GALLIPOLIS, OHIO — New York-based Time Equities Inc. (TEI) has acquired Ohio River Plaza, an 87,373-square-foot shopping center located at 1-61 State Route 7 in Gallipolis in southeast Ohio for $4.9 million in an all-cash transaction. Peebles and Dollar Tree anchor the property, which is 80 percent occupied. Renovated in 2007, the retail property features ample parking space and visibility from highly trafficked roadways. The center is home to 15 tenants including Hallmark, Rent-A-Center, GNC, Papa John's and Citi Financial. This acquisition marks TEI’s first shopping center in Ohio. Since January, TEI has acquired three retail shopping centers across the country, adding roughly 500,000 square feet to the firm’s national retail portfolio. To date, TEI’s portfolio is comprised of more than 3 million square feet of retail space. Al Taf of Marcus & Millichap facilitated the transaction for both parties. Colliers International will manage the property.
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