New York-based firm acquires Vestavia Hills retail shopping center for $2.5 million

The New York-based Time Equities Inc. (TEI) recently announced the acquisition of a 35,982-square-foot shopping center located at 100 Olde Towne Road in Vestavia Hills. The property was purchased for $2.5 million.

“Time Equities Inc. recognized the Olde Towne Shopping Center as a well-established, boutique neighborhood center in a desirable retail market,” said Ami Ziff, director of National Retail with Time Equities Inc.

The property, which was recently renovated, is approximately 83 percent occupied by tenants including Kiva Hot Yoga, Mobility Central, Ichiban Japanese Steakhouse, Birmingham Percussion and Accustaff. The firm hopes to reach 100 percent occupancy by aggressively marketing the vacancies and further renovating the building and its signage.

The Olde Towne shopping center marks the firm’s second acquisition deal in the state. Currently, TEI owns and manages a 116,446-square-foot shopping center in Homewood.

Brad Bailey of Bayer Properties brokered the deal in-house on behalf of the seller. The property will be locally managed by Donna Cox of Engel Realty Company LLC and leased by Tim Reddock and Vanessa Morris of Southeast Commercial.