Township Capital acquires 67,000 sq ft Massachusetts industrial property
Township Capital and Cabot, Cabot & Forbes (CC&F) has announced the acquisition of a 66,964 square-foot industrial building located at 67 Smith Place in the thriving innovation hub of Cambridge, Massachusetts.
The facility is located on more than four acres of property space in the up-and-coming Alewife neighbourhood. It is currently occupied by the City of Cambridge Police Department, with space for additional tenants. Final development plans for the property are pending and will be announced in the coming weeks. The site is connected to the Massachusetts Bay Transportation Authority's (MBTA) Red Line, which is commonly referred to as the "Brain Train," as the line makes direct stops at top universities such as Harvard and MIT. The property is also four stops away from Cambridge's Kendall Square, the life science hub of the nation.
"It's been an incredible experience working with CC&F on this deal given their expertise in the Cambridge market," says Matthew Gorelik, CEO of Township Capital. "This was the perfect fit for our current appetite, as the development possibilities are endless in this fast-growing neighbourhood within the highly coveted city of Cambridge."
The site is adjacent to CC&F's master-planned development located on Mooney Street, a mixed-use life-science campus currently planned with 575,000 square feet of lab space, 250 multifamily units, and 6,000 square feet of ground-floor retail.
"The proximity of this property to our Mooney Street master-planned development provides some great synergies between the two projects and makes 67 Smith Place an attractive investment," says Daniel Nagler of Cabot, Cabot & Forbes. "We look forward to further growing our relationship with Township Capital through this deal – and as additional opportunities arise in the market."
Township Capital specialises in deploying programmatic, passive co-GP equity alongside institutional commercial real estate sponsors. The company uses funds to provide a streamlined and highly efficient solution to the co-GP piece of the capital stack.