Boston-Area Retail Asset Changes Hands for $6M

Built in 1958, the fully occupied property is within a 40-minute drive north of downtown Boston and comprises 30,000 square feet.
1342 Main Street
1342 Main Street

Linear Retail Properties has purchased a 30,000-square-foot freestanding retail asset in Reading, Mass., for $5.5 million. Currently, HomeGoods occupies the whole property. Jenny Ng of The Network Group worked on behalf of the seller. 

Located at 1342 Main St., the building is a roughly 40-minute drive north of downtown Boston. The property is adjacent to Route 28, while interstates 93 and 95 are also within easy reach. The parcel includes a single building, constructed in 1958.

“This property has many of the attributes we seek in an acquisition, including being in a highly visible location in a strong market with a long-term tenant in occupancy,” said Aubrey Cannuscio, partner at Linear Retail, in prepared remarks.

In a similar deal earlier this month, Gazit Horizons purchased a 10,500-foot retail property in Boston. Located in the Downton Crossing neighborhood, the asset changed hands for $16.6 million.

Image courtesy of Linear Retail Properties