Linear Retail Properties acquires 11,330 s/f store block for $7 million

Needham, MA Linear Retail Properties, LLC has acquired 113-133 Chapel St. and 1013-1019 Great Plain Ave. The property is a single-story 11,330 s/f, fully-leased store block. The purchase price was $7 million.

113-133 Chapel St. and 1013-1019 Great Plain Ave. are located 10 miles southwest of downtown Boston. The retail store block is located across from the Needham Center town common directly adjacent to a 98-space municipal parking lot. The Needham MBTA train station is also situated behind the property. Current tenants include Needham Center Fine Wines, Citizen’s Bank, Gari’s Japanese Fusion Bistro, Bagel’s Best, Kumon and Beauty Muse.

The retail store block had been owned and operated by the Heffernan family since 1970, originally purchased by Michael Heffernan, and managed by him and his daughter, Betsy Heffernan, for 30 years.

Betsy Heffernan said, “It has been a pleasure working with the Linear Retail team on the sale of this property that has been owned by our family for over half a century. Our family took great pride in successfully operating this important property for over 55 years. Our family takes comfort in knowing the property will be thoughtfully managed and preserved by a team that truly appreciates its significance and contribution to Needham Center.”

Aubrey Cannuscio, co-CEO of Linear Retail said, “Our team takes great pride in being entrusted with the stewardship of such an important property. We are excited to add this quality property to our growing portfolio and remain fully committed to preserving its legacy while continuing to improve upon its past success.”

Linear Retail is a leading acquirer, owner, developer and operator of retail properties in New England. Linear Retail owns 72, including strip shopping centers, specialty storefront retail in select downtown neighborhoods, and smaller, well-located centers in dominant retail destination corridors, net leased single tenant retail properties and urban retail condos. For more information visit linearretail.com