Global Firm Expands Anchorage Retail Footprint
Treeforms Furniture Gallery is remaining at 4831 Old Seward Highway under a new landlord.
Photo Credit: Scott Rhode | Alaska Business
The owner of the Amazon shipping hub in Anchorage is extending its footprint a little ways up Old Seward Highway. New York-based Time Equities, Inc. (TEI) purchased the 102,366-square-foot building fronted by Treeforms Furniture Gallery at 4831 Old Seward Highway for $13.75 million.
Strengthening Anchorage Presence
The property is the firm’s fifth in Anchorage. The company also owns the Midtown Mall (formerly the Mall at Sears), which it purchased in 2022 along with the Dowling Road warehouse that it leases to Amazon. Last year, TEI bought a warehouse at 501 West 58th Avenue from Chugach Alaska and leases it back to the Alaska Native regional corporation. An industrial building on Wrangell Street near East Third Avenue and Reeve Boulevard is also in the TEI portfolio.
“Anchorage industrial space is in high demand and short supply, which makes the acquisition of 4831 Old Seward Highway especially exciting for us,” says Ami Ziff, TEI’s managing director of national retail.
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.
Ziff adds that Anchorage’s position as a strategic hub in the global supply chain, particularly for air cargo, continues to hold TEI’s interest. “The region fits squarely into our broader strategy of identifying markets where logistics, transportation, and trade converge to create durable long-term demand. The acquisition of 4831 Old Seward Highway strengthens our portfolio with an asset that is not only essential to local businesses but also plays a role in supporting national and international commerce,” she says.
TEI says enlarging its Anchorage portfolio is a clear signal of the firm’s long-term confidence in the strength and resilience of Alaska’s economy.
TEI holds retail, office, industrial, and residential properties in thirty-five US states as well as Canada, England, Scotland, Anguilla, Italy, Germany, and the Netherlands.
The new acquisition is currently 97 percent leased, with Treeforms the main tenant. Separate from getting a new landlord, the furniture store is closing its Wasilla location and consolidating operations in Midtown. Treeforms also opened a new store under the Nordic Spaces brand in the former Scan Home Furniture location in the Dover Center at 34th Avenue and A Street.
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Also in this issue: building a company and planning an exit strategy; several ESOPs, and UAS’ foray into a new model for tuition. Enjoy!