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Time Equities acquires Utah Mall for $69.5 million


In what it says is part of an expansion into the western United States, New York-based Time Equities Inc. (TEI) purchased the Newgate Mall in Ogden, Utah from General Growth Properties for $69.5 million.

The 718,035-sq.-ft. mall is anchored by Burlington Coat Factory, Cinemark, Dillard’s, and Sears. TEI reports it is 98% leased with approximately 100 tenants. Bath & Body Works, Kay Jewelers, Gymboree, and Victoria’s Secret are among those on the roster.

“Time Equities Inc.’s national retail portfolio is in expansion mode and Newgate Mall serves as a wonderful addition to our unique portfolio of mall and outlet centers located throughout the U.S. and Canada,” said Ami Ziff, Director of National Retail for TEI.

The majority of TEI’s 80 retail centers reside in New York, though the company has properties in several states including Alabama, California, Florida, Michigan, South Carolina, and Washington.

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