Newton, MA— CBRE announced that it has arranged the sale of Wells Park, a 377,696 sq. ft. three-building office portfolio located at 7-57, 75-85-95 and 199 Wells Avenue in Newton, Massachusetts.
Boston-based Taurus Investment Holdings acquired the portfolio for $92 million. The CBRE team of Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall, and Dan Hines spearheaded the marketing campaign and arranged the sale on behalf of ownership, a joint venture partnership of Angelo, Gordon & Co. and Jumbo Capital Management. “In 2016, ownership invested more than $4 million in capital improvements, which included a complete lobby remodel inside each building, café renovations, upgraded gym and locker rooms, and new signage at each building, among other things,” said Mr. Hines. “Despite headwinds created by the pandemic, the quality of the portfolio was supported by robust leasing activity over the last 24 months, with more than 125,000 sq. ft. of leasing transactions completed.” Wells Park is located 10 miles from downtown Boston, less than a mile from Interstate 95, and within minutes of Route 9, Interstate 90 (Mass Turnpike) and Interstate 93. At the time of sale, Wells Park was 95% leased to a diverse roster of twenty-nine tenants.
