"It's a long race, and more needs to be done, but I'm encouraged," Linear president William Beckeman tells GlobeSt.com. Among the first locally to recognize value in assembling bite-sized retail into a diverse pool, Linear has paid no more than $13.8 million in reaching the halfway milestone, a trek focusing on convenience-oriented centers in established or emerging locations. The fund has been—and will continue—to pursue pricier opportunities, pledges Beckeman, but he says managers have been prudent in not overpaying or chasing large trophies for the sake of getting money placed. When an appropriate target has been identified, however, the team has moved quickly and paid whatever necessary to win the venture, he adds, a notion seconded by brokers handling the Peabody process.

"They offered a very strong price and worked through every potential obstacle in a diligent and thoughtful manner," says Richard Rostoff of Spectra Realty Associates, citing the seamless conclusion as showing why Linean and Principal "have an unrivaled track record for closing deals." Rostoff was joined in negotiating the terms by Ralph Epstein and Richard Wolfson of Patriot Properties. Principal Enterprise Capital is a subsidiary of the Principal Financial Group of Iowa.

Supported by Principal's real estate platform, Beckeman says he believes Linear's staff of seasoned professionals has enabled the firm to decide which retail properties can perform, either on their own or via a repositioning effort. After completing the fund's biggest deal in the $13.8 million purchase of Daniel Webster Plaza in Nashua, NH, the new owners implemented an extensive capital program and redid the façade. "That property looks fabulous now," says Beckeman. Along with acquisition experts such as SVP Aubrey Cannuscio, another Linear principal is Joel Kadis, employed with Beckeman at the erstwhile Finard & Co. before moving over to Linear. Now operating as KeyPoint Partners, LLC, Finard & Co. had been among New England's top retail real estate services firms in the region, with Kadis a leasing specialist.