Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BROOKHAVEN, PA-New York City-based Time Equities Inc. has acquired a retail asset here for $8 million. Called Cambridge Square, it is a 60,000-sf property, located at 4801–4811 Edgemont Ave. that is 92% occupied. Luis Cozza of Time Equities represented the firm; Sperry Van Ness and Mark Berk of Millhaven, LLC represented the seller.

The shopping center is located across from Colonial Mall Macon. Tenants include Giant Food Stores and Citadel Credit Union. Aaron Medeiros, part of Time Equities’ acquisition team tells GlobeSt.com that the shopping center is a value-add play for the company. It plans to upgrade the lobby and façade and do minor landscaping in order to lease up the remaining 4,720-sf. Retail occupancy in the overall area is significantly higher, which means good upside for this center, he says.

More to the point, he says, it is representative of the type of investment that the company wants to do more of in Philadelphia and surrounding submarkets, such as Brookhaven. “We like the dynamics of Philadelphia a lot right now,” he says.

The firm would like to invest some $200 million over the next 18 months 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 a significant ramp up. Whether or not the company meets that goal, though, depends on market conditions, Medeiros adds. That said, “we do have a lot of deals in the pipeline right now.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.