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Principal, Linear Reach $175M in Retail Buys

WELLESLEY, MA-A Downtown block in this wealthy town is the partnership's latest conquest.

By Joe Clements | Updated on July 06, 2007

WELLESLEY, MA-A $300-million fund operated by Linear Retail Properties LLC of Burlington and financed by Principal Enterprise Capital has secured what may be the group’s finest prize to date upon buying Central Plaza, a block of Downtown retail servicing one of the region’s wealthiest communities. The 48,000-sf asset fetched $22 million, or $458 per sf, for the 100%-leased, multi-tenanted property.

While acceding that Central Plaza traded on the high end, Linear president William Beckeman tells GlobeSt.com that the investment team felt a chance to anchor Wellesley’s tightly controlled Downtown merits the sticker price. “We’re thrilled,” Beckeman says. “It is certainly one of the best retail locations in Greater Boston, if not New England.”

Linear acquired the asset in an off-market deal arranged by NAI Hunneman Commercial Co. VP Jonathan Aron, whose Boston-based firm has negotiated six of the 40 acquisitions now made by the fund. Principal Enterprise Capital is a subsidiary of Principal Financial Group of Iowa.

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