Brookhaven Retail Trades for $8M

BROOKHAVEN, PA-New York City-based Time Equities Inc. has acquired a retail asset here for $8 million. Called Cambridge Square, it is a 60,000-sf property, located at 4801–4811 Edgemont Ave. that is 92% occupied. Luis Cozza of Time Equities represented the firm; Sperry Van Ness and Mark Berk of Millhaven, LLC represented the seller.

The shopping center is located across from Colonial Mall Macon. Tenants include Giant Food Stores and Citadel Credit Union. Aaron Medeiros, part of Time Equities’ acquisition team tells GlobeSt.com that the shopping center is a value-add play for the company. It plans to upgrade the lobby and façade and do minor landscaping in order to lease up the remaining 4,720-sf. Retail occupancy in the overall area is significantly higher, which means good upside for this center, he says.

More to the point, he says, it is representative of the type of investment that the company wants to do more of in Philadelphia and surrounding submarkets, such as Brookhaven. “We like the dynamics of Philadelphia a lot right now,” he says.

The firm would like to invest some $200 million over the next 18 months in retail, office and industrial. Over the last 12 months, it has acquired about $40 million worth of real estate in the area, he says, which means the $200 million investment goal would be a significant ramp up. Whether or not the company meets that goal, though, depends on market conditions, Medeiros adds. That said, “we do have a lot of deals in the pipeline right now.”