Burlington's Linear Retail Acquires MA Retail Portfolio for $57.5M

(Burlington, MA; 06/11/2015)- Linear Retail Properties, LLC, announced today that it has acquired a 124,093 square foot Massachusetts retail portfolio consisting of Eaglewood Shops at 175 Turnpike Street in North Andover, Main Street Marketplace at 1030 Main Street in Waltham, MA and the adjacent 1036 Main Street in Waltham, MA.

Eaglewood Shops is a 77,558 SF shopping center comprised of three buildings. The center was developed in 2005 and is situated along Route 114, the primary retail corridor of North Andover. The center is fully leased. Key tenants include; Burtons Grill, Staples, Pier 1 Imports, Jos. A. Bank and Chipotle. The purchase price was $34,250,000.

Main Street Marketplace is a 44,461 SF shopping center built in 2013, located on Route 20 (Weston Street) and Route 117 (Main Street) in Waltham. The center is fully leased. Key tenants include; Panera Bread, Chipotle, Five Guys, Party City, Pet Supplies Plus and Aspen Dental. The purchase price was $22,400,000. An adjacent 2,074 SF single-tenant building at 1036 Main Street was also purchased. The purchase price was $850,000.

Developer and Seller of the centers, Ross Hamlin commented, “Linear has been pursuing me for quite a while and it finally felt like the right time to sell. I didn’t need to go to market with my properties because I knew I already had the right buyer. I’ve been impressed by what Linear has accomplished and am confident the centers will be in good hands.”

Aubrey Cannuscio, Partner – Acquisitions commented, “When the opportunity to purchase these prime retail assets arose, we knew we had to move fast and make an aggressive offer. I give a tremendous amount of credit to Ross for developing two exceptional retail centers.”

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 77 retail properties including convenience-oriented 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. For more information visit www.linearretail.com or on Twitter: @LinearRetail