MONROE, NC—New York City-based real estate development and investment firm Time Equities Inc. has acquired the Monroe Crossing Shopping Center here from Madison Marquette of Washington, DC.
No purchase price was revealed in the transaction for the 389,630-square-foot at 2107-2133 West Roosevelt Blvd. The Monroe Crossing Shopping Center boasts such tenants as the top performing Belk’s “flagship” store, which is one of the top 10 stores nationally, as well as JC Penney, Sears, Hibbett Sports, Shoe Carnival, Buffalo Wild Wings, and Planet Fitness.
“Time Equities Inc. strives to acquire well-positioned retail centers in highly-trafficked areas with long-term upside. We were attracted to the strong leasing momentum and tenant productivity at the property,” says Ami Ziff, national director of retail with Time Equities. “The successful completion of this acquisition marks our firm’s third enclosed mall and we continue to explore opportunities to maintain this momentum.”
Cushman & Wakefield, its Carolina’s-based affiliate Cushman & Wakefield | Thalhimer, and its Capital Markets Group represented the seller. Time Equities was represented in-house by Ziff andJonathan Kim.
Time Equities’ portfolio consists of approximately 20 million square feet of residential, industrial, office and retail properties in 25 states, four Canadian provinces and Germany.
Source: Globe St