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Melrose, Mass. -- Charter Realty and Development Corp. said it has acquired the 52,000-sq.-ft. Towers Plaza for $8.6 million.
The neighborhood shopping center, located in Melrose, Mass., a suburb of Boston, was originally built in 1965 and later renovated and expanded. It is anchored by Johnnie’s Foodmaster Supermarket and Rite Aid.
Charter said it anticipates doing a façade renovation as well as upgrades to the common area. The work will commence this fall and continue in the spring.