Chugach Alaska Warehouse Changes Hands; Global Firm Expands Anchorage Portfolio
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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February 2025
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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Architecture & Engineering + Interior
February 2025
In our February 2025 issue, we highlight how architecture and engineering improve every facet of our daily lives, from increasing the availability and affordability of housing to building small businesses and improving community safety. Projects like these are helmed by Alaska’s exceptional professionals, including the 2024 Anchorage Engineer of the Year Nominees. In the Interior, Red Dog Mine and the Fountainhead Antique Auto Museum are both making big moves. Enjoy!