Time Equities Inc., a sponsor of private placement offerings and custom 1031 exchanges, has purchased Bridgeport Innovation Center (BIC), a 269,080 square foot office and industrial complex in Bridgeport, Connecticut for $7.9 million.
The property includes 10 inter-connected office and industrial buildings and houses a diverse tenant roster ranging from artisans, start-up companies and tradespeople. While BIC is currently more than 90 percent occupied, remaining spaces are available for lease; asking rents range from $6.00 to $10.00 per square foot.
“As an opportunistic investor, one that looks to enhance the wide-range of assets we acquire, we are eager to improve upon BIC’s legacy of being a hub for entrepreneurs, trades, artists and other industries that drive the local Bridgeport community and its surrounding regions,” said Max Pastor, director of acquisitions and senior counsel at Time Equities. “Whether your business needs range from 200 to 15,000 square feet, BIC’s communal atmosphere and our vision for what this asset can become, will make the BIC a destination for all types of businesses, including those priced out of other areas of Connecticut and the greater New York Metropolitan Area.”
TEI, which plans on commencing a strategic capital improvements campaign and introducing a modern amenities package, aims to create a destination that mirrors other post-manufacturing re-purposing that TEI and its executives have been involved with in Long Island City, Brooklyn and New Haven.
Louis Zuckerman and Patrick Colwell of CBRE exclusively marketed the Bridgeport Innovation Center and represented the landlord, Incubator Associates LP, in the sale. The CBRE team also procured the buyer.
“The purchase of the Bridgeport Innovation Center was a very wise move made by Time Equities for its first commercial venture in Fairfield County,” said Zuckerman of CBRE. “The property affords the new owner both strong existing cash flow and the ability to create significant upside through future renovations and a strategic repositioning of the property.”
Despite this being the first purchase in the Bridgeport area, TEI, a New York-based firm led by Francis Greenburger, plans to be very active in the region and is in the midst of identifying other acquisition opportunities.
Founded in 1966, Time Equities Inc. is a real estate investment, development, and asset and property management firm. The company oversees a 31 million-square-foot portfolio of residential, office, retail, and industrial properties located in 30 states, five Canadian provinces, Germany, the Netherlands, and Anguilla. In addition, Time Equities closed approximately $30 million of outside 1031 exchange capital for new investments throughout 2017.