CORFAC News

David and James Stubblebine, principals of The Stubblebine Company/CORFAC International, recently sold 67 Smith Place in the Alewife neighborhood of Cambridge, MA, to Cabot Cabot & Forbes, a prominent Boston-based real estate developer, for $49.6 million. The 4.4-acre parcel consists of three industrial buildings with a combined 67,000 square feet of industrial space. 67 Smith Place is located directly adjacent to CC&F’s master-planned mixed-use project “The Quad," a 1,100,000-SF lab and residential development project situated on 11.9 acres, which is presently before the City of Cambridge for approvals. The combined acreage of the Quad and 67 Smith Place raises CC&F holdings in Alewife to 16.3 acres. In a recent separate transaction, The Stubblebine Company also sold the contiguous 11.9-acre parcel to CC&F for $79 million.

The Quad project will include a pedestrian bridge over the adjacent MBTA Fitchburg Commuter rail tracks, connecting Smith Place to Cambridge Park Drive, enabling an easy walk to the MBTA Redline Terminal. The Quad project will consist of 575,000 SF of lab space, 490 multifamily units, and 60,000 SF of ground-floor retail amenities including a craft brewery, a rock-climbing club and maker space. CC&F pioneered the development of Alewife following the Recession, beginning with the Atmark in 2013. The 428-unit Atmark project was completed in 2015.

67 Smith Place was an exceedingly complex and challenging acquisition, requiring the coordination of 20 industrial condominium sellers and multiple subtenants. “It was a purchase that required extraordinary patience and collaboration between the many sellers and CC&F,” said Jacob Vance, Senior Project Manager for CC&F. According to David Stubblebine, “CC&F has aggregated a total of approximately 16.3 contiguous acres in Cambridge: an astounding feat. CC&F’s long-term vision and perseverance is phenomenal.”

The main building, a 58,000-SF warehouse offers ceiling heights ranging from 20’ to 26’ clear, 24 drive-in doors and extensive paved areas for parking, and/or outside storage. “Alewife transit-oriented development (TOD) remains the most attractive arena for real estate investment in the region, with both life sciences and residential development flourishing”, said Jay Doherty, CEO of CC&F. "Our goals include the creation of new public transportation infrastructure and new amenities that will create the most attractive ‘walk to work’ location in Greater Boston.” In the last few years, Alewife has added 3,000 new residential units and seen the leasing of 3,000,000 square feet of lab space. 
 
Established in 1904, CC&F has been a leader in the development of Greater Boston. CC&F pioneered transit-oriented development (TOD), in the region, beginning in the 1980’s. In recent years, CC&F developed over 2.5 million square feet of TOD in Greater Boston. CC&F is also known for creating Boston landmarks such as 60 State Street, One Boston Place, 28 State Street, and over 100 million SF developed nationwide. CC&F continues to develop TOD projects throughout the area with projects underway in Brighton, the Fenway, Cambridge, and Woburn.  

Established in 1987, The Stubblebine Company/CORFAC International specializes in selling and leasing large industrial properties and adaptive re-use sites throughout New England.