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Potential Cambridge Development Site Sold for $12.5M

Image courtesy of Google Maps

A Chestnut Hill real estate investor acquired an office and retail property near Cambridge’s Porter Square for $12.5 million.

The buyer, 2400 Massachusetts Ave. LLC, is a Chestnut Hill-based firm that lists Daniel Sibor of Chestnut Hill-based North Cambridge Partners as manager.

In 2022, Sibor’s firm proposed to rezone the property and 2418 Massachusetts Ave. for an 80-foot-tall condominium project, according to a Cambridge Day report.

The seller was Junction Realty Trust of Cambridge. Leader Bank provided $9.4 million in acquisition financing, according to a Middlesex County mortgage.

The property includes a 23,000-square-foot office and retail building developed in 1920.

B&T Daily