Time Equities Closes Fifth Income & Opportunity Fund

Time Equities Securities LLC, an affiliate of real estate investment firm Time Equities Inc., has closed its fifth diversified income and opportunity fund after raising $63.6 million.

TEI Diversified Income & Opportunity Fund V, a Regulation D private placement fund that launched in March of 2020, purchased partial interests alongside Time Equities in a diversified portfolio of assets located throughout the United States and Europe. To date, the fund purchased ownership interests in 17 assets across eight U.S. states and three European countries.

Highlighted acquisitions include:

Inshes Retail Center, a 158,800-square-foot retail park located in Inverness, Scotland, the capital city of the Scottish Highlands, was purchased for $21 million. The property is 100 percent leased by eight tenants with a weighted average lease term of 10 years.

Wolters Kluwer Campus, a 146,800-square-foot, three-building office complex in Deventer, Netherlands, was purchased for $8.6 million. The acquisition included the sale/partial lease back by Wolters Kluwer, a 183-year-old, professional information and software firm. On the closing date, the property was approximately 58 percent leased.

Wilmington Industrial Park, a 526,000-square-foot, three-building industrial property in Wilmington, Ohio located adjacent to Wilmington AirPark, was purchased for $22.6 million. The property is 100 percent occupied by three tenants.

The Brix at Midtown, a 287-unit, Class A multifamily property located in Grand Rapids, Michigan, was purchased for nearly $68.3 million. The property was 93 percent occupied at closing.

Jupiter Innovation Center, a 44,900-square-foot research and development office property located in Jupiter, Florida, was purchased for $5.3 million. The company noted that the property is 18 percent occupied and is projected in financial forecasts, but not guaranteed, to stabilize in the third year of operations at 85 percent.

The fund also made a $10 million investment in Gratia Special Opportunities LP, a newly created limited partnership that purchased preferred stock in publicly traded real estate investment trusts.

Throughout 2021, Time Equities Inc. closed more than $113 million of 1031 and 1033 tax-deferred exchanges, including a ground lease under its 1000 South Michigan Avenue development project, a 73-story, Class A rental tower that will add 738 rental apartments in downtown Chicago.

Time Equities plans to launch its next fund in the first quarter of 2022.

“These past two years were challenging with all of the unknowns related to the COVID-19 pandemic. I am proud how we kept our calm, carefully navigated the uncertainty surrounding the investment climate and continue our consistent capital raising efforts,” said David Becker, a registered representative for Time Equities Securities and managing director for TEI’s equity division.

Becker further explained, “We added new asset classes where we saw significant discounts and liquidity, such as B notes and preferred REIT stock, as well expanding our European footprint with lease-up and repositioning potential. In the US, we continue to be cautious of certain overheated markets and sought out value add acquisitions with good basis that complement the diversification of our existing portfolio and commitment to our investment partners.”

Founded in 1966, Time Equities has been in the real estate investment, development, and asset and property management business for more than 55 years. The firm oversees a portfolio with approximately 38.9 million square feet of residential, industrial, office and retail property including about 5,500 multifamily apartment units, approximately 1.9 million square feet in pending acquisitions, and 1.4 million square feet of various property types in stages of pre-development and development. The portfolio includes 330 properties across 33 states, five Canadian provinces, Anguilla, England, Germany, Italy, the Netherlands, and Scotland.

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Time Equities Buys Office and Industrial Building for $7.9 Million

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.

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Time Equities Buys Two Properties in Kansas City, Missouri for Nearly $21 Million

Time Equities Inc., a sponsor of private placement offerings and custom 1031 exchanges, has purchased two properties in Kansas City, Missouri for a combined $20.9 million.

The company purchased SoHo Commercial Lofts, located at the base of SoHo Lofts, a residential condominium property, for nearly $3.8 million. The property is in Kansas City’s Garment District and includes nine commercial condominium units, three parking units with 43 parking spaces, and a 139-space parking garage. The Phoenix, a downtown jazz club, occupies one of the ground floor commercial spaces along with a restaurant, café bakery and other local establishments.

Separately, Time Equities purchased the 380-unit Plaza East apartment and townhome complex for $17.1 million. The property, which was originally constructed in 1950 and has been partially upgraded over the last three years, is within close proximity to The Country Club Plaza, Nelson Atkins Museum of Art and The University of Missouri-Kansas City.

