Shrewsbury Shopping Plaza Sold For $56M
A 280,000-square-foot commercial shopping plaza on Route 9 in Shrewsbury has been sold for $56 million.
Charter Realty Development Corp., which is headquartered in Connecticut but has offices in Somerville, purchased the White City Shopping Center and the adjacent White City Shopping Plaza East. Charter worked with New York-based development partner Acadia Realty Trust. The deal was financed by Sovereign Bank and arranged by CB Richard Ellis.
The plaza, located just outside of Worcester on Route 9, is 95 percent leased and includes tenants such as Shaw’s Supermarket, World Gym, Dress Barn, iParty, Austin Liquors and Michael’s, among other stores.
Charter, which also owns a shopping center on Gold Star Boulevard in Worcester, said it plans to pursue a “significant redevelopment program” at the Shrewsbury location.
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