Legacy Real Estate Ventures Acquires Office Building in Newton, Massachusetts for $4 Million
Newmark has announced the sale of 70 Wells Avenue, an office building in Newton, Massachusetts, for over $4 million. Legacy Real Estate Ventures bought the property, which offers 28,244 square feet of office and storage space across two stories and presents an opportunity for office repositioning, following the acquisition of another property, 189 Wells Avenue, from Wingate Companies.
Newmark has announced the sale of 70 Wells Avenue, an office building located in Newton, Massachusetts, for a price of over $4 million. The buyer of the property is Legacy Real Estate Ventures, a prominent real estate investment firm based in Massachusetts. The office building offers a total of 28,244 square feet of office and storage space spread across two stories. This acquisition presents an exciting opportunity for Legacy Real Estate Ventures to reposition the office space, following their recent acquisition of another property, 189 Wells Avenue, from Wingate Companies.
70 Wells Avenue is situated in the thriving market of Newton, Massachusetts. Newton is a highly sought-after location for businesses due to its proximity to Boston and its strong local economy. The property is strategically located in close proximity to major transportation routes, making it easily accessible for employees and clients.
The office building at 70 Wells Avenue features modern and well-maintained facilities, making it an attractive option for businesses looking for office space in the area. The property offers a mix of open office areas, private offices, conference rooms, and storage space. The two-story layout provides flexibility for tenants to customize the space to suit their specific needs.
Legacy Real Estate Ventures has a strong track record in the commercial real estate market, with a focus on acquiring and repositioning properties to maximize their value. The firm has successfully completed numerous transactions in the Massachusetts area, demonstrating their expertise and knowledge of the local market.
The seller of 70 Wells Avenue is Wingate Companies, a reputable real estate development and investment firm. Wingate Companies has a diverse portfolio of properties across various asset classes, including office, residential, and retail. The sale of 70 Wells Avenue aligns with Wingate Companies’ strategic objectives and allows them to reallocate capital to other investment opportunities.
The transaction was facilitated by a team of experienced brokers from Newmark, including Robert Griffin, Joseph Alvarado, George Demoulas, and Casey Valente. These brokers have extensive knowledge of the Newton market and were instrumental in bringing together the buyer and seller for this successful transaction.
Legacy Real Estate Ventures’ acquisition of 70 Wells Avenue further solidifies their presence in the Newton market and positions them for continued growth in the commercial real estate sector. With their expertise in repositioning properties, Legacy Real Estate Ventures is well-equipped to unlock the full potential of 70 Wells Avenue and create value for their investors.
In conclusion, the sale of 70 Wells Avenue in Newton, Massachusetts, for over $4 million is a significant transaction in the commercial real estate market. Legacy Real Estate Ventures’ acquisition of the property presents an exciting opportunity for office repositioning and demonstrates their commitment to expanding their portfolio in the Newton area. With the support of Newmark’s experienced brokers, Legacy Real Estate Ventures is well-positioned to succeed in their investment strategy and drive value for their stakeholders.