Time Equities Purchases Diamond Valley Plaza

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.

“We have been bullish in acquiring retail centers this year and continue to seek properties like Diamond Valley Plaza that we can improve by bringing in new national and local retailers that will add to the community,” said Ami Ziff, the director of national retail for TEI. “This is our fourth retail acquisition in 2013 and our second retail deal in California. After researching the surrounding area, we knew Hemet would be a great market to enter; it fits with our strategy of purchasing well positioned retail centers in highly trafficked locations.”

Hemet is located approximately 45 miles west of Palm Springs, 19 miles from Moreno Valley and 28 miles from Riverside. The city is easily accessible by Interstates I-10 and I-215 and has a population of nearly 79,000. The area surrounding the shopping center is populated by a growing number of younger working-class families.

Ami Ziff represented Time Equities in-house in the transaction. Steve Tiritilli from JST Real Estate will manage the property locally while Mitchell Rosen from Commercial Real Estate Services Company will handle the leasing.
Founded in 1966, privately-held Time Equities, Inc. (TEI) has been in the real estate investment, development and asset & property management business for more than 40 years.  With properties in 25 states, four Canadian provinces and Germany, the TEI portfolio consists of approximately 22.1 million square feet of residential, industrial, office and retail property.