The Clinton Valley Mall Shopping Center in Sterling Heights has sold to Time Equities Inc. for $23.5 million.

The New York City-based company bought the 202,000-square-foot strip center from Farmington Hills-based Ramco-Gershenson Property Trust. The property is at the southwest corner of Schoenherr Road and Hall Road (M-59), anchored by DSW Shoe Warehouse, Hobby Lobby and Office Depot.

“The location, we think, is Main and Main,” said Ami Ziff, director of national retail for Time Equities, which also owns the Travelers Towers office buildings in Southfield and the 104-acre former Unity Studios Inc. site in Allen Park.

“It has terrific fundamentals, being on a hard corner, with good traffic and sales volumes. All those things attracted us.”

Minor work inlcuding parking lot improvements and perhaps more signage are expected, Ziff said.

He said the property is about 91 percent leased.

Mid-America Real Estate Group, which has an office in Bloomfield Hills, will manage and lease the property to tenants.