Beantown Shopping Center Changes Hands for $56M

In a joint venture, Charter Realty & Development Corp. and Acadia Strategic Opportunity Fund III L.L.C. has purchased Boston-area White City Shopping Center and adjacent White City East Shopping Center. The joint venture paid $56 million for the Shrewsbury, Mass., properties, which total 280,000 square feet.

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. “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,” said Koury.

Charter will head up all development, property management, and leasing on behalf of the joint venture. Acadia executive vice president Joel Braun predicts that the joint venture will effectively upgrade the centers, which were built in the early 1960s and are currently 95 percent leased with tenants including a supermarket and gym.