HEMET, CA-New York-based Time Equities Inc. (TEI) has purchased Diamond Valley Plaza, a 58,034 square-foot shopping center located at 1153 South State Street.
The purchase price was $5.85 million. The purchase marks TEI's fourth shopping center acquisition this year. The company is actively pursuing retail centers in busy suburbs outside of larger metropolitan areas.
The shopping center, which was recently renovated in 2009, is located at a well-established intersection that sees approximately 35,000 cars per day. It is anchored by tenants Crunch Fitness and Big Cheese Pizza while being shadow anchored by Sprouts Farmers Market, one of the fastest growing retailers in the United States. At the time of acquisition, Diamond Valley Plaza was 92% occupied with two spaces available; however, it is now 94% occupied with one space available. Crunch Fitness is a new tenant in the shopping center who signed a long term lease.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
