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BURLINGTON, MA-William J. Beckeman is forming PIVOTAL Properties LLC, a retail real estate acquisition and operating company launched in partnership with Principal Enterprise Capital, a subsidiary of the Principal Financial Group.

Principal, based in Des Moines, IA, has earmarked an entity level equity investment of $100 million for the new company. Ownership will include Beckeman, who will function as president and CEO of PIVOTAL, and senior executives of PIVOTAL Properties. The company will focus on the acquisition, operation, and repositioning of convenience-oriented retail properties in Eastern Massachusetts and Southern New Hampshire. Acquisitions are expected to include mostly smaller unanchored retail properties ranging from fully-stabilized shopping centers and free-standing stores to retail sites in need of complete redevelopment. Individual investments will typically range from a minimum of $500,000 to $10 million, and portfolio purchases will also be pursued aggressively.

Beckeman notes that “with the patient institutional capital provided by Principal, we will be able to offer a completely new alternative to owners of smaller shopping centers who have considered selling their properties, but who have been reluctant to contend with the myriad of issues that typically arise with private local buyers.”He adds, “We are also able to take a long-term view in building this new real estate operating company, versus simply creating a real estate fund. This will allow us to pursue very diverse opportunities and also to bring a new level of sophistication to the operation of this very fragmented segment of the retail real estate industry.”Beckeman was most recently a partner at Finard & Co. LLC, where he held various senior management responsibilities over the past 13 years. The company has established its new offices at 5 Burlington Woods Dr.

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