MONROE – The 380,000-square-foot Monroe Crossing regional mall has been sold to Time Equities Inc., a real estate firm based in New York City.
The mall, on West Roosevelt Boulevard, contains Belk’s flagship store as well as JC Penney, Sears and other retailers and restaurants.
Cushman & Wakefield’s Capital Markets Group represented the seller, Madison Marquette, based in Washington, D.C. The price was not disclosed.
The marketing team included members of Cushman & Wakefield’s Dallas office as well as Brian A. Craver, senior vice president of Cushman & Wakefield|Thalhimer in Charlotte.
“Time Equities Inc. strives to acquire well-positioned retail centers in highly trafficked areas with long-term upside,” said Ami Ziff, Time Equities’ national director of retail, in a statement. “We were attracted to the strong leasing momentum and tenant productivity at the property. The successful completion of this acquisition marks our firm’s third enclosed mall and we continue to explore opportunities to maintain this momentum.”