🇺🇸 Time Equities Inc. expands Alaska portfolio with $9.1m acquisition of 501 West 58th Avenue in Anchorage
The 2.44 Acre Industrial Site Increases the Firm’s Assets in Anchorage, Alaska to Four Properties
Courtesy of Time Equities, Inc.
ANCHORAGE, ALASKA – JULY 8, 2024 – Time Equities, Inc. (TEI), an international full-service real estate firm with headquarters in New York City, today announces the acquisition of 501 West 58th Avenue in Anchorage, Alaska for $9.1 million. This significant purchase marks TEI’s fourth property in the Anchorage area, bolstering its growing portfolio in the region.
“This acquisition of 501 West 58th Avenue represents a prime opportunity for TEI to further strengthen our presence in Anchorage,” said Ami Ziff, Managing Director of National Retail at TEI. “With the high demand and limited supply of industrial space in Anchorage, this property enhances our strategic positioning and long-term growth in the area.”
Spanning 2.44 acres, 501 West 58th Avenue – an industrial site – features approximately 48,001 square feet of first-floor space as well as various mezzanine and outdoor storage space. The building is fully leased to Platt Electric and Chugach Alaska.
Anchorage serves as a critical logistics hub, home to the bustling Don Young Port of Alaska and the Ted Stevens Anchorage International Airport, the second busiest cargo airport in the United States. This airport handles a substantial portion of the nation’s domestic seafood supply, underscoring the strategic importance of industrial properties in the region.
The acquisition was facilitated by TEI’s in-house team, including Ziff, Jonathan Kim, Grant Scott, and Eli Smith. The seller, 58TH Avenue Warehouse LLC / Chugach Alaska Corporation, was represented by Eric Sobolik of Jack White Commercial.
For more information about TEI and its investment and acquisition strategies, please visit www.timeequities.com.
About Time Equities Inc.
Founded in 1966, Time Equities, Inc. (“TEI”) is a diversified investment, development, asset and property management, licensed real estate brokerage, and alternative energy company that has been in business for nearly six decades. The TEI portfolio includes approximately 43.5 million square feet of residential, industrial, office and retail property including about 5,100 multi-family apartment units, approximately 540,000 square feet in pending acquisitions, and 2.8 million square feet of various property types in stages of pre-development and development. With 344 properties across 36 states, five Canadian provinces, Anguilla, Germany, Italy, the Netherlands, and Scotland, the TEI portfolio benefits from a diversity of asset types including non-performing loans, B-notes, and alternative energy investments. TEI has a variety of market concentrations in the Northeast, Southeast, Midwest and West Coast of the U.S., and new markets around the world are always being evaluated.
Originally published on 8 July by Time Equities.
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