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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 four buildings and was sold by John Hassel Inc.

TEI has added three 100,000-sf industrial buildings and one 12,000-sf retail building to its holdings with this transaction. Two of the three industrial buildings are fully occupied, with the former owner occupying one and Brinkman Instruments Inc. occupying the other. The third building, which formerly housed Nabisco, is completely vacant. The retail building houses a veterinary clinic.

“At a 67% occupancy level, the immediate upside through leasing in combination with the long term appreciation of the property and area make this a fantastic portfolio,” says Jeff Rosenblum, who represented TEI in house.

TEI officials say “the property is ideally located for distribution purposes,” due to is proximity o the Long Island Expressway, Northern State Parkway, Wantagh Parkway and the Jericho Turnpike. “High-quality assets in premier markets like Long Island rarely become available,” says Rosenblum.

This acquisition fits into TEI’s latest strategy of purchasing properties in strong markets. Ashish Dua, who also represented TEI in the transaction, names Long Island and South Florida as two of the firm’s target areas. “In the first quarter of 2007 Time Equities has acquired over $180 million in property and we will continue to increase that figure,” Dua says.

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

Even more recently TEI has been pegged to renovate the Federal Building #2 in Brooklyn. The $205 million project will incorporate green design into the 1-million-sf building.

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