Time Equities Inc. (TEI) is expanding its retail portfolio with the acquisitions of The Shoppes at Romence Village, a 62,079-square-foot shopping center located at 603-677 Romence Road in Portage, Michigan for $7.5 million and The Shoppes at Westgate, a 62,049-square-foot shopping center located at 2004-2042 Chili Ave. in Rochester, New York for $6.15 million.
Built in 2001, The Shoppes at Romence Village is a community shopping center strategically located within the Kalamazoo/Portage region’s prime retail trade area. It is the sixth property acquired and managed by TEI National Retail in the state.
“With the addition of The Shoppes at Romence Village, we are excited to further expand Time Equities’ real estate footprint in Michigan,” said Ami Ziff, managing director of national retail at TEI. “Given the strong rent growth and low vacancy across the country in the strip retail space, we are confident in our ability to drive rents and lease up the remaining vacancies, capitalizing on the high demand for this type of retail space.”
The Shoppes at Romence Village is currently 96% leased and hosts a mix of retail, lifestyle and service- oriented tenants, including Once Upon A Child, AAA, HTN Play Center and Clothes Mentor.
TEI was represented in-house by Ziff, Jonathan Kim, Grant Scott and Eli Smith. The seller was represented by Ben Wineman, principal, managing broker at Mid-America Real Estate Corporation.
The Shoppes at Westgate is the first property to be acquired and managed by TEI National Retail in Rochester.
“The Shoppes at Westgate fits nicely into our collection of Walmart Supercenter shadow anchored assets throughout the country,” Ziff said. “This acquisition reinforces our commitment to growth and our ability to leverage opportunities that strengthen our portfolio both regionally and nationally.”
Built in 1958 and renovated in 1986, The Shoppes at Westgate is a community shopping center that is shadow anchored by a Walmart Supercenter and is currently 91% leased to tenants including Ross Dress for Less, Bath and Body Works, Citi Trends and Citizens Bank.
TEI was represented in-house by Ziff, Kim, Scott and Smith. The seller was represented by Ben Snyder, executive vice president, and Zack Bates, associate vice president at Mid-Matthews REIS.
