Newmark arranged the sale of 70 Wells Ave., an office building located within Wells Avenue Business Park in Newton, MA. Legacy Real Estate Ventures paid $4 million-plus to acquire the 28,244-square-foot property from Wingate Companies. Co-head of U.S. capital markets Robert Griffin and associate directors Joseph Alvarado, George Demoulas and Casey Valente represented the seller and procured the buyer for this transaction which represents their second repositioning opportunity at this business park site.
Alvarado commented on how “This asset is an exceptional complement to ownership’s recently acquired 189 Wells Avenue – a 31,291 square foot office building they purchased last June – [and] we look forward to witnessing continued milestones at [the] site.” The diverse tenant roster at Wells Avenue Business Park includes Bright Horizons, CyberArk Technologies Inc., Karyopharm Therapeutics Inc., Mass General Brigham’s Newton Wellesley Ambulatory Care Center , UMass Amherst Mount Ida Campus as well as William James College .
