New York, NY - New York-based Time Equities Inc. (TEI) recently executed eight leases totaling 50,928 square feet at Bella Vista Village in Queen Creek, AZ; Frankford Square in Philadelphia, PA; Taylor Square in Greenville,SC; and Maywood Mart Shopping Center in Jackson, MS. New tenants include a mixture of national and local retailers including Save-A-Lot, Dollar Tree and Hibbett Sporting Goods, Inc.
“We saw potential in these retail centers because they are located in heavily trafficked areas with strong demographics” said Ami Ziff, TEI Director of National Retail. “With the addition of these new tenants, we are confident that the retail centers and surrounding communities will continue to grow and thrive.”
- At Bella Vista Village, Time Equities signed four new leases totaling 8,155 square feet bringing the occupancy from 75 percent to 100 percent leased. TEI purchased the 33,256-square-foot center located at 270 East Hunt Highway in Queen Creek, AZ in late 2012 and was able to negotiate new leases and fill the center in less than a year. New tenants include Elite Nutrition, Dance Spot, Congressman Paul Gosar, Frank N Stitch and Red Leg Burger.
- Save-A-Lot, a division of Moran Foods, Inc. and a national retailer, specializing in discount groceries, signed a 16,970 square-foot lease at Frankford Square, a 27,180 square-foot shopping center located at 6801 Frankford Ave. in Philadelphia, PA. The shopping center benefits from its own signalized intersection and high traffic counts. Jon Keiserman and Fred Younkin of Fameco Real Estate represented the landlord in the transaction.
- Dollar Tree, a national retailer, specializing in fixed price merchandise, signed a 9,499 square-foot lease at Taylor Square, a 33,791 square-foot shopping center located at 3023 Wade Hampton Blvd. in Greenville, SC that is now 100% leased. The shopping center is positioned in a heavily trafficked location and is shadow anchored by Walmart Supercenter with a mixture of national tenants including Gamestop, GNC and Firehouse Subs. Webb Reyner of Reyner Retail represented the tenant and Michael Edwards of Dial, Dunlop & Edwards represented the Landlord in the transaction.
- At Maywood Mart Shopping Center new tenantsHibbett Sporting Goods, Inc., a national sporting goods retailer, and Dollar Tree signed a total of 16,304 square feet. The 102,225 square-foot shopping center is located at 1220 E. Northside Drive in Jackson, MS. Hibbett Sporting Goods moved into 8,009 square feet and Dollar Tree took 8,295 square feet. The shopping center occupies a busy intersection and boasts combined daily traffic counts of approximately 145,000. Jeff Kimbrell of The Shopping Center Group represented both tenants while Lee Norman of the Shopping Center Group represented the Landlord.
“Time Equities’ retail division is in the process of acquiring our sixth retail asset of the year and looks forward to continuing to grow the retail portfolio. Our strategy is to acquire stabilized retail centers or under leased/managed centers which we believe we can lease-up and hold as long term investments,” said Ziff. “Additionally, our relationships with national, regional and local retailers create leasing synergy across the portfolio and allow us to quickly find the right tenant for each location.”
About Time Equities Inc.
Founded in 1966, privately-held Time Equities Inc. (TEI) has been in the real estate investment, development and asset & property management business for more than 40 years. With properties in 25 states, four Canadian provinces and Germany, the TEI portfolio consists of approximately 22.1 million square feet of residential, industrial, office and retail property. For more information, please visit www.timeequities.com.
Contact: Vanessa Morin, Quinn & Co., 212.868.1900, ext. 241; [email protected]