CRDC Acquires Towers Plaza in Melrose, MA

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Charter Realty and Development Corp is pleased to announce its most recent shopping  center acquisition in Melrose, MA. Charter has acquired the 52,000 sf Towers Plaza for  $8,600,000.00. The plaza is a neighborhood shopping center located at 880 Main Street  on approximately 5 acres of land. This property is located at an infill location at the  intersection of the highly trafficked Lynn Fells Parkway, Main Street, and Melrose Street.  Towers Plaza was originally built in 1965 and later renovated and expanded. The center  contains 213 parking spaces and is located in the City of Melrose; a suburb of Boston  located seven miles north of the city.

The 100% occupied center is anchored by a 30,000 sf Johnnie’s Foodmaster Supermarket  and a 12,609sf Rite Aid. Additional tenants include Eastern Bank, Honey Dew Donuts,  Anton’s Cleaners, Liberty Bell restaurant as well as others.

Johnnie’s Foodmaster, more commonly known as simply Foodmaster, is a chain of eleven  supermarkets in the Boston Metro Area. In 1947, John DeJesus Sr. opened his first food  market in East Cambridge. It has been a local New England tradition becoming a  hometown favorite to the communities it serves. This staple Melrose location was  originally developed as a First National store before being taken over by Gallahue’s  Market. Foodmaster has operated at his location since the early 90’s.

Charter anticipates doing a façade renovation as well as upgrades to the common area.  The work will commence this fall and continue in the spring. Charter Realty & Development Corporation currently owns or leases over 14 million  square feet of shopping centers throughout the northeast.