For more retail coverage, click GlobeSt.com/RETAIL.
BURLINGTON, MA- Linear Retail Properties LLC purchased the Marketplace, a 33,065-sf strip shopping center located directly across from New England Executive Park and the Burlington Mall. Linear bought the property for $11 million from PAC/SIC LLC, a Portland, OR-based real estate operating and development company.
The shopping center's tenants include Starbucks, AT&T Wireless, FedEx, Joseph A. Bank and D'Angelo's. According to Aubrey E. Cannuscio, senior. vice president of acquisitions for Linear, "the Marketplace was a natural fit for our growing investment portfolio of smaller shopping centers. We were attracted by the impressive roster of retailers and the center's great visibility and signalized access."
Scott D. Hodson, vice president of PAC/SIB notes that The Marketplace has been a solid investmentfor the firm. "We were reluctant to sell," he says, "but Linear offered us a good price and confidence that they would perform in a straight-forward, confidential manner."
Linear Retail--formerly known as Pivotal Properties--is a retail real estate acquisition and operating company launchedin 2003 in partnership with Principal Enterprise Capital, a subsidiary of the Principal Financial Group.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
