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.”