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© 2021 The Somerville Times. All rights reserved.
*A joint venture between Cabot, Cabot & Forbes (“CC&F”), a Boston-based developer of mixed-use properties, and Normandy Opportunity Zone Fund, LP, a real estate fund sponsored by Cannon Hill Capital Partners (“Cannon Hill”), a vertically-integrated real estate operator, developer and investment manager focused on the Northeast and Mid-Atlantic markets, announced the acquisition of 65-75 Mystic Avenue in the Assembly Square neighborhood of Somerville, MA. A portion of the 11.5-acre site is comprised of a 125,000 SF retail big box leased to Home Depot. CC&F and Cannon Hill financed the purchase with proceeds from CrowdStreet, a fintech company that operates an online real estate investment platform, as well as loans from Centennial Commercial Finance Group and Lionheart Strategic Management LLC.
Jay Doherty, Chief Executive Officer of CC&F, said “we are pleased to have outstanding cooperation from our capital partners and lenders to take ownership of this exceptional property in the face of today’s challenging financial markets.” Eric Rubin, Chief Investment Officer of Cannon Hill, added “this continues both Cannon Hill’s and CC&F’s longstanding focus on transit-oriented properties in strong submarkets. We are excited to be a part of the continued growth of Assembly Square.”
“In light of the challenging market environment, this project far exceeded our expectations, with over $68M of equity raised from investors on CrowdStreet,” said David Govshtein, Managing Director at CrowdStreet. “The size of the raise indicates there is strong investor interest in well located commercial real estate offerings with experienced sponsors such as Cabot, Cabot & Forbes and Cannon Hill Capital Partners.”
The Seller was represented by David Smookler and Peter Considine of Atlantic Retail, and the Buyer was represented by Tony Ciccolo of Atlantic Retail.
About Cabot, Cabot & Forbes: Boston based CC&F, founded in 1904, undertakes mixed use, residential and life sciences development in Greater Boston with major projects currently underway in the Fenway, Wakefield, and Woburn. For more information, please visit www.ccfne.com
About Cannon Hill Capital Partners:Cannon Hill Capital Partners is a vertically-integrated real estate operator, developer and investment manager pursuing growth through a value-added investment strategy primarily focused on repositioning and developing best-in-class office, multi-family, industrial and life sciences properties in the metropolitan regions of New York, Boston, and Washington, D.C. Its portfolio under management includes 33 properties aggregating approximately 9.0 million square feet in its core markets.
For more information, please visit www.cannonhillcap.com.
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So wait, what does that mean for the Home Depot? Hopefully it will stay right where it is…
Albert: I saw an overview of the total assembly project about 25 years ago.
Home Depot was gone and a 20 to 30 story building was in its place.
So Home Depot is no more once they tear it down. Everett is your next step.
I hope this means something will finally be done with the former Circuit City, which has been empty for decades.
Sorry Albert, HD is gone. Don’t worry though, the development that goes there will lower our taxes… at least that was the lie they told us way back when during the assembly area approval process.
Also the Home depot in Everett sucks.
Home Depot executed a lease there in April 1991 for 20 years, with the right to two ten-year extensions. So the lease would expire in 2031.
To replace the store with a new development, the new owners would have to buy out the lease, which would be so costly as to make a new project financially unfeasible. And in its early years, the Somerville store was the second-highest grossing store in the chain, and the highest grossing per square foot. I don’t imagine that has changed hugely, so I can’t imagine HD would be interested in the lease being bought out.
Instead, what the new owners will do will be to develop on the parking lot and in the Circuit City space, much as is the intention of Federal Realty Investment Trust intends as the leases on the Assembly Marketplace big-box strip mall expire.
Is Somerville transitioning to being an international style city with buildings and street life from an American style city with highways and parking oceans? Hopefully this developer understands how cities are designed in the civilized world.
Umm no Bill you’re wrong Home Depot is closing there and thank god the Loss Prevention guy there was caught online trying to solicit what he thought was a 12 year old girl. Big goofy lookin creeeep!