“Time Equities is bullish on both Kansas City markets, in Kansas and Missouri,” said Clifton Martin, acquisitions and assets manager at Time Equities. “Considering the influx of development and organic economic growth in the submarket, we felt this was an opportune time to acquire our first commercial condominium in the region. It’s a segment of the commercial market TEI has had significant success in, so we are eager to explore future acquisition opportunities in this particular sector in the future.”

TEI has become increasingly active in the greater Kansas City region, with recent multifamily acquisitions including Mitchell Park Plaza and Lofts at 415 located in St. Joseph, Missouri; Suntree Apartments located in Kansas City, Kansas; and Broadway Studios located in Gladstone (North Kansas City), Missouri. Recent non-residential acquisitions in the area include an office and retail portfolio located in the Crossroads Arts District.

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.

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Time Equities Expands European Footprint with $57 Million Italian Debt Purchase

Time Equities Inc., a sponsor of private placement offerings and custom 1031 exchanges, has expanded its European presence to Italy through the acquisition of 463 non-performing loans (NPL) with a face value of $57.8 million (€49.9 million).

The loans, acquired from Banco Creditivo Coopertivo, are collateralized by real estate assets located throughout Tuscany, Lazio and Umbria, Italy. The company noted that it has historically invested in real estate directly as opposed to investing in real estate via debt.

“This is an opportune time for Time Equities to enter the Italian market, especially considering that the regulatory changes enacted by the government in 2017 allow foreign investors to take advantage of an improved regulatory and tax environment,” said Francis Greenburger chairman and CEO of Time Equities.

The acquisition features two loan categories: secured and unsecured loans. The investment includes 155 loans secured by various real estate collateral such as hotels, single-family homes, office buildings and shopping centers valued at about $42.7 million (€36.5 million), as well as 308 unsecured loans valued at about $10.8 million (€9.2 million).

“This acquisition allowed us to enter the Italian NPL market and to establish ourselves as a buyer that can focus on small to medium portfolios that may be overlooked by some larger institutional buyers,” said Aaron Medeiros, director of acquisitions and policy.

He added, “While we continue to believe that Italy is one of the most attractive NPL markets in Europe, we also intend to focus on forming joint venture partnerships with Italian property companies that invest in direct ownership of real estate.”

Founded in 1966, Time Equities Inc. is a real estate investment, development, and asset and property management firm. The company oversees a 30 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.

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Time Equities Closes TEI Diversified Income & Opportunity Fund III

Time Equities Inc., a sponsor of private placement offerings and custom 1031 exchanges, has closed its TEI Diversified Income & Opportunity Fund III, a Reg D fund, after raising approximately $70 million of capital for acquisitions throughout the U.S. and select Western European countries.

TEI Diversified Income & Opportunity Fund III resulted in 17 acquisitions thus far, across several asset classes including retail, industrial, multifamily, and office.

Select property acquisitions include:

• Boulder Park Apartments in Nashua, New Hampshire: a 14-building, 482-unit multifamily property totaling 700,00 square feet and purchased for $62.25 million ($89 PSF).

• The Shops at Fox River in McHenry, Illinois: a 340,900-square-foot Class A power community center located 45 miles outside of Chicago and purchased for $32 million ($94 PSF).

• The Art Office Portfolio: a 360,000-square-foot portfolio of four office buildings located throughout the Netherlands purchased for $21.7 million ($60 PSF).

• 310 West Wisconsin in Milwaukee: a 578,000 square foot, two-tower Class A office building located downtown and purchased for $19.5 million ($34 PSF).

• Lincoln Business Park in Indianapolis, Indiana: a seven-building, 242,700 square-foot multi-tenant industrial property purchased for $8.25 million ($34 PSF).

“Our core acquisitions strategy is to identify undervalued office, residential, retail, and industrial assets at discounted pricing that need a reposition and/or lease up to reach stabilization,” said David Becker, senior managing director and member of Time Equities’ executive advisory committee. “We are constantly searching for pricing disconnects in the market and often take a contrarian investment view. The ultimate objective is to increase the earnings potential, reach stabilized value and place favorable debt.”

Founded in 1966, Time Equities Inc. is a real estate investment, development, and asset and property management firm. The company oversees a 30 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.

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