bank-building-in-cambridge-trades-for-30m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/santander-bank-building-in-cambridge-trades-for-30m\/","title":{"rendered":"Santander Bank Building in Cambridge Trades for $30M"},"content":{"rendered":"

By Corina Stef<\/p>\n

\"515<\/a>

515 Massachusetts Ave., Cambridge, Mass.<\/p><\/div>\n

In a deal brokered by Newmark Knight Frank, Cardinal Capital Partners has sold\u00a0a 46,350-square-foot office\/retail asset located in Cambridge, Mass.<\/a> 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.<\/p>\n

Ideally positioned<\/h2>\n

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.<\/p>\n

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.<\/p>\n

\u201c515 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 \u2018maker space,\u2019 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 Caff\u00e8 Nero, plus the arrival of high-end restaurants such as Little Donkey and Waypoint, have been great for the Central Square market,<\/em>\u201d Penman said in a prepared statement. \u201cBenefiting from recently approved, development-friendly zoning regulations, the asset also features exceptional future development potential,<\/em>\u201d Penman added.<\/p>\n

According to public records, the property previously traded in 2000, when Cardinal acquired it for almost $11 million.<\/p>\n

Image via Google\u00a0Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The transit-proximate property was constructed in 1928 and is surrounded by 20 million of square feet of office and laboratory space. <\/p>\n","protected":false},"author":241,"featured_media":1004190734,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21743,21742,10,21747,21749],"tags":[37591,34932,36007],"class_list":["post-1004190732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-deals","category-latest","category-northeast","category-office","category-retail","tag-cardinal-capital-partners","tag-justin-smith","tag-newmark-knight-frank"],"acf":[],"yoast_head":"\nSantander Bank Building in Cambridge Trades for $30M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/santander-bank-building-in-cambridge-trades-for-30m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Santander Bank Building in Cambridge Trades for $30M\" \/>\n<meta property=\"og:description\" content=\"The transit-proximate property was constructed in 1928 and is surrounded by 20 million of square feet of office and laboratory space.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/santander-bank-building-in-cambridge-trades-for-30m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-09-18T13:39:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T10:54:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Capture1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"941\" \/>\n\t<meta property=\"og:image:height\" content=\"706\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/santander-bank-building-in-cambridge-trades-for-30m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/santander-bank-building-in-cambridge-trades-for-30m\/\",\"name\":\"Santander Bank Building in Cambridge Trades for $30M - 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