Linear Retail Properties, LLC, announced today that it has purchased 519 Somerville Ave. in Somerville, MA – a 4,632 square foot, single-story shopping center located between Porter Square and Union Square. The purchase price was $4.150M.
The three-tenant center is located at a signalized intersection across from Walgreens and adjacent to the recently approved, six-story Cambria Hotel. The property is fully leased to Dunkin’, The UPS Store and Wings Over Somerville, and includes a 13-space parking lot.
Linear Retail was represented by brokers, Mike Chapin and Jason Madden of PondField Commercial Group. Chapin commented, “519 Somerville Avenue was an off-market retail property that we thought would be an ideal fit for Linear Retail’s portfolio. Aubrey and team were a pleasure to work with.”
Aubrey Cannuscio, Chief Investment Officer of Linear Retail commented, “We’ve had our eye on this property for many years due to its desirable location within the most densely populated municipality in New England and its dedicated parking. Linear will pay aggressive pricing to acquire similar high quality, small format retail properties in Somerville, Cambridge and other markets inside Route 128.”
Last week, Linear Retail acquired 1755-1761 Massachusetts Ave. in Cambridge, less than a mile away.