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.
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.
