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TEI To Invest $200M in Retail Buys

PHILADELPHIA-Time Equities purchase of the 750,000-sf Bell's Corner, for $9 million, launches the New York-based company into this market.

By Marita Thomas | Updated on November 09, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

PHILADELPHIA-New York City-based Time Equities Inc. plans to invest more than $200 million in value-added retail properties in the Greater Philadelphia region within the next 12 to 18 months. Its opening bid is the acquisition of Bell’s Corner, a 75,000-sf shopping center on Bustleton Avenue in the northeastern section of the city.

Luis Cozza, is in charge of the acquisition agenda, which he says also encompasses South Jersey and the Allentown/Lehigh Valley area. He tells GlobeSt.com TEI paid $9 million, or $120 per sf, to Howard Winig, a locally based investor. Winig has owned Bell Corner’s for 20 years. The center was built more than 30 years ago and expanded over time. “We’ll invest about $500,000 to update the property. We like the asset, but it’s a little tired and needs some clean-up,” Cozza says.

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