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Carlyle Buys 70 Innerbelt Rd. for $32M

SOMERVILLE, MA-ING Clarion sells the unique 276,000-sf telco/warehouse hybrid space to Carlyle Group, a firm based out of Washington, DC.

By Joe Clements | Updated on May 14, 2007

(Read more on the industrial market.)

SOMERVILLE, MA-Completing a deal broker Richard Bradbury terms “a perfect fit,” the Carlyle Group has paid $32.3 million for 70 Innerbelt Rd., a blend of telecom and warehouse space sited on the edge of Cambridge and Downtown Boston. While somewhat diverse, the mixed-use plays into two specialties Carlyle is adept at, according to Bradbury, a member of the Richards Barry Joyce & Partners investment team who represented seller ING Clarion and procured the buyer with colleagues Richard Herlihy and Steve Purpura.

A private equity firm based in Washington, DC, Carlyle “saw a recovering industrial market and a recovering telecom market, and they identified [70 Innerbelt] as a perfect fit to take advantage of both,” Bradbury tells GlobeSt.com. The chief tenant, Internap Network Services Corp., has fared well after a bumpy beginning, and Bradbury credits ING Clarion for sticking with the tenant early on and assisting in their build out, space now fetching $20 per sf. That investment provided an attractive element in marketing the asset, says Bradbury, who reports 10 final offers and a late-minute showdown between the victors and another firm whose focus is on telecom.

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