A New York-based real estate firm has purchased Olde Town Shopping Center in an all-cash deal.

Time Equities Inc. bought the 35,982-square-foot property, located at 100 Old Towne Road, for $2.5 million.

The recently-renovated property is approximately 83 percent occupied by tenants including Kiva Hot Yoga, Mobility Central, Ichiban Japanese Steakhouse, Birmingham Percussion and Accustaff.

Time Equities hopes to reach 100 percent occupancy by marketing the vacancies and further renovating the building and its signage, according to a release.

Brad Bailey of Bayer Properties brokered the deal in-house on behalf of the seller. The property will be managed locally by Donna Cox of Engel Realty Company LLC and leased by Tim Reddock and Vanessa Morris of Southeast Commercial.

Investors have been buying heavily in Birmingham lately, and Time Equities is no stranger to the market. It also manages a 116,446-square-foot shopping center in Homewood.

“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 in a written statement. “In addition to its history of high-occupancy, the shopping center is conveniently located in an area known as one of Alabama’s premier destinations for dining, shopping and entertainment which all contribute to its strong customer base.”