A Newton firm that specializes in redevelopment of mill properties has acquired the former New England Mobile Book Fair property in Newton’s Upper Falls.

Creative Development Co. plans to market the 31,000-square-foot building as office and retail space with rents under $30 per square foot on a gross basis, said Charlotte Maynard, managing partner for Creative Development Co.

“I’m hoping to rent it out and provide rents that are a little bit below-market, so that some of the cool businesses can stay in the area,” Maynard said. “I have about seven interested parties and trying to figure out how to fit them all in.”

Creative Development Co. paid $5.6 million for the Needham Street landmark, which served as home to the independent bookstore for five decades. The book fair relocated to a nearby shopping plaza earlier this year.

Creative Development plans a series of base building improvements to the rambling structure which was built in five phases, including new windows and HVAC system, Maynard said.

The property is across the street from Northland Investment Corp.’s 23-acre site where it’s proposing a $650 million, 1.9-million-square-foot redevelopment of the former Clarks’ North America headquarters and shopping plaza anchored by Marshalls. Newton city councilors are reviewing Northland’s plans for 822 apartments and condos and 365,200 square feet of retail space.

Creative Development owns 1.3 million square feet of commercial space including the 400,000-square-foot Saxonville Mills in Framingham, which it converted from predominantly manufacturing and storage space to office and retail space now occupied by 85 tenants.