RAYNHAM, MA-Linear Retail Properties has acquired a multi-tenanted shopping plaza for $3.7 million in an unusually quick transaction orchestrated by NAI Hunneman Commercial Co. broker Jonathan Aron. The deal was solidified just hours after Linear was introduced to the opportunity, Linear senior vice president Aubrey Cannuscio tells GlobeSt.com.

“It was an easy buy,” says Cannuscio, citing Aron’s knowledge of Linear’s investment profile and the center’s various strengths, including favorable road orientation, a mix of national and local tenants, and efficient, well-constructed space. The sellers, Jonathan and Judy Holmes, developed the 21,000-sf complex in the 1980s, and the couple has held onto the asset until this year. Linear was familiar with the property, says Cannuscio, aiding in the swift commitment upon learning it was on the market.

“If there were a few more properties like this available, we’d buy them right away,” says Cannuscio, whose Burlington-based company is backed by a $300-million fund focused on convenience-oriented retail in southern New England. Linear’s partner is Principal Financial Group of Iowa. The fund has now acquired more than $140 million of properties in 37 deals, with sales priced between $700,000 and $14 million. “It was right in our strike zone,” Cannuscio says of the Raynham conquest, estimating the average deal size for properties acquired to date to be in the $7-million-to-$10-million range.

Located on Route 44, 325 New State Highway is 100% occupied by nine tenants, among them Hertz, Jersey Mike’s Subs, Movie Gallery, Sherwin Williams and the Wireless Authority. The property is not only well situated in a strong retail corridor serving southeastern Massachusetts and Rhode Island, it is also physically oriented to the roadway to provide maximum visibility, according to Cannuscio.

Linear has now purchased three retail assets in New England this year. Of the 37 properties acquired since the Linear/Principal fund was started in 2003, four of the deals have been brokered by Aron.

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