HUNTINGTON — Time Equities Inc., a New York City-based real estate firm, announced on Monday the acquisition of an approximate 363,000-square foot industrial property in Huntington.
Max Pastor, director of acquisitions at the firm, said the building at 550 27th St. was purchased for $9 million from Sierra Corporation. He said the move is part of the company’s expansion of its national industrial portfolio and the first asset that the firm has purchased in West Virginia.
“This acquisition presented us with a rare opportunity in today’s industrial market to purchase an asset for $25 per square foot, significantly below replacement cost, with considerable in-place yield,” Pastor said. “The building is flexible and appeals to manufacturing and logistical users and is in close proximity to Downtown Huntington and Marshall University as well as rail and river transportation options.”
Pastor says the property is currently 100% leased to a combination of national, regional and local tenants. They include S&S Tire, Twin Rivers Wholesale, Joshen Paper and Brand Energy Services.
“In addition to Huntington being centrally located to capitalize on distribution opportunities servicing West Virginia, Ohio, Kentucky, Pennsylvania, Virginia and even further south into the Carolinas, the 550 27th Street is immediately adjacent to the CSX Transportation rail hub and the Port of Huntington on the Ohio River, which is one of the country’s largest inland ports,” he said.
“The purchase of this property provided us with desirable product in the already limited Huntington industrial submarket, which provides us with the optionality to continue to renew our current tenant base or engage new tenants at rates closer to market,” said Brian Soto, director of acquisitions and asset management with the company.
The acquisition was led by Pastor and Soto on behalf of Time Equities. Sal Ramundo of Marcus & Millichap represented the seller.
Time Equities Inc. was founded in 1966. The company holds in its own portfolio approximately 38.7 million square feet of residential, industrial, office and retail property including about 5,500 multifamily apartment units, approximately 1.5 million square feet in pending acquisitions, and one million square feet of various property types in stages of pre-development and development. The company owns 332 properties across 35 states, five Canadian provinces, Anguilla, England, Germany, Italy, the Netherlands and Scotland.
To learn more about the company and its investment and acquisitions strategy, visit the website at www.timeequities.com.