The shopping center is located across from Colonial Mall Macon.Tenants include Giant Food Stores and Citadel Credit Union. AaronMedeiros, part of Time Equities' acquisition team tells GlobeSt.comthat the shopping center is a value-add play for the company. Itplans to upgrade the lobby and façade and do minor landscaping inorder to lease up the remaining 4,720-sf. Retail occupancy in theoverall area is significantly higher, which means good upside forthis center, he says.


More to the point, he says, it is representative of the type ofinvestment that the company wants to do more of in Philadelphia andsurrounding submarkets, such as Brookhaven. "We like the dynamicsof Philadelphia a lot right now," he says.


The firm would like to invest some $200 million over the next 18months in retail, office and industrial. Over the last 12 months,it has acquired about $40 million worth of real estate in the area,he says, which means the $200 million investment goal would be asignificant ramp up. Whether or not the company meets that goal,though, depends on market conditions, Medeiros adds. That said, "wedo have a lot of deals in the pipeline right now."

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Erika Morphy

Erika Morphy has been writing about commercial real estate at for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.