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DEDHAM, MA-Continuing its trend of buying smaller shopping centers in Eastern Massachusetts, Linear Retail purchased a 20,000-sf retail property here for $4.2 million. The acquisition was the fifth such transaction for Linear since September 2003.

“We were attracted to the tremendous visibility and identity on Route 1,” Aubrey Cannuscio, senior vice president of acquisitions for Linear, tells GlobeSt.com. “We hope to purchase many more like it.”

The property is located at 880-890 Providence Highway (Route 10 in Dedham), between the Dedham Mall and the Dedham Plaza. The retail site is fully occupied by three tenants–David’s Bridal, Daddy’s Junky Music and Mattress Giant.

Linear purchased the property from Robert E. Naser Real Estate based here, which built it in 1968. David Ross, executive vice president of NAI Hunneman, represented the seller and procured the buyer.

The purchase marks the latest of five acquisitions in 14 months for Linear, which has acquired similar properties in Dracut, Fall River, Danvers and Burlington. Linear is in partnership with Principal Enterprise Capital, a subsidiary of the Principal Financial Group of Iowa.

The company targets 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 typically range from $1 million to $15 million and from 5,000 sf to 100,000 sf.

“We’re the only institutional investor with money buying smaller convenience centers,” says Cannuscio. “We’re competing against private buyers.”

Cannuscio adds that the company is seeking to acquire and operate other assets in Massachusetts as well as Southern New Hampshire and Rhode Island. “We’re planning to buy $200 million of these properties in the next three years.”

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