New proprietor takes over Midtown Mall
Time Equities, Inc. (TEI) has announced the purchase of the Midtown Mall and the vacant Sears warehouse in Anchorage, Alaska. The transaction, facilitated by CBRE, a leading real estate services firm, was finalised at a price of $44 million.
The Midtown Mall, located at the intersection of Seward Highway and the Northern Lights / Benson couplet, is currently 81 percent leased. The mall, originally built as a Sears department store in 1966 and expanded into Alaska's first indoor shopping center in 1968, is anchored by REI, Carrs/Safeway supermarket, Guitar Center, Nordstrom Rack, and Planet Fitness.
Dino A. Christophilis, senior vice president at CBRE, described the Midtown Mall as "one of the most compelling pieces of real estate in the state of Alaska." Ami Ziff, TEI's director of national retail, expressed excitement about expanding TEI's footprint into Alaska with the two properties.
TEI, a company that owns retail, office, industrial, and residential properties in thirty-five US states, Canada, England, Scotland, Netherlands, Germany, Italy, and Anguilla, views Anchorage as a stable market with immense growth potential. Ziff also mentioned Anchorage's position as a strategic hub in the global supply chain, particularly with respect to air cargo.
The warehouse associated with the Midtown Mall, previously owned by Seritage Growth Properties, covers 98,087 square feet and 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.
The available search results do not provide information about any company planning to introduce new concepts or marketing strategies at the Midtown Mall in Anchorage in September 2025. However, TEI's acquisition of these properties signals a commitment to the Anchorage market and the potential for future developments.
The Midtown Mall spans 164,664 square feet, making it a significant addition to TEI's portfolio. With this acquisition, TEI continues to expand its reach and solidify its position as a leading real estate investor and developer.
