{"id":1004025496,"date":"2011-01-04T06:24:17","date_gmt":"2011-01-04T14:24:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004025496"},"modified":"2022-12-09T02:46:41","modified_gmt":"2022-12-09T10:46:41","slug":"massachusetts-shopping-center-changes-hands-for-56m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/massachusetts-shopping-center-changes-hands-for-56m\/","title":{"rendered":"Massachusetts Shopping Center Changes Hands for $56M"},"content":{"rendered":"<p>January 4, 2011<br \/>\nBy Allison Landa, News Editor<\/p>\n<p><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/01\/WhiteCity.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004025497\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/massachusetts-shopping-center-changes-hands-for-56m\/whitecity\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/01\/WhiteCity.jpg\" data-orig-size=\"656,1024\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"WhiteCity\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/01\/WhiteCity.jpg?w=656\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/01\/WhiteCity.jpg\" alt=\"\" title=\"WhiteCity\" width=\"192\" height=\"300\" class=\"alignright size-medium wp-image-1004025497\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/01\/WhiteCity.jpg 656w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/01\/WhiteCity.jpg?resize=192,300 192w\" sizes=\"auto, (max-width: 192px) 100vw, 192px\" \/><\/a><\/p>\n<p>A joint venture between Charter Realty &amp; 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.<\/p>\n<p>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.<\/p>\n<p>Financing was provided by Sovereign Bank, a subsidiary of Bank Santander. <\/p>\n<p>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.<\/p>\n<p>Built in the early 1960s, White City\u2019s two centers are currently 95 percent leased with tenants including Shaw\u2019s Supermarkets, World Gym, Dress Barn, iParty and Michael\u2019s. <\/p>\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A joint venture between Charter Realty &amp; Development Corp. and Acadia Strategic Opportunity Fund III L.L.C. has purchased the White City Shopping Center and adjacent White City East Shopping Center in Shrewsbury, Mass. <\/p>\n","protected":false},"author":936,"featured_media":1004025497,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742,21749],"tags":[],"class_list":["post-1004025496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Massachusetts Shopping Center Changes Hands for $56M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/massachusetts-shopping-center-changes-hands-for-56m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Massachusetts Shopping Center Changes Hands for $56M\" \/>\n<meta property=\"og:description\" content=\"A joint venture between Charter Realty &amp; Development Corp. and Acadia Strategic Opportunity Fund III L.L.C. has purchased the White City Shopping Center and adjacent White City East Shopping Center in Shrewsbury, Mass.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/massachusetts-shopping-center-changes-hands-for-56m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-01-04T14:24:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:46:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/01\/WhiteCity.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"656\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/massachusetts-shopping-center-changes-hands-for-56m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/massachusetts-shopping-center-changes-hands-for-56m\\\/\"},\"author\":{\"name\":\"Allison Landa\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\"},\"headline\":\"Massachusetts Shopping Center Changes Hands for $56M\",\"datePublished\":\"2011-01-04T14:24:17+00:00\",\"dateModified\":\"2022-12-09T10:46:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/massachusetts-shopping-center-changes-hands-for-56m\\\/\"},\"wordCount\":208,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/massachusetts-shopping-center-changes-hands-for-56m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2011\\\/01\\\/WhiteCity.jpg\",\"articleSection\":[\"Featured\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/massachusetts-shopping-center-changes-hands-for-56m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/massachusetts-shopping-center-changes-hands-for-56m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/massachusetts-shopping-center-changes-hands-for-56m\\\/\",\"name\":\"Massachusetts Shopping Center Changes Hands for $56M - 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