Warehouse in Chugach, Alaska Transfers Ownership; International Corporation Expends Anchorage Asset Collection
New York-Based Time Equities, Inc. Expands Presence in Anchorage
New York-based Time Equities, Inc. (TEI) has recently acquired a warehouse at 501 West 58th Avenue in Anchorage, Alaska. The industrial site, which sits on 2.44 acres, was previously owned by Chugach Alaska Corporation.
The warehouse, fully leased to Platt Electric and Chugach Alaska, features approximately 48,001 square feet of first-floor space, various mezzanine and outdoor storage spaces, and nine loading docks. The acquisition, valued at $9.1 million, marks the fourth Anchorage property in TEI's portfolio.
TEI is a full-service retail firm with a global portfolio of retail, office, industrial, and residential properties in thirty-five US states, Canada, England, Scotland, Netherlands, Germany, Italy, and Anguilla. The company views Anchorage as a stable market with immense growth potential, particularly for air cargo.
Eric Sobolik of Jack White Commercial represented the seller, 58th Avenue Warehouse LLC / Chugach Alaska Corporation, in the transaction. The acquisition was facilitated by TEI's in-house team, including Ami Ziff, managing director of national retail at TEI, and other key members such as Jonathan Kim, Grant Scott, and Eli Smith.
Ziff stated that the acquisition enhances TEI's strategic positioning and long-term growth in the area. She also mentioned that this move aligns with TEI's strategic focus on expanding its footprint in key markets with significant growth potential.
Interestingly, TEI also leases the former Sears warehouse on Dowling Road to Amazon, further strengthening its presence in the Anchorage market. Additionally, TEI owns the Midtown Mall (formerly the Mall at Sears), which it purchased in 2022 from Seritage Growth Properties for $44 million.
The tenants at 501 West 58th Avenue remain Chugach Alaska Corporation and Platt Electric despite the change in ownership. TEI leases the building back to Chugach Alaska, just as it leases the former Sears warehouse on Dowling Road to Amazon.
The acquisition of 501 West 58th Avenue was not the first for TEI in Anchorage. The company already owns four other properties in the city, making the 501 West 58th Avenue warehouse acquisition the fifth Anchorage property in TEI's portfolio.
This prime opportunity for TEI to strengthen its presence in Anchorage comes as no surprise, given the company's strategic focus on expanding in markets with significant growth potential. With its latest acquisition, TEI continues to solidify its position as a key player in the Anchorage real estate market.
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