Newton-based Northland Investment Corp. has acquired a three-tenant retail building at 215 Needham St. in Newton for $13 million from LNR Massachusetts Partners LLC.

The 24,930-square-foot property is anchored by a PetSmart and also contains a Men’s Wearhouse and Five Guys Burgers and Fries. It was previously home to a Filene’s Basement store.

The seller took control of the asset following Filene’s Basement’s bankruptcy and acquired the new tenants, each of which signed 10-year leases with rental escalations.

The sale price represented a 6.5 percent cap rate, or $522 per square foot of occupied space.

Calkain Cos.’ Patrick Nutt, managing partner located in the firm’s South Florida office, and Michael O’Mara, director in Calkain’s Boston office, represented the seller and procured the buyer.

"The market displayed a pent-up demand from all buyer pools for strong stabilized net-leased property within the Route 128 corridor," O’Mara said in a statement. "We were able to generate attractive competitive bids from national REITs, institutional retail investors, along with a host of Boston-based real estate entities."