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CHARTER/ACADIA JV ACQUIRES TWO SHOPPING CENTERS FOR $56 MILLION

SHREWBURY, MASS. — A joint venture between Charter Realty & Development Corp. and Acadia Realty Trust has acquired two Shrewbury shopping centers for $56 million. White City Shopping Center is a grocery-anchored property located on Route 9, and White City East is located nearby on Quinsigamond Avenue. The centers total approximately 280,000 square feet and were 95 percent leased at the time of closing by a tenant roster that includes Shaw's Supermarkets, World Gym, Dress Barn, iParty, Austin's Liquors and Michaels. The centers were constructed in the early 1960s and were owned by their original developer prior to the sale. The CB Richard Ellis team of Chris Angelone, Jim Koury, Bill Moylan and Nat Heald represented the seller and secured the buyers. Sovereign Bank provided acquisition financing. Acadia's interest in the property will be held by Acadia Strategic Opportunity Fund III.

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