X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

LEOMINSTER, MA-Linear Retail Properties continued its shopping spree with the $1.9-million acquisition of a fully leased 18,205-sf plaza in Leominster, marking the firm’s fourth acquisition this year and its 16th since the company’s inception three years ago.

The 586 Main St. plaza, known as Brooks Plaza, was purchased from Berkshire Retail-L, LLC just two weeks after the Burlington-based shopping center buyer paid $6 million to acquire 75 Newbury St., a 29,003-sf, 79% occupied plaza in Danvers, as GlobeSt.com previously reported. The firm’s latest acquisition is fully leased to Brooks Pharmacy, Advance Auto Parts, Bank of America and Athens Pizza.

Linear, which still has $200 million investment funds waiting to be spent, isn’t through buying just yet. “Our goal is to build the portfolio,” Aubrey Cannuscio, a partner and senior vice president of acquisitions with the Burlington-based firm, tells GlobeSt.com.

Cannuscio says Linear, currently the most active shopping center buyer in the New England market, has averaged a shopping center purchase every nine weeks since the company was formed but is hoping to pick up the pace of its acquisitions in the next few months.

“We’re slightly behind schedule,” admits Cannuscio. “We have to close deals at a more rapid pace than we’re closing them today so we need to buy more properties. We’d sure like to match our current pace and be closing a deal every other week, given the $200 million we still have to invest.” Linear’s strong appetite for shopping centers has driven the firm to acquire about half of all plazas that hit the market in the $1-million to $6-million range, Cannuscio notes.

“Its just pure focus,” he says, adding that Linear’s investment criteria calls acquisitions that are well leased shopping plazas ranging from 10,000 to 120,000 sf located in high traffic areas. We know exactly what we want to buy so when it hits the market we can turn around properties pretty quickly.”

The Leominster deal was handled for both the seller and buyer by Rob Blanchflower, of Blanchflower Real Estate, of Leominster. Finard & Co. of Burlington will handle the leasing and property management duties.

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?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

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.