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Chugach Alaska Warehouse Changes Hands; Global Firm Expands Anchorage Portfolio

Jul 10, 2024 | News, Real Estate

Photo Credit: Mint_Images | Envato

The owner of the Amazon shipping hub in Anchorage is extending its logistical footprint in the city. New York-based Time Equities, Inc. (TEI) purchased a warehouse at 501 West 58th Avenue from Chugach Alaska Corporation. TEI is leasing the building back to Chugach Alaska, just as it leases the former Sears warehouse on Dowling Road to Amazon.

Strengthening Anchorage Presence

The industrial site near C Street and Potter Drive sits on 2.44 acres. The building features approximately 48,001 square feet of first-floor space, various mezzanine and outdoor storage spaces, and nine loading docks. The building is fully leased to Platt Electric and Chugach Alaska.

The $9.1 million acquisition is the fourth Anchorage property in TEI’s portfolio. The company also owns the Midtown Mall (formerly the Mall at Sears), purchased along with the Dowling Road warehouse in 2022 from Seritage Growth Properties for $44 million.

“This acquisition of 501 West 58th Avenue represents a prime opportunity for TEI to further strengthen our presence in Anchorage,” says Ami Ziff, managing director of national retail at TEI. “With the high demand and limited supply of industrial space in Anchorage, this property enhances our strategic positioning and long-term growth in the area.”

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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. “We view Anchorage as a stable market with immense growth potential,” she says.

Tenants at 501 West 58th Avenue remain Chugach Alaska Corporation and Platt Electric despite the change in ownership.

Photo Credit: Time Equities, Inc.

The acquisition was facilitated by TEI’s in-house team, including Ziff, Jonathan Kim, Grant Scott, and Eli Smith. The seller, 58th Avenue Warehouse LLC / Chugach Alaska Corporation, was represented by Eric Sobolik of Jack White Commercial.

TEI is a full-service retail firm with a global portfolio of retail, office, industrial, and residential properties in thirty-five US states as well as Canada, England, Scotland, Netherlands, Germany, Italy, and Anguilla.

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