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.