Real Reporter – Linear Retail, the leading owner of New England retail properties added yet another to their vast regional portfolio with it’s purchase of 1755-1761 Massachusetts Ave, a 6,291 square foot, single-story store block consisting of three retail condominiums in the Porter Square neighborhood of Cambridge. The purchase price was $3.625M.
The acquired property, two blocks from the Porter Square Red Line station, is fully leased to four tenants including: The Abbey Irish Pub, One Ramen & Sushi, The Laundry Room and Judy Jetson hair salon.
Anthony Bruno and Kerry Dowlin of Gibson Sotheby’s International Realty brokered the sale. “We were able to achieve our client’s goal of selling a prized family asset that was owned for over 40 years while the buyer, Linear Retail, was able to expand their footprint in Cambridge. This sale highlights the continued strength of the overall retail real estate market in Cambridge,” added Dowlin.
Linear holds two other Cambridge assets, one in the Alewife Neighborhood and the other on First Street in East Cambridge. “We are grateful to have acquired three retail condos in the Porter Square neighborhood. This marks our third owned property in Cambridge with other properties in West Cambridge on Alewife Brook Parkway and in East Cambridge across from the Lechmere Green Line ‘T’ station,” stated Rick Rostoff, VP – Acquisitions for Linear. “We are a local, long-term investor and look forward to acquiring more quality retail properties in the Cambridge and Somerville markets.”▪