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DANVERS, MA- Pivotal Properties acquired Centre Street Village, a 27,415 sf neighborhood convenience center located at 110 Newbury St. at the intersection of Centre Street and Route 1 South.  The two-building plaza was purchased for $4.8 million from Centre Street Village Trust.

The deal is the third acquisition since the inception of Pivotal Properties in September, 2003. Pivotal is a retail real estate acquisition and operating company launched in partnership with Boston-based Principal Enterprise Capital. Robert Tito, executive vice president and principal, and Jonathan Aron, vice president, of Boston-based NAI Hunneman Commercial, represented the seller, Center Street Village Trust, and procured the buyer.

“Centre Street Village is located in one of the busiest retail corridors in Massachusetts, so it is an ideal location for any retailer or service provider,” says Aubrey Cannuscio, senior vice president of acquisitions at Pivotal. The acquisition is Pivotal’s third purchase and Cannuscio says the center met the “primary criteria” of the type of convenience-oriented retail properties that Pivotal is “aggressively seeking as we quickly build a $200 million portfolio.”

Joel Kadis, Pivotal’s senior vice president of asset management, adds that the “desirable Route 1 traffic count–30,000 cars per day–and the center’s convenient access from surrounding neighborhoods attracted us to this site.” The site’s anchor tenant is Northern Massachusetts Telephone Workers’ Credit Union and its other tenants include Wells Fargo Home Mortgage, David Stevenson Photography, Salon La Cole, and several other retailers and service providers.

Joseph Falzone, a representative of Centre Village Trust, says that Pivotal offered the trust “a good price, a professional approach and confidence that the sale transaction would close.” Tito notes that the property attracted a great deal of interest from many buyers across the region.

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