SHREWSBURY, MA-A joint venture of Charter Realty & Development, Corp. and Acadia Strategic Opportunity Fund III, LLC, a fund managed by Acadia Realty Trust, is purchasing the Whit City Shoping Center & White City East Shopping Center for $56 million. The sellers, joint owners White City Shopping, LP and Douglas Realty Co., LP, divested the property as part of "estate-planning" Jim Koury of CB Richard Ellis tells GlobeSt.com.

The two neighboring retail centers were constructed in the 1960s on two parcels of land which used to be part of the White City amusement park. The plaza was built and owned by the same family until this recent sale. CBRE's Chris Angelone, Koury, Bill Moylan and Nat Heald represented the seller and secured the buyers.

There is a planned renovation of the 95% leased property, which is anticipated to cost $15 million, according to Charter principal Paul Brandes. He tells GlobeSt.com that the renovations will include a new fa