(For more retail coverage, click GlobeSt.com/RETAIL.)
CAMBRIDGE, MA-Burlington-based Linear Retail Properties has picked up its 36th property with the $11.85-million acquisition of a 29,706-sf, fully leased shopping center and a vacant 6,200-sf freestanding restaurant here.
Bill Beckeman, a principal with Linear Retail, tells GlobeSt.com that he has had his eye on the 211 & 321 Alewife Brook Parkway property for about three years but it wasn't until recently that he was able to convince owner John A. White Trust to sell.
"It's a property I've had my eyes on ever since I started the company," says Beckeman. "It is the prototype of the convenience-oriented retail I was setting out to acquire."Situated on 3.5 acres across the street from the Fresh Pond Shopping Center, the strip center is fully leased to CVS Pharmacy, Kappy's Liquors, D'Angelo's, Newbury and Pet Supply Closeout. The vacant 6,200-sf freestanding restaurant, which was previously occupied by a Ground Round, has already drawn leasing interest, Beckeman says.
"There's potential for a lot of things on this site," he notes. "The range of options could include a complete redevelopment of the site. We have some opportunities down the road to do some things."
The acquisition, Linear Retail's 36th since forming three years ago, was brokered by John McLaughlin, of Burlington-based McLaughlin Investments Inc. McLaughlin represented Linear Retail in the sale.
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