NEW YORK—New York-based Time Equities Inc. has acquired two shopping centers in separate transactions totaling more than $11.1 million.
In the first transaction, Time Equities picked up Bella Vista Village, a 33,256-sq.-ft. shopping center located at 270 East Hunt Highway in Queen Creek, Ariz. for $4.02 million.
Time Equities Inc. was represented in-house by Ami Ziff and Jonathan Kim. Nick Miner of Commercial Properties Inc., based in Arizona, represented the seller in the deal. Commercial Properties will continue to lead the leasing at the property and Allen Bowman of MEB will manage the property.
Located approximately 40 miles southeast of Phoenix, the center sits at the crossroads of Hunt Highway and Bella Vista Drive. Currently, Bella Vista Village is approximately 80 percent occupied and is home to tenants including Subway, Pizza Hut and medical practices, among others.
In the second acquisition, Time Equities paid $7.125 million for The Shoppes at Seven Oaks, a 53,050-sq.-ft. center located at 13645 Big Bend Road in St. Louis, Mo. It is the company’s second retail acquisition in the state. In addition to the center, Time Equities picked up 2.5 acres of excess developable land.
Currently 92 percent occupied, The Shoppes at Seven Oaks includes tenants including Man Power Inc., Flex Health and Fitness and The Corner Pub and Grill, among others.
Geoff Daniels of Daniels Realty Group represented Time Equities in the transaction. Daniels will also be the managing agent of the shopping center.