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October 19, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Time Equities Inc. buys Bridgeport Trade & Tech Center for $13.85M

Photo via Google Maps

New York’s Time Equities Inc. has completed the $13.85 million acquisition of the Bridgeport Trade and Technology Center, a 575,000-square-foot complex with 8.29 acres of undeveloped land at 480 Barnum Ave.

TEI has acquired over 1 million square feet of commercial space, 176 apartments and 8.5 acres of vacant land in Bridgeport within a six-month period. Those acquisitions include City Trust Building at 955 Main St., the four-story Arcade Mall at 1001 Main St., the eight-story Golden Hill apartment building at 144 Golden Hill St., and the 10-building Bridgeport Innovation Center at 955 Connecticut Ave.

The company said it hopes to operate the Trade and Technology Center in a way similar to Industry City, a mixed-use complex that was formerly an industrial facility in Sunset Park, Brooklyn. That would involve creating a destination catering to a diverse tenant base, including artists, startup tech firms, manufacturers and distributors.

Louis Zuckerman and Patrick Colwell of CBRE exclusively marketed the property and represented ownership Campus Office Park Associates. TEI’s acquisition and asset management team led by Max Pastor and Brian Soto oversaw the firm’s purchase of the property.

“This is one of Connecticut’s largest multi-tenanted flex-space destinations,” Pastor said. “Time Equities will leverage its repositioning expertise to position the Bridgeport Trade and Technology Center as an economic engine for Bridgeport and Fairfield County.

“As an investor, TEI is bullish on Bridgeport,” he added, “and we feel that our recent acquisitions in the city reflect our commitment to playing a leading role in the evolution of this great city.”

Both Pastor and CBRE’s Colwell noted that the building is in a Qualified Opportunity Zone, which can allow businesses to leverage several government incentives for investing.