A major shopping center in Chemung County is under new ownership.
Time Equities, Inc. (TEI) has acquired Big Flats Commons at 950 Route 64 in Elmira. TEI purchased the near 45,000-square-foot shopping center for $6.5 million from NN Reit, a real estate investment trust.
TEI is a real estate firm based in New York City. The firm owns dozens of properties in New York state, primarily in the New York City area. Big Flats Commons marks its first venture in the Southern Tier.
Ami Ziff, Managing Director of National Retail at TEI, described the acquisition as “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,” said Ziff. “This acquisition allows us to further establish our presence in often overlooked, smaller markets, which will always remain an exciting endeavor for the firm.”
Big Flats Commons sits off Exit 51A on I-86, providing easy access to Southern Tier shoppers. The plaza hosts the only Target store in Chemung and neighboring counties. Other national tenants include Best Buy, Maurice’s, Five Guys, Panera Bread, Vitamin Shoppe and Papa John’s.
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The property covers over 6.5 acres and was acquired from Dalrymple Gravel for over $1.2 million in 2005, according to county records. Big Flats Commons was constructed in 2007.
The property is currently assessed for a little over $4 million.