New York-based Time Equities Inc. has purchased the Shadeland Station shopping center on the city’s northeast side for $9.5 million, the company announced Thursday.
Located at 7481 Shadeland Ave., the nearly 105,000-square-foot center is anchored by a Marsh supermarket and 85-percent occupied. Other tenants include Planet Fitness, Dollar Tree, H&R Block, Subway and a UPS store.
The seller was a joint venture between Westchester, Ill.-based Tri-Land Developments Inc. and an affiliate of Equity Group Investments.
TEI said it will renovate the center’s interior and make improvements to outdoor signage in an effort to modernize its overall appearance. The property will be managed by Cassidy Turley.
“Time Equities Inc. continually seeks out well-positioned centers in highly trafficked areas, like Shadeland Station, as we continue to grow our national retail footprint,” Ami Ziff, TEI’s director of national retail, said in a written statement.
The acquisition marks TEI’s first foray into Indiana. Founded in 1966, TEI has properties in 25 states, four Canadian provinces and Germany consisting of about 22.1 million square feet of residential, industrial, office and retail space.