An affiliate of Newton-based Intrum Corp., a boutique commercial real estate management and development firm, has purchased 300 First Ave. in Needham for $9.4 million.
Intrum is planning an extensive capital improvement campaign to install new lobbies, restrooms, common areas and modern glass exterior building entryways, according to CB Richard Ellis, the firm that brokered the deal.
The 80,000-square-foot property is located in the New England Business Center. Intrum’s current portfolio includes properties in Newton, Needham, Wellesley and Natick, as well as several other surrounding Greater Boston communities. Intrum affiliate entities have acquired and developed more than a million square feet of office, retail, industrial and R&D properties.
The 300 First Ave. property is adjacent to several assets that Normandy Real Estate Partners has recently purchased in anticipation of creating a corporate campus of up to 500,000 square feet of new development when tenants sign on for build-to-suits.
