NORTH YARMOUTH — A new lease on life is in the works for the town’s “Golden Triangle.”

David Perkins, a resident who served on the town’s Economic Development and Sustainability Committee’s, recently purchased a nearly 1-acre piece of land at the triangular commercial area in the town center, also known as Walnut Hill Commons.

Perkins purchased the property near the intersection of Route 9 and Route 115 from John Moody for $550,000, on behalf of Piper LLC.

Three structures stand on the property. Neighboring the fire station is a commercial building that houses Averill Insurance and Poolside Inc. Next to that is the North Yarmouth Variety store, and closest to the intersection is a building that has been vacant more than three years, Perkins said May 7.

“The middle of your town should be dynamic,” he said.

Perkins sold the vacant building to Scott Lalumiere of Cumberland, who is a managing partner with Milk Street Capital in Portland. Lalumiere intends to lease space there for offices, and plans to renovate and landscape the building.

“Cumberland and Yarmouth are so developed that North Yarmouth really has to be the next spot,” Lalumiere said May 7.

Russell Oaks, a construction and project manager with Milk Street Capital, said the firm is optimistic about the area. “It’s gorgeous out here, and you’re not far from the amenities,” he said.

Lalumiere said his company is also interested in other opportunities in North Yarmouth.

The three existing businesses on Perkins’s piece of the property will continue regular operations, he said. Renovations are to begin this month, and the entire triangle will be repaved.

Alex Lear can be reached at 781-3661 ext. 113 or alear@theforecaster.net. Follow him on Twitter: @learics.

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North Yarmouth resident David Perkins, right, and Russell Oaks, left, and Scott Lalumiere of Portland-based Milk Street Capital have plans to revitalize three buildings at the center of North Yarmouth.