NEW YORK â€“ Zanesvilleâ€™s Colony Square Mall has been sold to a New York real estate firm.
Time Equities Inc. in New York City has purchased the 425,430 square-foot mall for $31.5 million. The New York company owns assetsÂ in 24 states and the Colony Square Mall is now their largest retail asset in Ohio.
Ami Ziff, Director of National Retail at TEI, said that the mallâ€™s strong leasing momentum and recent lease signings with TJ MAXX, Shoe Carnival, and Planet Fitness played a strong factor in their decision to buy the mall. Ziff said in part in a press release, â€œWe look forward to welcoming these tenants into Colony Square and are committed to providing local residents an exciting and elevated shopping experience.â€
Urban Retail Properties, LLC, will oversee the management of the 36-year-old mall.