New York-based TEI buys Vestavia Hills shopping center for $2.5 million
Original article published on AL.com
New York-based Time Equities Inc. 
will soon make its mark in Vestavia Hills, following its purchase of a 35,982-square-foot shopping center located at 100 Olde Towne Road. The property, according to New York City Biz List, was purchased for $2.5 million in an all cash transaction.
The property is currently home to tenants including Kiva Hot Yoga, Mobility Central, Ichiban Japanese Steakhouse, Birmingham Percussion and Accustaff and is approximately 83 percent occupied. The firm said it “hopes to reach 100 percent occupancy by aggressively marketing the vacancies and further renovating the building and its signage.”
“Time Equities Inc. recognized the Olde Towne Shopping Center as a well-established, boutique neighborhood center in a desirable retail market,” said Ami Ziff, Director of National Retail with Time Equities Inc., according to the publication “In addition to its history of high-occupancy, the shopping center is conveniently located in an area known as one of Alabama’s premiere destinations for dining, shopping and entertainment which all contribute to its strong customer base.”
The Olde Towne shopping center purchase is the firm’s second in the state. Currently, TEI owns and manages an 116,446-square-foot shopping center in Homewood.
Brad Bailey of Bayer Properties brokered the deal in-house on behalf of the seller, reported Biz List. The property will be locally managed by Donna Cox of Engel Realty Company LLC and Leased by Tim Reddock and Vanessa Morris of Southeast Commercial.
