By Greg Ryan
CBRE Group Inc.’s investment arm has sold a shopping plaza in Cambridge’s Porter Square to two local firms for $20.1 million.
Crosspoint Associates and Long Wharf Capital now own Porter Square Galleria, a 55,610-square-foot property anchored by a Target Corp. store. The plaza is 96% leased, with Retro Fitness, Citizens Bank and Anna’s Taqueria among its other tenants, according to Crosspoint managing principal Jonathan Hueber.
“Obviously, Porter Square is a great neighborhood,” Hueber said. “We were able to get it for a very good price, and plan to operate it as is and enjoy the cash flow for the foreseeable future.”
Featuring 88 parking spaces, the site is located across from the Porter Square Red Line station, just off the intersection of Massachusetts and Somerville avenues. The transaction was financed with a $14.3 million loan from Metro Credit Union, according to real estate records.
The CBRE (NYSE: CBRE) affiliate had purchased the property in 2014 for $35.6 million.
Newton-based Crosspoint is among the region’s most active retail real estate investors. It teamed with Boston-based Long Wharf last year to buy a Hannaford-anchored plaza in Leominster for $24 million. Earlier this year, it scooped up an Acton plaza with a Trader Joe’s for $21 million. The firm broke ground this summer on the redevelopment of a former Papa Razzi restaurant on Route 2 in Concord.