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● TIME EQUITIES INC.
TEI buys Simon outlet center

Time Equities Inc. has expanded its Northwest portfolio with the acquisition of Columbia Gorge Premium Outlets, located at 450 N.W. 257th Way, Troutdale, OR, for $28,425,000.
Purchased from Simon Property Group, the project is TEI’s first U.S. outlet center and the firm’s first commercial retail site in Oregon, where it currently owns seven office, industrial and warehouse properties.

The announcement comes in tandem with the full-service firm’s golden milestone, as it celebrates 50 years of acquisitions and retail growth throughout the country.
Now named Columbia Gorge Outlets, the 164,235 s/f Oregon shopping center is 90 percent leased to tenants including Coach, Gap, Eddie Bauer, Levi’s, Carter’s and Rack Room Shoes.
“We were attracted to Columbia Gorge’s proximity to downtown Portland, strategic location at the base of the Columbia River Gorge National Scenic Area as well as the center’s notable sales volumes,” said Ami Ziff, director of national retail for Time Equities.
“As Time Equities looks back at a successful 50 years of growth, we embark on another 50 years of strategic prosperity. This announcement is an exciting milestone for us as we acquire our first U.S. outlet center within one of Oregon’s most attractive urban development corridors. We look forward to continuing this momentum by integrating additional outlet centers in our expanding national portfolio.”
TEI has tapped The Woodmont Company to handle marketing, leasing and management of Columbia Gorge Outlets.
Tom Salanty and Gary Griff of Cushman & Wakefield represented Simon Property Group in the sale of the outlet center. Ami Ziff and Jonathan Kim represented TEI on the acquisition.