Colony Square Mall sold to New York firm
Original article published on Times Recorder
ZANESVILLE – A real estate firm based in New York purchased Zanesville’s Colony Square Mall for $31.5 million.
The firm, Time Equities Inc., owns retail properties in 24 states across the country, according to a release. The mall will remain open.
Since its acquisition, the Colony Square Mall is the firm’s largest asset in Ohio, and the firm has plans to grow the facility as a mall and serving the local area.
Ami Ziff, director of National Retail at TEI, said in the release the company was attracted to the facility and motivated to make the purchase by the mall’s leasing momentum, including last year’s opening of Planet Fitness.
Urban Retail Properties, LLC, will oversee the management, marketing and leasing operations of the mall on behalf of TEI, the release stated. Urban Retail Properties manages and has formerly owned several shopping centers throughout Ohio, including Great Northern Mall, Kenwood Town Center and Galleria at Erieview.
Paul Motta, CEO of Urban Retail Properties, said in the release that the company knows Ohio well and will work to acquire tenants the local community wants and needs.
The mall is a 422,881-square-foot facility with an 86 percent occupancy rate and 63 in-place tenants. It opened in 1981 and was built by General Growth Properties. Rouse Properties, the facility’s previous owner, was an independent company established by General Growth to operate the facility.
TEI has been in the property management business for more than 50 years.
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