YARMOUTH, MA-Less than three years after incorporating, the Burlington, MA-based Linear Retail Properties LLC has made its 13th retail buy. For $8.91 million, it acquired a 59,687-sf grocery-anchored shopping plaza on Cape Cod.
The 484 Station Ave. shopping plaza here marks the firm's first entry into this market. The firm's portfolio includes 10 Bay State shopping centers along with one in Rhode Island and two in New Hampshire, Aubrey Cannuscio, a partner and senior vice president with the firm, tells GlobeSt.com.
"It has excellent tenancy and, given development constraints on Cape Cod, represents terrific long-term investment potential as one of the area's largest conventional shopping centers. Retail deals of this size are hard to find on the Cape." The plaza, anchored by a Grand Union Family Market and CVS Pharmacy, is situated on 10 acres just off Route 6, the Cape's main artery and is about 95% occupied by tenants, most with long-term leases, Cannuscio adds.
Founded in September 2002 by Cannuscio's partner, Bill Beckeman, Linear has been on a shopping spree ever since, picking up smaller to mid-sized plazas ranging from $1 million to $15 million. The company's appetite for small to mid-sized plazas isn't about to end anytime soon. With the backing of capital partner Principal Enterprise Capital, a division of the Des Moines-based Principal Life Insurance, the firm already has several deals in the works. "We plan to acquire $250 million of retail properties over the next few years," Cannuscio says, noting that the firm's next acquisition--an as yet undisclosed plaza--is set to close later this month.
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