Time Equities acquires 62,049 s/f The <br>Shoppes at Westgate for $6.15 million

Rochester, NY Time Equities, Inc. (TEI) has acquired The Shoppes at Westgate, a 62,049 s/f shopping center located at 2004-2042 Chili Ave. for $6.15 million. This is the firm’s first property to be acquired and managed by TEI National Retail in Rochester.

“The Shoppes at Westgate fits nicely into our collection of Walmart Supercenter shadow-anchored assets throughout the country,” said Ami Ziff, managing director of national retail at TEI. “This acquisition reinforces our commitment to growth and our ability to leverage opportunities that strengthen our portfolio both regionally and nationally.”

Built in 1958 and renovated in 1986, The Shoppes at Westgate is a community shopping center that is shadow-anchored by a Walmart Supercenter. The property is conveniently located on Chili Ave. which serves as a significant east-west corridor connecting the city of Rochester with the town of Chili. The surrounding area is home to an abundance of national retailers including Walgreens, Applebee’s Grill + Bar, McDonald’s, and more, along with the Wegman’s corporate office and other varying Wegman’s corporate facilities, making The Shoppes at Westgate an easy one-stop shopping destination.

The property is 91% leased and hosts a mix of tenants, including: Ross Dress For Less, Bath and Body Works, Citi Trends, and Citizens Bank.

TEI was represented in-house by Ziff, Jonathan Kim, Grant Scott, and Eli Smith. The seller was represented by Ben Snyder, executive vice president and Zack Bates, associate vice president, shopping center, at Matthews Real Estate Investment Services.