1978 - 1987 NORTHEAST OFFICE
During this period, Cambridge invested in newly recovering northeast markets that had been through a period of substantial decline. Cambridge found lingering vacuums of capital in the face of increasing tenant demand and below replacement cost pricing. This afforded outstanding buying opportunities and produced a low risk, high reward investment profile.
Cambridge sold 100% of its Northeast portfolio by 1987 at the height of the region’s economic and real estate cycle.
1989 - 1997 TEXAS OFFICE
Cambridge acquired (1989 - 1992) in what was a severely depressed energy based economy, burdened with over-building and failed banks. All properties were disposed of (1997) before new construction began.
In total, from 1978 to 1997, Cambridge acquired and sold 4.5 million square feet of institutional quality office properties in the Northeast and Texas.
1994 - 2013 MEXICAN INDUSTRIAL
It was clear that the passage of NAFTA in 1994 would transform Mexican industrial real estate fundamentals. Mexico was already an attractive place to manufacture for export to the U.S. but this would be magnified by the elimination of tariffs. Equally important, capitalization and interest rates were reduced in the post NAFTA Mexico, as international banking awoke to the enhanced opportunity. It was evident that the 700 basis point yield premium that Mexican assets commanded versus U.S. yields inevitably would be greatly reduced.
In total, Cambridge developed or acquired 3.4 million square feet in sixteen properties in Mexico. All but one were sold between 2005 and 2007 and the final property was sold in 2013; all at capitalization rates only 200 basis points above U.S. rates.
2015 - NEW HAVEN MULTIFAMILY
Yale University is the dominant economic force in New Haven. Yale is highly stable in virtually all economic circumstances. The Yale affiliated population is currently increasing and the campus is expanding.
This profile reveals attractive opportunities for highly selective multifamily acquisition and upgrade.