Linear Retail Acquires Newton Retail Portfolio

12 Nov 2018

Linear Retail Acquires Newton Retail Portfolio
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Linear Retail Properties, LLC, announced today that it has acquired three retail properties in Newton Highlands including 1197-1203 Walnut Street, 1637 Centre Street and 1193 Walnut Street, as well as one property in Newtonville located at 309-321 Walnut Street.

The purchase price for the four property portfolio was $11,200,000. Linear Retail was represented by Tom Godino, President of Godino & Company, Inc. Godino noted, “This is the third transaction that I have closed with Linear Retail. 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 Street – a freestanding, 2,500 square foot building and 1193 Walnut St – a three-story, commercial building totaling 5,050 SF. The property includes a dedicated 62 space parking lot and is within walking distance to the Newton Highlands Green Line MBTA “T” stop, is 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 SF unit is currently available for lease.

Aubrey Cannuscio, Partner – Acquisitions of Linear Retail commented, “Newton is high on our list of desirable markets we want to invest in. We love the demographics and visibility of these two sites.”

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