The Real Deal New York

Time Equities buys Bridgeport Trade and Technology Center for $13.85M

March 07, 2019 02:49PM

New York City-based Time Equities has shelled out $13.85 million to acquire the Bridgeport Trade and Technology Center (BTTC), the real estate investor said in a statement. Time Equities “has become an active investor in [Bridgeport], acquiring over 1 million square feet of commercial space, 176 apartments and 8.5 acres of vacant land within a six-month period,” it said. In January, Time Equities snapped up three mixed-use properties in downtown Bridgeport for $21.7 million, only two months after it paid $7.9 million for the 10-building Bridgeport Innovation Center. The firm’s latest acquisition of the BTTC, a business incubator located at 480 Barnum Avenue, includes a 575,000-square-foot complex and 8.29 acres of land, the Connecticut Post reported. “It’s a very flexible building with great bones and really lends itself to a multitude of uses and can really be an economical choice for business owners,” Time Equities’ director of acquisitions and senior counsel Max Pastor told the outlet. [CTPost]