Time Equities Inc. acquired 801 Mumford Park Road for $8 Million

Greenville, NC Time Equities, Inc. (TEI), a full-service real estate firm with headquarters in New York City, have acquired 801 Mumford Park Road (Mumford Industrial Park), a nine building, multi-tenant industrial park totaling approximately 118,000 s/f of improvements on 32.4 acres of land.

“We are pleased to have the opportunity to continue to expand our national industrial portfolio, increase our footprint in North Carolina and enter the Greenville market via an acquisition in a strategic location,” said Max Pastor, COO at TEI. “Our plan for Mumford Industrial Park is to capitalize on its innate strengths, which offer value, flexibility and functionality to industrial businesses, especially those businesses that may require outdoor storage and significant power.”

Greenville offers strong economic activity and a solid infrastructure that is well-positioned for growth, with East Carolina University serving as a key anchor in the area. The property is located in Greenville’s industrial district as well as being one mile from the Pitt-Greenville Airport and Highway 13, which provides direct access to Interstate 587 to Raleigh, North Carolina.

“The acquisition of Mumford Industrial Park aligns with TEI’s industrial investment strategy, which seeks buildings that are below replacement costs, lease rates at or below market rents, and have value-add opportunities to increase existing cash flow. The property boasts substantial industrial outdoor storage opportunities as well as future development potential,” said Pastor.

The property will be managed and leased by The Overton Group.

The TEI Investment Team led by Max Pastor and Brian Soto, director of acquisitions and asset management at TEI, originated and executed the acquisition. The Pastor/Soto Investment Team specializes in acquiring and re-positioning industrial, office and multi-family properties.