East Greenwich Commons Sold to Mass. Investment Group

Linear Retail Properties of Burlington, Mass., has acquired East Greenwich Commons, the 41,000 square foot shopping center on Main Street anchored by CVS Pharmacy. The purchase price was $8 million dollars.

The owner had been Greenwich Main, LLC, owned by James Karam of Tiverton, and the property had been assessed at $6.4 million, according to the tax assessor's office.

For years the site was known as Almac’s plaza, even after the grocery store closed and portions of the property fell into disrepair. The upgrade came while it was owned by Karam.

The shopping center building was developed in the late 1950’s and was occupied by Woollworth’s and Almac’s for many years.

It was rehabbed in 2001, with CVS becoming the anchor store, taking over the long-time location of Thorpe’s Drug Store.

Current tenants, in addition to CVS, include Starbucks, Coldwell Banker, Kon Asian Bistro, Webster Bank and Tio Matteos / Greenwich Gourmet.

Diana Podaski of Linear Retail Properties said the company expects to be a long-term owner and hopes to fill the remaining 4.000 square feet of vacant space very soon. She said there are no plans for any major changes.

Geoff Miller of Cushman and Wakefield, who brokered the sale, said there was strong investor interest in the property and bidding was competitive.

Aubrey Cannuscio, Linear retail’s partner and head of acquisitions, said the company had its eye on East Greenwich Commons for several years.

Podaski said the company viewed the property as a good investment  with a strong mix of national, regional and local tenants and a location in a great community.

Linear Retail owns and operates shopping centers and retail properties as investments in targeted New England markets, with five new acquisitions in the last eight months bringing their total to 57 retail properties valued in excess of $300 million.