NASHUA, NH-Linear Retail Properties has added another asset to its portfolio, picking up the 82,000-sf Daniel Webster Plaza from the original developer, private owner Luc Charpentier, for $13.9 million. This is the second purchase for Linear in three weeks. The firm added its first grocery-anchored retail property to its stable by purchasing Stow Shopping Plaza for $12.3 million to begin the month.

The asset also represents a deviation from Linear's previous acquisitions, which have been near or fully-leased properties. The Daniel Webster Plaza has 48,000-sf--more than half of its space--uncommitted, due to the recent liquidations of prime tenants Kitchen Etc. and Hitchcock Furniture retail chains.

But the empty space leaves Linear CEO and president William J Beckeman unfazed. "With our program, we're looking to buy a blend of assets. Some that are fully stabilized and some that need a lot of re-work," he explains to GlobeSt.com. "The vacancies are a function of chain liquidations, not the location. I think we'll have a lot of interest (in the space) and will land a truly signature tenant."

The shopping center was developed in 1987 and is located on Daniel Webster Highway in front of the Royal Ridge Shopping Center and adjacent to Barnes & Noble. The property is comprised of a free-standing Pier One Imports and a multi-tenant strip center. The center includes Jennifer Convertibles, Lenscrafters, Mattress Giant, Bank of New Hampshire and Cassandra 2000 day spa.

Financing was provided by Cambridge Savings Bank. Mortgage brokerage services were provided by Finard & Co., which will also provide property management services. Linear was represented by Summit Realty Partners, the sole broker in the transaction, and American Retail Properties will be the exclusive leasing agent for the property.

This is the seventh buy for Linear, bringing its acquisition total to over $50 million and 400,000-sf since its formation in August of 2003. Armed with $100 million in equity capital from Principle Enterprise Capital, Linear seeks to build a portfolio of about $200 million in asset value, targeting properties in the $1 million to $15 million range. "Since we formed Linear 18 months ago, we have put seven properties under contract and have now closed on all seven," says Aubrey Cannuscio, senior VP of acquisitions. "We continue to have very aggressive plans and hope to keep the streak alive."