Healthpeak buys Cabot property for $120 million, its latest in Alewife, likely ending a rezoning plan – Cambridge Day

110121i CCF Cambridge Highlands

There’s been a 50 percent markup in just under three years on Cabot, Cabot & Forbes “Quad” property. (Image: Cabot, Cabot & Forbes)

Twelve acres owned by Cabot, Cabot & Forbes in the Cambridge Highlands just sold for $120 million to a Denver firm called Healthpeak Properties, part of $193 million the company has spent in Cambridge in a month.

The latest move looks like an answer to a question posed in March, when the City Council rejected a plan that would see 26 acres in the Cambridge Highlands remade with the Cabot land as a centerpiece. The plans for a “Alewife Quadrangle Northwest Overlay District” had moved closer to approval over four iterations since October 2019, but it was unclear if the developer would try a fifth version.

No, apparently.

Cabot bought the 11.8 acres in just August 2018 for around $80 million, the development platform Bldup reported Monday, making this a 50 percent increase in cost in just under three years. The developer planned to add some 490 apartments to the area, as well as retail such as a brewhouse and gym, instead of installing just the lab and office space that could be built without the sweeping rezoning.

Healthpeak’s plans for the property are unclear. It features eight industrial parcels on Mooney Street and Smith Place along the MBTA commuter rail and near the Alewife T stop.

Messages have been left with Cabot, Healthpeak and the Community Development Department to see what’s next for the property.

More Healthpeak purchases

Healthpeak had just picked up 10 Fawcett St., Cambridge Highlands, on Oct. 1 for $73 million, according to documents filed with the Middlesex South Registry of Deeds. The six-story building went up in 1985 and hosts a Social Security Administration office, Action East business adviser and Abt Associated research institute. It had been owned by Invesco since just September 2018, when it paid $60 million with The Davis Cos.; some three years later, the price for its 142,096 square feet has leaped by 22 percent.

Healthpeak, which owns the 160,000 square-foot 101 CambridgePark Drive life sciences building expected to open to tenants in the fourth quarter of 2022, is as an owner and developer of real estate in continuing care retirement communities as well as in life sciences and medical offices. The company describes it as a $170 million project.

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