New proprietor announced for Midtown Shopping Center

Time Equities Inc. Expands into Alaska with Purchase of Midtown Mall

Time Equities Inc. (TEI), a leading international real estate firm, has made its first foray into Alaska by purchasing the Midtown Mall and a vacant Sears warehouse in Anchorage for $44 million.

Built in 1966 as a Sears department store, the Midtown Mall spans 164,664 square feet and is currently 81 percent leased. The mall is anchored by REI, Carrs/Safeway supermarket, Guitar Center, Nordstrom Rack, and Planet Fitness, with current tenants including Target, Old Navy, Michaels, Dick's Sporting Goods, and AMC Theatres.

The shopping center, located at the intersection of Seward Highway and the Northern Lights / Benson couplet, expanded into Alaska's first indoor shopping center in 1968. In 2018, it changed its name from The Mall at Sears.

Ami Ziff, TEI's director of national retail, expressed excitement about the opportunity to expand the company's footprint into Alaska. Ziff highlighted Anchorage's strategic position in the global supply chain, particularly with respect to air cargo, as a key factor in TEI's interest in the Midtown Mall.

The vacant Sears warehouse, covering 98,087 square feet, has been idle since Sears downsized in 2018. No specific plans to modify the operation or marketing of the mall or warehouse were announced with the purchase.

Dino A. Christophilis, senior vice president at CBRE, considers the Midtown Mall one of the most compelling pieces of real estate in Alaska. The seller of the properties was Seritage Growth Properties.

TEI owns retail, office, industrial, and residential properties in thirty-five US states, Canada, England, Scotland, Netherlands, Germany, Italy, and Anguilla. This marks the first time an international real estate firm has extended its footprint into Alaska.

Ziff views Anchorage as a stable market with immense growth potential. TEI is currently 81 percent leased at the Midtown Mall, indicating a promising outlook for the future of the property.