(Burlington, MA; 03/18/2011)- Linear Retail Properties, LLC, announced today their purchase of four retail condominium units at 292-296 Newbury Street, Boston. The four retail units, totaling 5,716 square feet of space, are located on the first two floors of three five-story retail and residential buildings located between Gloucester and Hereford Streets, in the heart of one of the world's premier shopping destinations. The purchase price was $5,990,000.

The 19th century brownstone buildings were redeveloped and converted to condominiums in 2006 by an affiliate of the seller, Providence Real Estate Holdings of Newbury Street, LLC.  Current tenants include MiniLuxe Back Bay spa, Michael Labrecque Salon, Audrey's Pet Supply & Services and Vibram USA footwear (opening spring 2011).   

According to Brent Berc, trustee for the seller, "Given my family's continued interest in the residential portion of the property, we were seeking to find a well-capitalized buyer with a strong track record of operating and improving retail properties.  We found that with Linear Retail.  The entire sales process was conducted in a very professional and straight-forward manner."

Bill Beckeman, Linear Retail's President and CEO comments, "We are delighted to purchase our ninth property in Downtown Boston and our second on Newbury Street.  Our four new property acquisitions since September reflect our growing appetite for additional prime retail properties in and around Metro Boston." 

This acquisition represents Linear Retail's 57th retail property acquisition overall in New England since the company was founded in 2003.

Lisa Campoli and Nick Herz of Colliers International brokered the transaction, representing the Seller and procuring Linear Retail as the buyer.