Time Equities Inc., a full-service real estate firm, has purchased the Bridgeport Trade and Technology Center for $13.9 million. The property is a 575,000-square-foot mixed-use complex with 8.3 acres of undeveloped land that located in a Bridgeport, Connecticut opportunity zone.
“We intend to infuse the property with the necessary capital to address deferred maintenance, provide previously unavailable tenant improvement dollars, as well as making strategic upgrades to enhance the tenant experience for our current and prospective tenants,” said Brian Soto, director of acquisitions and asset management. “We see significant opportunity in Bridgeport as long-term investors and intend upon continuing to invest in the community.”
Time Equities plans to attract a variety of tenants, including artists, start-up tech firms, manufactures and distributors.
“Businesses that choose to be located here can leverage several government incentives due to the complex being located in the Bridgeport urban enterprise zone and within a qualified opportunity zone,” said Max Pastor, director of acquisitions and senior counsel at Time Equities. “The Bridgeport Trade and Technology Center can accommodate firms that need 400 square feet or 40,000 square feet.”
Time Equities has become an active investor in Bridgeport, acquiring more than one million square feet of commercial space, 176 apartments, and 8.5 acres of vacant land within a six-month period. The firm’s acquisitions include the Downtown Portfolio, which is comprised of the City Trust Tower and the Arcade Mall, as well as the Bridgeport Innovation Center.
Founded in 1966, Time Equities is a real estate investment, development and asset and property management firm that oversees approximately 31.1 million square feet of residential, industrial, office and retail properties located in 30 states, five Canadian provinces, Germany, the Netherlands, and Anguilla.