Linear Retail Acquires Newton Retail Portfolio

14 Nov 2018

Linear Retail Acquires Newton Retail Portfolio
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Banker & Tradesman – Linear Retail Properties LLC has purchased a bundle of retail properties in Newton.

The company announced earlier this week that it has acquired three properties including 1197-1203 Walnut St., 1637 Centre St. and 1193 Walnut St., as well as one property in Newtonville located at 309-321 Walnut St.

The purchase price for the four-property portfolio was $11.2 million. Linear Retail was represented by Tom Godino, president of Godino & Co. Inc.

“This is the third transaction that I have closed with Linear Retail,” Godino said in a statement. “Linear presented the long-time owner with an unsolicited offer based upon limited information and they were able to close at an aggressive price. It was a pleasure working with the Linear team.”

The Newton Highlands property is a five-tenant, 9,850-square-foot building including 1637 Centre St., a freestanding 2,500-square-foot building, and 1193 Walnut St., a 3-story commercial building totaling 5,050 square feet.

The property includes a dedicated 62 space parking lot and is within walking distance to the Newton Highlands Green Line MBTA stop. It is also only 600 feet from Route 9 and 1.5 miles from Route 128.

The Newtonville property is a 5,860 square foot city block leased to five tenants and is located near the Mass Pike and a quarter mile from the Newtonville commuter rail station. One 1,245 square feet unit is currently available for lease.

“Newton is high on our list of desirable markets we want to invest in,” Aubrey Cannuscio, partner of acquisitions of Linear Retail, said in a statement. “We love the demographics and visibility of these two sites.”

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