(Burlington, MA; 06/17/2014)- Linear Retail Properties, LLC, announced today that it recently refinanced six properties throughout Massachusetts and Rhode Island with Allianz Real Estate of America, LLC for $50.65 Million.
The properties include: Burlington Marketplace in Burlington, MA; Peabody Gardens in Peabody, MA; 345 Main St. Reading, MA; 1 Carlisle Rd. Westford, MA; Flint Village Plaza in Fall River, MA and 1,000 Bald Hill Rd. Warwick, RI. The portfolio is 97.7% leased with a staple of strong national tenants that include Trader Joe’s, CVS Pharmacy, Rite Aid, Chipotle Mexican Grill, Jos A. Bank, Panera Bread, Dunkin’ Donuts and Starbucks.
Linear Retail was represented by Riaz Cassum, Senior Managing Director of Holiday Fenoglio Fowler, LP (HFF) and Brett Paulsrud, Senior Real Estate Analyst.
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“HFF was able to work very closely with our client and the lender to structure a loan that met all of their objectives,” said Cassum. “It is always rewarding to work with truly professional organizations such as Linear Retail and Allianz.”
“HFF represented us in this large portfolio transaction and brought in their professionalism, excellent customer service and industry knowledge,” said Bill Beckeman, President and CEO of Linear Retail. “We are glad to begin this new lending relationship with Allianz.”
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ABOUT ALLIANZ REAL ESTATE OF AMERICA
Allianz Real Estate of America, acting as a principal on behalf of the Allianz Group insurance companies, makes equity investments and provides commercial mortgages in the American markets. Long-term fixed-rate commercial mortgage loans are provided to experienced borrowers secured by stabilized industrial, residential, office, healthcare and retail properties in the larger markets across the country. Allianz Real Estate of America’s current mortgage portfolio exceeds $6 billion.
ABOUT HFF
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.
ABOUT LINEAR RETAIL PROPERTIES, LLC
Based in Burlington, MA, Linear Retail is a leading acquirer, owner, developer and operator of retail properties in New England. Linear Retail owns 72 retail properties including convenience-oriented strip shopping centers, specialty storefront retail in select downtown neighborhoods, smaller, well-located centers in dominant retail destination corridors, net leased single tenant retail properties and urban retail condos. For more information visit www.linearretail.com or on Twitter: @LinearRetail
