White City Shopping Center and White City East Shopping Center in Shrewsbury has changed hands for $56 million.

The properties were acquired by a joint venture between Charter Realty & Development Corp. and Acadia Strategic Opportunity Fund III LLC, a discretionary investment fund managed by Acadia Realty Trust.

Financing for the transaction was provided by Sovereign Bank, a subsidiary of Bank Santander. The CBRE National Retail Investment Group team of Chris Angelone, Jim Koury, Bill Moylan and Nat Heald exclusively represented the seller and secured the buyers in this transaction.

White City Shopping Center is a supermarket-anchored retail center located on Route 9; the adjacent White City East is located across Quinsigamond Avenue.

"The buyer did an excellent job identifying and acquiring a prime retail property with a 50-year track record of high occupancy and tenant longevity. They performed admirably, proceeding from contract to closing in a constrained period of time. They were a pleasure to work with," said Koury.

"White City is an irreplaceable community shopping center and a landmark in the central Massachusetts retail trade area," said Paul Brandes, president of Charter. "Charter is looking forward to implementing a significant redevelopment program with our partner Acadia, and we are excited about our plan to further improve White City’s competitive position in the marketplace."