KeyPoint's management is still assessing if the 1.9-million-sf portfolio will get new tenants or renovations, says William Lawler, a partner at the firm and director of property and asset management. "We're going to take a hard look at each one of these properties and come up with a business plan to add value to every one of them," he tells GSR.

The properties are located on Massachusetts South Shore and around Cape Cod, so the "demographics are great," Lawler says. Most of the centers are also relatively mature, due to Tedeschi's prior leasing efforts, he says, but if more tenants are needed the quality of the portfolio should attract a number of retailers.

The Cape assets include Star Market-anchored developments in Harwich and Hyannis; the Skaket Corners Shopping Plaza in Orleans; and a Stop & Shop plaza in Sandwich. Off-Cape assets in Massachusetts are situated in Braintree, Rockland and Wareham. The portfolio also includes a center each in Cranston, RI; and Meriden, CT.

The addition of the Dividend Capital centers brings under jurisdiction in KeyPoint's property and asset management division 230 commercial properties totaling 18 million sf in New England, New York and the Washington DC area. In March the firm was awarded the leasing contract for Wayside Commons, an L. L. Bean-anchored lifestyle center in Burlington.