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Time Equities Acquires 214,000-SF Shopping Center

SEEKONK, MA-New York-based Time Equities Inc. acquires Seekonk Crossing, a 214,000-sf shopping center at 145 to 201 Highland Ave. from Price Legacy Corporation for $15.3 million.

By Naomi Grossman | Updated on May 16, 2002

SEEKONK, MA-Time Equities Inc. acquired Seekonk Crossing, a 214,000-sf shopping center at 145 to 201 Highland Ave. The purchase is yet a further indication of the high level of activity the shopping center market is experiencing in the region.

Time Equities purchased the facility, which was built from 1991 to 1994, from Price Legacy Corporation, a Maryland-based company, for $15.3 million or approximately $71.25 per sf. The center is located on the east-west corridor in the Seekonk area, which is just outside of Providence, RI and Boston. It is composed of five, one-story buildings on 43.2 acres, including an undeveloped parcel of land that is considered prime real estate because of its highway frontage. According to a spokesperson for Time Equities, the company has no immediate plans to develop the parcel. Parking is available for 1,200 cars on the site.

The property is 98% leased by tenants that include Pier 1 Imports, Jennifer Convertibles, Circuit City, Sports Authority, Staples, Big Lots, Don Mar Frames, Supercuts, General Nutrition Corp., Mattress Giant, Casual Male and Work ‘n Gear.

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