Haynes Buys Suburban Boston Portfolio

Haynes Management has acquired two buildings and a developable land site for $6.7 million, officials for the Wellesley-based real estate firm say. The portfolio includes 10 and 16 Laurel Ave., as well as 20 Prescott St.

“This property offers a spectacular redevelopment opportunity for the buyer in a strong commercial market,” says NAI/Hunneman Commercial Co. senior vice president Robert A. Tito, whose Investment Services Group brokered the sale. Hunneman represented the seller, One Market Street Realty Trust, and found the buyer.

The most prominent of the properties is 16 Laurel Ave., a four-story office building constructed in 1919 by Babson College founder Roger Babson. Along with that 37,000-sf building, Haynes Management also purchased 10 Laurel Ave., a 14,000-sf building, as well as the 27,000-sf vacant parcel at 20 Prescott St.

Tito says Haynes is repositioning the properties through an extensive overhaul, with occupancy slated for later this year.