Image courtesy of Google Maps

A crowdsourcing campaign that raised $68 million paved the way for developers’ acquisition of the Home Depot-anchored property in Somerville.

The 11.5-acre site is viewed as a redevelopment opportunity, Cabot, Cabot & Forbes CEO Jay Doherty confirmed in an email to Banker & Tradesman.

The CrowdStreet platform was used by the acquisition team of Boston-based Cabot, Cabot & Forbes and Cannon Hill Capital Partners’ Normandy Opportunity Zone Fund  for the $142.5 million purchase of the site at 65-75 Mystic Ave.

The site also includes the long-vacant former Circuit City building.

Over the past decade, Cabot, Cabot & Forbes has been active in redevelopment of commercial properties into mixed-use developments and multifamily housing in transit-oriented locations including Cambridge’s Alewife and Quincy.

Completion of the MBTA’s Assembly station on the Orange Line has catalyzed real estate investment in the neighborhood, which started with the redevelopment of the former Assembly Square mall as Federal Realty Investment Trust’s Assembly Row mixed-use development, and more recently life science projects by BioMed Realty and Greystar.

Centennial Commercial Finance Group and Lionheart Strategic Management LLC provided financing for the 65-75 Mystic Ave. transaction.

Atlantic Retail’s David Smookler and Peter Considine represented the sellers, I-93 Somerville LLC, an affiliate of New York-based Milstein Properties, while Atlantic Retail’s Tony Ciccolo represented the buyers.