Alaska Warehouse Ownership Transfers to Global Company; Growth of Anchorage Business Portfolio
New York-Based Time Equities, Inc. Expands Anchorage Portfolio with Warehouse Acquisition
New York-based Time Equities, Inc. (TEI) has added to its Anchorage property portfolio with the acquisition of a warehouse at 501 West 58th Avenue. The building, which sits on 2.44 acres, was previously owned by Chugach Alaska Corporation.
The acquisition, facilitated by TEI's in-house team, including Ami Ziff, Jonathan Kim, Grant Scott, and Eli Smith, cost $9.1 million. The warehouse features approximately 48,001 square feet of first-floor space, various mezzanine and outdoor storage spaces, and nine loading docks.
Despite the change in ownership, tenants at 501 West 58th Avenue remain Chugach Alaska Corporation and Platt Electric. The building is fully leased to these tenants, and TEI is leasing the building back to Chugach Alaska.
Ami Ziff, managing director of national retail at TEI, stated that this acquisition strengthens TEI's presence in Anchorage. Ziff views Anchorage as a stable market with immense growth potential. The company's interest in Anchorage is also driven by the city's position as a strategic hub in the global supply chain, particularly for air cargo.
TEI's portfolio in Anchorage now includes four properties. The company also owns the Midtown Mall (formerly the Mall at Sears), purchased along with the Dowling Road warehouse in 2022 from Seritage Growth Properties for $44 million.
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 does not mention any involvement from Amazon in the acquisition or the tenant situation at the warehouse.
Eric Sobolik of Jack White Commercial represented the seller, 501 West 58th Avenue Warehouse LLC / Chugach Alaska Corporation, in the transaction. No new information about TEI's interest in Anchorage or its potential for growth is provided. The size of the warehouse remains unspecified.
