—Time Equities Inc. has purchased Auburn Towne Center, an 85,436-sq.-ft. shopping center in Auburn, N.Y. in an all-cash transaction totaling $1.65 million. The acquisition includes four land parcels located at 315 Genesee Street.
Time Equities Inc. was represented by Jerry Merzon of The Merzon Co., while the seller was represented by John Bouck of Bouck Real Estate. Bouck Real Estate will also manage the property on behalf of the new ownership.
The shopping center is situated off of Highway 20. Currently 41 percent leased, 315 Genesee Street tenants include Advanced Auto, Family Dollar, Sakura Chinese Restaurant and Stadium Community Recreation Center, among others.
The new ownership plans to redevelop 315 Genesee Street with façade and parking lot improvements.
“Our goal is to attract retailers that service the local community and complement our current tenant mix,” said Ami Ziff, director ofretail for Time Equities.