ZANESVILLE, OH—Time Equities Inc., a New York-based real estate firm, has just acquired Colony Square, a 422,881-square-foot enclosed regional mall located in Zanesville, OH, for $31.5 million. Boasting an occupancy rate of approximately 86% with 63 in-place tenants, the deal marks the firm's largest retail purchase in the state.
Many investors believe enclosed malls are no longer relevant to the world of modern retail. But Time Equities has now bought five of these properties, frequently from REITs looking to sell off their non-core assets, and all located in secondary or tertiary markets. Company officials say others may be missing their importance and potential.
In small cities like Zanesville, which is 30 miles east of Columbus, “these malls are town centers, and they will continue to be town centers for a long time,” Ami Ziff, TEI's director of national retail, tells GlobeSt.com. The same property might not work well anymore in dense urban areas where Amazon can complete quick deliveries, but “the right malls will continue to be around.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
