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Legacy Real Estate Ventures has purchased an office building in Newton, MA from Wingate for $4.1 million.

Wingate, Legacy Real Estate Ventures Swap $4M for Office in Newton

Newmark has completed the $4.1-million sale of 189 Wells Avenue, an office building located within Wells Avenue Business Park in Newton, MA.

Robert Griffin, Joseph Alvarado, George Demoulas, Casey Valente and Mark Roth with Newmark represented the seller, Wingate, and procured the buyer, Legacy Real Estate Ventures.

Totaling 31,291 square feet, 189 Wells Avenue was initially placed under agreement at a 41% occupancy rate. During the sale process, leasing traction increased significantly, resulting in an 83% occupancy rate upon close.

“189 Wells Avenue presents an attractive office repositioning opportunity,” said Alvarado. “The asset benefits from a prestigious Newton address within a coveted mixed-use business park.”

“This building fits perfectly into the Legacy portfolio, where there are vacancy challenges and cosmetic needs that can be immediately addressed to create value,” said Michael Price, principal of Legacy Real Estate Ventures. “The Wells Avenue office market is incredibly strong.


Inside The Story

Newmark's Alvarado

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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