Bulfinch Completes Sale of 199 Wells Avenue
NEEDHAM, MA October 10, 2016 — The Bulfinch Companies, Inc., a private real estate investment, development and management firm announced that it completed the sale of Wells Business Center at 199 Wells Avenue, an approximately 42,682 sf three-story building located in Wells Business Park in Newton, Massachusetts to AG-JCM Wells Avenue Property Owner, L.L.C. The property is situated in the N2 Innovation Corridor, an area of Newton/Needham poised to be Greater Boston’s next tech hub, and has new and dramatically improved direct access to/from I-95/Route 128 as a result of the recent opening of the Kendrick Street ramp.
Ben Sayles of HFF marketed the property on behalf of Bulfinch, and in addition, procured the buyer.
Bulfinch purchased the property in 1996 from Metropolitan Life Insurance Company as a well situated but under-managed and under-rented substantially vacant asset. Through a significant repositioning and redevelopment effort, Bulfinch was able to create a stable cash-flow and generate substantial value throughout its ownership.
“The sale is consistent with our current strategy of selling non-core assets, approaching $200 Million in total sales to date. We are pleased to near completion of our strategy of liquidating non-core assets.” said Eric Schlager, CEO at Bulfinch. “Bulfinch continues to aggressively pursue opportunistic and value-added opportunities in the Greater Boston market that complement and enhance our portfolio.”