X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DRACUT, MA- Pivotal Properties LLC purchased 36,250 sf R. K. Plaza from R.K. Associates of Dedham for $4.2 million. This marks, the firm’s first acquisition since it was formed a month ago.

The center was built in 1977 and is tenanted by 18 different retailers and service providers. Among its tenants are Dracut Town Variety, O’Hara’s Tavern, China Maxim and Brother’s Pizza as well as national/regional operators including H&R Block, Fleet Bank and Subway.

“We have very aggressive acquisition plans for this type of smaller, convenience-oriented retail property,” says William J. Beckeman, president and CEO of Pivotal.

David Katz, vice president of R.K. Associates, notes that because his company was facing a “tax driven” deadline the transaction had to be completed very quickly. He says that the entire deal was done in about three weeks and emphasizes that “Pivotal’s flexibility and institutional capital backing were vital.”

Pivotal Properties, a Burlington, MA-based retail real estate acquisition and operating company, was formed about a month ago by Beckeman and Principal Enterprise Capital. The company wants to acquire and operate a large number of convenience-oriented retail properties in Eastern Massachusetts and Southern New Hampshire. Principal Enterprise Capital is the entity level investment platform for certain existing clients of Principal Global Investors, an institutional real estate manager based in Des Moines, IA. Principal Enterprise Capital has earmarked $100 million of equity capital for investment in Pivotal Properties and for acquisition of targeted retail properties.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.