A joint venture between Boston’s Dinosaur Capital Partners and an institutional partner advised by Boston-based Morris & Morse Co. has purchased 240 Sidney St. in Cambridge for $6.65 million.

The site is approximately 1.2 acres, with four buildings totaling 36,408 rentable square feet currently leased to Vertex Pharmaceuticals through December 2013.

CBRE/New England’s Capital Markets team of Chris Angelone, Matt Pullen and Josh Klimkiewicz represented the seller, the Vappi Family, and procured the buyer.

According to CBRE’s website, the site "provides investors the opportunity to purchase the property with current net-leased cash flow from the Vertex lease and the ability to redevelop the site into a Class A lab space or a multifamily development upon Vertex’s relocation to the Seaport District in Boston."

"We are pleased to have represented the Vappi Family in the sale of the Sidney Street Development Site," Angelone said in a statement. "With the limited availability of development sites in Cambridge along with the continued growth of universities, life science companies and venture capital firms, Dinosaur Capital Partners acquired an exceptional investment opportunity."