New York City firm acquires Big Flats Commons in Elmira

ELMIRA, N.Y. — New York City–based Time Equities, Inc. (TEI) announced it has acquired Big Flats Commons in Elmira from NNN Reit, a real-estate investment trust, for $6.5 million. The 44,635-square-foot shopping center, located at 950 Route 64, was built in 2007 and houses the area’s only Target store. Other tenants include Best Buy, Maurice’s, Five Guys, Panera Bread, Vitamin Shoppe, and Papa John’s. “In a strategic move aimed at expanding our presence in underserved markets, Time Equities’ acquisition of Big Flats Commons marks a significant milestone enabling the company to continue its growth within New York state while still entering a new market from our existing assets,” Ami Ziff, managing director of national retail at TEI, said in a news release. “This acquisition allows us to further establish our presence in often overlooked, smaller markets, which will always remain an exciting endeavor for the firm.” Built in 2007, Big Flats Commons is located at Exit 51A off I-86 — the Southern Tier Expressway — and has close proximity to the Elmira Regional Airport. Ziff, Johathan Kim, Grant Scott, and Eli Smit, all in-house, represented TEI in the transaction. Kenneth Brownwell, managing director at Vanguard-Fine, LLC, represented NNN Reit. Time Equities is a diversified investment, development, asset and property management, licensed real-estate brokerage, and alternative-energy company. Its portfolio includes 43.5 million square feet of residential, industrial, office, and retail property including about 5,100 multi-family apartment units, 540,000 square feet in pending acquisitions, and 2.8 million square feet of various property types in stages of pre-development and development. The company holds 344 properties across 36 states, five Canadian provinces, and several other countries.