Time Equities Inc. (TEI), a full-service New York-based real estate firm, has announced the acquisition of Governor's Crossing in Sevierville, TN, a 140,568 square-foot community center, for $13.85 million from RCG Ventures Sevierville SPE, LLC. SRS’ Investment Properties Group served as the exclusive marketing agent for the property and brokered the transaction on behalf of the seller.
“We are very excited for both the buyer and seller that we got Governor’s Crossing closed,” said Kyle Stonis, managing principal, Investment Properties Group. “Given the detailed CMBS loan assumption process, it required plenty of patience from all parties, but is a great deal for everyone involved.”
Current tenants at Governor’s Crossing include a Books-A-Million, Jo-Ann Fabrics, Vanity Fair Outlet, Shoe Carnival, Catherine’s, Workout Anytime, CATO and more. The property is located at 212 Collier Drive situated just off Interstate 40 and just 24 miles from Downtown Knoxville. Governor’s Crossing is located at the foothill of the Great Smoky Mountains National Park and minutes from Pigeon Forge and major attractions including Dollywood and NASCAR Speedpark.
“Governor’s Crossing is a well-established community center, thanks in large part to it being in the heart of Eastern Tennessee’s tourism hub, which attracts 10 million-plus people who visit the region per year,” said Ami Ziff, Director of National Retail for Time Equities. “The central location, coupled with an existing roster of diverse retailers, has TEI looking forward to leveraging its expertise to further enhance the shopping experience for residents and visitors in-and-around the region.”
Kyle Stonis, managing principal, and Pierce Mayson, principal, both Investment Properties Group in the SRS Atlanta office represented the seller in the transaction. Ami Ziff and Adam Levitt represented Time Equities internally for the deal.
For more information regarding Governor’s Crossing please email Adam Levitt at [email protected] and visit www.timeequities.com.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 20 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.
About Time Equities, Inc.
Founded in 1966, Time Equities, Inc. (TEI) has been in the real estate investment, development and asset & property management business for more than 50 years. TEI currently holds in its own portfolio approximately 31.1 million square feet of residential, industrial, office and retail property – including over 4,000 multi-family apartment units. In addition, TEI is in various stages of development and pre-development of constructing approximately 1.4 million square feet of various property types which includes at least 1,447 residential units. With properties in 30 states, five Canadian provinces, Germany, the Netherlands, and Anguilla, the TEI portfolio benefits from a diversity of property types, sizes and markets. There are concentrations in the Northeast, Southeast, Midwest and West Coast, and new markets are always being evaluated.