Massachusetts Shopping Center Changes Hands for $56M
- Jan 04, 2011
January 4, 2011
By Allison Landa, News Editor
A joint venture between Charter Realty & Development Corp. and Acadia Strategicc Opportunity Fund III L.L.C. has purchased the White City Shopping Center and adjacent White City East Shopping Center in Shrewsbury, Mass. The sales price was $56 million.
White City is a supermarket-anchored retail center located on Route 9 just outside Worcester, Mass., while White City East is located across Quinsigamond Ave. The centers total 280,000 square feet.
Financing was provided by Sovereign Bank, a subsidiary of Bank Santander.
The CB Richard Ellis national retail investment group team of Chris Angelone, Jim Koury, Bill Moylan and Nat Heald exclusively represented the seller and secured the buyers. Koury said that Charter and Acadia did well in identifying and acquiring a prime retail property with a half-century-long track record of high occupancy and tenant longevity.
Built in the early 1960s, White City’s two centers are currently 95 percent leased with tenants including Shaw’s Supermarkets, World Gym, Dress Barn, iParty and Michael’s.
Charter will head up all development, property management and leasing on behalf of the joint venture. According to Acadia executive vice president Joel Braun, the joint venture will prove effective in upgrading the center.