New York-based firm buys Bridgeport Innovation Center
The Bridgeport Innovation Center is under new ownership.
The 269,080-square-foot office and industrial space on Connecticut Avenue was purchased Tuesday by New York-based real estate firm Time Equities Inc. for $7.9 million. This deal marks the company’s first in Fairfield County, which executives said aligns with the company’s strategies.
“As an opportunistic investor, one that looks to enhance the wide range of assets we acquire, we are eager to improve upon (the center’s) legacy of being a hub for entrepreneurs, trades, artists and other industries that drive the local Bridgeport community and its surrounding regions,” said Max Pastor, director of acquisitions and senior counsel at TEI in a press release.
The East End center features 10 interconnected office and industrial buildings that it rents out to small businesses looking to develop products or services. It houses an array of businesses like Tiny House Co., which has focused on the impact that tiny houses can make on the growing market for housing in the city. They also share a space with the fitness-minded Epic Hybrid Training, which is coming up on its one-year mark since opening last December.
The Bridgeport Innovation Center is currently 90 percent leased, according to a press release.
“Whether your business needs range from 200 to 15,000 square feet, BIC’s communal atmosphere and our vision for what this asset can become will make the BIC a destination for all types of businesses, including those priced out of other areas of Connecticut and the greater New York Metropolitan Area,” Pastor said.
Brokers at CBRE marketed the center and represented the landlord, Incubator Associates, in the sale. CBRE also procured the buyer.
While this is TEI’s introduction to the Park City, the company also has a presence in New Haven as well as Brooklyn and Long Island. With over 50 years in business, the real estate firm holds roughly 31.1 million square feet of residential, industrial, office and retail property