Cabot, Cabot & Forbes & Cannon Hill Capital Partners Acquire Mystic Avenue Site in Somerville, MA

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, have announced the acquisition of 65-75 Mystic Avenue in the Assembly Square neighborhood of Somerville, MA. The recorded price for the transaction was $142,500,000. 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.

A CrowdStreet video detailing the potential development, dubbed Assembly Square Gateway, states the project could feature 750 residential units with 1 million square feet of lab space and ground floor retail. 

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