Accommodating the sellers, Linear/Principal has agreed to delayclosing on the assets until early 2009, prompting the two sides tostrike a master-lease arrangement until the deal is consummated."We effectively have full control of the properties," explainsLinear President William Beckeman, whose $300-million fund isfocused on convenience-oriented retail throughout New England. Thelatest purchases brings the number of assets acquired since thefund was launched in 2003 to 48, an assemblage valued at $220million.

Besides a free-standing Walgreens, the Stoughton plaza houses a2,200-sf Eastern Bank branch, plus a Hertz Car Rental, pizza shopand Starbucks. Linear/Principal will pay $9.1 million for thatcenter, which Linear partner Aubrey Cannuscio terms "a prototypicalLinear Retail" investment. "The property offers a strong pharmacyanchor at a key intersection and some additional shop space that,together, offer bullet-proof cash flow and long-term upside," hesays.

The fund is paying $3.25 million for 870 Providence Highway,which is located at the junction of Enterprise Dr., the primeentrance to Gateway Center, a 650,000-sf entertainment/retailcomplex that broke ground this spring. Cannuscio calls the latterasset a "strategic buy" for other reasons, including his firm'sprevious purchase of an abutting complex, leased to a bridal shop,guitar store and Mattress Giant branch. "Together, these propertiesoffer operational efficiencies as well as long-term redevelopmentpotential on a very prominent retail center," he says.