Expanding Its Retail Presence in Anchorage, Global Corporation Broadens Its Horizon

Time Equities, Inc. (TEI), a global real estate firm based in New York, has made a significant move in Alaska's commercial property market by acquiring the 102,366-square-foot building at 4831 Old Seward Highway for $13.75 million.

The acquisition strengthens TEI's presence in Anchorage, a city that fits squarely into their broader strategy of identifying markets where logistics, transportation, and trade converge. TEI's portfolio includes retail, office, industrial, and residential properties, and they already own the Midtown Mall (formerly the Mall at Sears) and a warehouse leased to Amazon on Dowling Road in Anchorage.

The new acquisition is currently 97% leased, with Treeforms Furniture Gallery as the main tenant. Ami Ziff, TEI's managing director of national retail, expressed excitement about the acquisition, especially in the current market conditions.

Treeforms Furniture Gallery is staying at 4831 Old Seward Highway under the new landlord. The furniture retailer is consolidating operations, closing their Wasilla location and moving to Midtown. In addition, Treeforms has opened a new store under the Nordic Spaces brand in the Dover Center.

The acquisition supports national and international commerce, with Anchorage's strategic position in the global supply chain, particularly for air cargo, continuing to hold TEI's interest. Anchorage industrial space is in high demand and short supply, making this acquisition a strategic move for TEI.

Mark Filipenko, broker at Bond Filipenko Commercial Properties, represented the seller in the transaction. TEI was represented in-house by Ziff, Jonathan Kim, Grant Scott, and Eli Smith.

TEI's acquisition of 4831 Old Seward Highway is the fifth property owned by the firm in Anchorage, Alaska. This move is a clear signal of the firm's long-term confidence in Alaska's economy.

In the past year, TEI has also purchased a warehouse at 501 West 58th Avenue from Chugach Alaska. As TEI continues to expand its portfolio in Anchorage, it is poised to play a significant role in the city's commercial property market.

Expanding Its Retail Presence in Anchorage, Global Corporation Broadens Its Horizon