(For more retail coverage, click GlobeSt.com/RETAIL.)
SALEM, NH-Linear Retail Properties LLC picked up its 34th property in three years with the $6.5-million acquisition of Salem Village, a 27,353-sf, fully leased shopping center here. The retail property is located at 517 South Broadway on Route 28. William Beckeman, president and CEO of Linear Retail, tells GlobeSt.com that the plaza was the firm's first acquisition in Salem, although Linear also owns two other retail centers in the state.
"We stepped up very quickly and made the deal," says Beckeman, noting that the plaza's location, multiple access points and strong lineup of tenants was a good fit for Linear's business model.
Built around 1980 just across the Massachusetts border, the single-story shopping center's tenants include CVS Pharmacy, Sherwin Williams Auto Zone and three local retailers.
Beckeman says Linear, which has acquired 34 retail centers, including 15 White Hen Pantry stores, in the New England area in the past three years, plans another $200 million in investments in the future.
Harry Shea, with Shea Commercial in Salem, handled the transaction for the seller, Route 28 Nominee Trust, and procured the buyer.
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