City Realty recently acquired 345 Boylston St. in Newton, an 18,000-square-foot retail and office building.

“We’re really excited about the opportunity to acquire a property with such strong existing cash flows in such a great location where there is an opportunity to try and add some value,” Fred Starikov, one of City Realty’s founding partners, said in a statement. “We look forward to finding great new tenants to fill the current vacancies.” The property was over 70 percent leased at the time of purchase.

The purchase price was $4.6 million, and Norwood Cooperative Bank provided $3.45 million of acquisition financing.

Editor’s Note: The headline was corrected to clarify that City Realty purchased the property, rather than leased it.