Boston Business Journal – Burlington-based Linear Retail Properties has acquired two retail properties in Cambridge and Somerville for a combined $7.775 million amid a broader effort to expand its portfolio in those markets and others inside Route 128.
The first of the two properties is 1755-1761 Massachusetts Ave., a 6,291-square-foot single-story property located near the MBTA Red Line’s Porter Square station. The property, which Linear acquired for $3.625 million, is leased to The Abbey Irish Pub, One Ramen & Sushi, The Laundry Room and Judy Jetson hair salon.
“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,” said Anthony Bruno and Kerry Dowlin of Gibson Sotheby’s International Realty, who brokered the sale.
Linear also acquired a 4,632-square-foot shopping center at 519 Somerville Ave. located in Somerville between Porter and Union Square for $4.15 million.
The property is leased to three tenants — Dunkin’, The UPS Store and Wings Over Somerville — and also includes a 13-space parking lot.
“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,” said Aubrey Cannuscio, Linear Retail’s chief investment officer, in a statement. “Linear will pay aggressive pricing to acquire similar high quality, small format retail properties in Somerville, Cambridge and other markets inside Route 128.”