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Linear Selling Congress St. Fort Point Retail to Acadia

January 19, 2016 — By Joe Clements

BOSTON—It is known as a shopping center REIT, but Acadia Realty Trust is open to buying other forms of retail, as evidenced in the New York firm’s pending purchase of two retail condominiums in Boston’s transformative Fort Point Channel submarket, part of the larger Seaport District which is seeing billions of dollars in private and public investment creating
new housing, office space and increased retail options. The units totaling 14,275 sf are occupied by three dining concepts operated by famed restaurateur Barbara Lynch, including
Menton, touted as the city’s only five-star, five diamond full-service dining restaurant. Linear Retail Properties of Burlington is owner of the units at 346-354 Congress St., ground level space that is part of the FP3 residential condominium complex in the converted former warehouse. The Newmark Griffin team is overseeing the exchange that market sources indicate could close later this week at a price tag estimated to exceed $11 million.

William J. Beckeman, president of Linear, declined comment on the status of the sale when contacted this week by Real Reporter, citing confidentiality agreements, while Newmark
Grubb retail division practice leade Geoff Millerd expressed similar silence for the same reasons. Millerd previously acknowledged in a November Real Reporter article that the retail team led by Robert E. Griffin Jr. and him is harvesting the units for Linear nearly four years after the firm bought them in March 2012, paying an aggregate $4.8 mllion.

Acadia already has a presence in suburban Boston, owning five retail centers in such communities as Brockton where the REIT controls 218,900 sf at Crescent Plaza and a 17,700-sf project at 201 Needham St. in Newton. The others are in Cambridge, Methuen and Needham with the overall portfolio concentrated in the Northeast, although other holdings are in the Midwest and West Coast.

Linear Retail, meanwhile, possesses a New England focus that had its most prolific year ever in 2015 through a series of acquisitions offset by several trades of older assets in the mix that has seen Linear’s acquisition team secure 80 “convenience-oriented” assets. Other members of the acquisitions platform are Aubrey Cannuscio and Rick Rostoff.

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