Linear Retail Properties Purchases Hampton's Brooks Plaza
Hampton Union, Tuesday, May 23, 2006
[The following article is courtesy of the Hampton Union and Seacoast Online.]
HAMPTON -- Linear Retail Properties LLC recently announced its purchase of a 16,251 square-foot retail strip center known as Brooks Plaza in Hampton for $1,725,000.
The four-tenant shopping center, located at 356 Lafayette Road, is the 14th property purchased by Linear Retail since its formation in late 2003 and its second property in New Hampshire.
"This is our smallest purchase to date but it is absolutely consistent with our focused strategy to amass a very large portfolio of small to mid-sized retail properties throughout our region," said William J. Beckeman, president and chief executive officer of Linear Retail. "We were attracted by Brooks Pharmacy's tenancy, the property's strong identity on Route 1 and the location's outstanding long-term potential."
The seller, Joseph Lorusso II, said, "It was hard to give up ownership of this property.
"My father built it in the late 1960s and my family has operated it ever since," Lorusso said. "For a variety of reasons, it just seemed like the right time to sell and Linear Retail's strong track record convinced me that they were the right buyer. I am very happy with how that entire transaction worked out and am comforted knowing that the property will be in good hands going forward."
Jonathan Aron, vice president of Boston based NAI Hunneman Commercial, represented the seller and procured the buyer, Linear Retail Properties, LLC. Jody Skaff of the Portsmouth based Kane Company Inc. has been retained as exclusive leasing broker for Brooks Plaza, and Burlington, Mass.,-based Finard & Company has been hired as the property manager.