The White City Shopping Center in Shrewsbury has been sold to an Illinois real estate company for $97 million.
The property was sold last week by Charter Realty & Development and Acadia Realty Trust to Inland National Real Estate Service. Charter and Acadia, a joint venture, had acquired the 260,000-square-foot property located next to Lake Quinsigamond in 2010 for $56 million, according to a release by CBRE/New England, which handled the sale for the sellers.
The owners undertook a redevelopment campaign that included upgrading infrastructure, common areas and signage and adding architectural features, according to CBRE. Since 2010, the owners also replaced or renewed tenants in more than half of the plaza’s 44 stores, CBRE reported.
The plaza is anchored by a Shaw’s Supermarket and is fully leased. Other major tenants include Petco, Dress Barn, The Paper Store, Planet Fitness and Austin Liquors.
“Charter and Acadia have successfully repositioned the property as a best-in-class asset within the New England retail market,” a statement from CBRE read. “New ownership will benefit from the new dynamic tenant mix, vast capital improvements and the irreplaceable location of the property.”
Inland Real Estate owns and manages properties in 49 states with 52.5 million square feet of commercial property.
