(Read more on the industrial market.)

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WESTBURY, NY-Time Equities Inc., a New York City-based company,has purchased a 16-acre site along Cantiague Rock Road here for$34.5 million. The portfolio consists of 312,000 sf in fourbuildings and was sold by John Hassel Inc.

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TEI has added three 100,000-sf industrial buildings and one12,000-sf retail building to its holdings with this transaction.Two of the three industrial buildings are fully occupied, with theformer owner occupying one and Brinkman Instruments Inc. occupyingthe other. The third building, which formerly housed Nabisco, iscompletely vacant. The retail building houses a veterinaryclinic.

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"At a 67% occupancy level, the immediate upside through leasingin combination with the long term appreciation of the property andarea make this a fantastic portfolio," says Jeff Rosenblum, whorepresented TEI in house.

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TEI officials say "the property is ideally located fordistribution purposes," due to is proximity o the Long IslandExpressway, Northern State Parkway, Wantagh Parkway and the JerichoTurnpike. "High-quality assets in premier markets like Long Islandrarely become available," says Rosenblum.

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This acquisition fits into TEI's latest strategy of purchasingproperties in strong markets. Ashish Dua, who also represented TEIin the transaction, names Long Island and South Florida as two ofthe firm's target areas. "In the first quarter of 2007 TimeEquities has acquired over $180 million in property and we willcontinue to increase that figure," Dua says.

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Other recent acquisitions include a 13-building portfolio nearthe Miami International Airport. TEI purchased the 805,000-sfindustrial and retail/showroom portfolio for $67.3million.

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Even more recently TEI has been pegged to renovate the FederalBuilding #2 in Brooklyn. The $205million project will incorporate green design into the1-million-sf building.

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