(Burlington, MA; 04/17/2019)– Linear Retail Properties, LLC, announced today that it has acquired 61-71 Central Street – two storefront retail buildings totaling 17,900 square feet in the heart of downtown Wellesley Square in Wellesley, MA, including an adjoining 60 space parking lot. The purchase price was $17.6 million.
The property is fully occupied by seven tenants including: CVS Pharmacy, Coldwell Banker Residential Brokerage, Wasik’s Cheese Shop, J.P. Licks, Papyrus, Vision Optics and Mane & Mani. A 60-car private parking lot for the property’s tenants is located behind the building, abutting the Wellesley Square Commuter Rail station.
Linear Retail also owns the 48,000 square foot retail storefront property diagonally across the street, Central Plaza with prominent tenants including: Wellesley Books, Alta Strada Restaurant, Greta Luxe, Gap and B.GOOD as well as the 115-space private parking lot behind the property.
The Seller, Jessica Wolfe, Trustee of Berson-Wolfe Realty Trust commented, “The property has been in our family since the 1940’s – for three generations and after careful consideration, we felt selling to Linear Retail was the right thing to do. Linear Retail was very professional to work with. We will miss our community and believe we are leaving them in good hands.”
Aubrey Cannuscio, Partner – Acquisitions for Linear Retail commented, “We were thrilled to be able to expand our holdings in this terrific town. With our increased critical mass, we expect to have greater ability as well as a greater responsibility to help maintain Wellesley Square’s vibrancy and relevance in today’s rapidly changing retail environment. Fortunately, we already have many quality operators well-positioned to serve the community for many years to come.”
ABOUT LINEAR RETAIL PROPERTIES, LLC
Based in Burlington, MA, Linear Retail is a leading acquirer, owner, developer and operator of retail properties in New England. Linear Retail owns 94 retail properties including strip shopping centers, specialty storefront retail in select downtown neighborhoods, smaller, well-located centers in dominant retail destination corridors, net leased single tenant retail properties and urban retail condos.