HEMET, CA-New York-based Time Equities Inc.(TEI) has purchased Diamond Valley Plaza, a 58,034square-foot shopping center located at 1153 South StateStreet.

The purchase price was $5.85 million. Thepurchase marks TEI's fourth shopping center acquisition this year.The company is actively pursuing retail centers in busy suburbsoutside of larger metropolitan areas.

The shopping center, which was recently renovated in 2009, islocated at a well-established intersection that sees approximately35,000 cars per day. It is anchored by tenants CrunchFitness and Big Cheese Pizza while beingshadow anchored by Sprouts Farmers Market, one ofthe fastest growing retailers in the United States. At the time ofacquisition, Diamond Valley Plaza was 92% occupied with two spacesavailable; however, it is now 94% occupied with one spaceavailable. Crunch Fitness is a new tenant in the shopping centerwho 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.