Bridgeport Innovation Center sold for $7.9 million

Bridgeport Innovation Center, a 10-building, 269,080-square-foot home to more than 160 small and startup businesses, was sold for $7.9 million to Time Equities Inc., a New York City real estate firm.

The center at 955 Connecticut Ave. in Bridgeport provides offices, lofts, warehouse and storage space to its tenants. It is more than 90 percent occupied. The asking rents range from $6 to $10 per square foot.

The acquisition is the first in Fairfield County for Time Equities. Max Pastor, the firm’s director of acquisitions and senior counsel, said that the company plans to make Bridgeport Innovation Center “a destination for all types of businesses, including those priced out of other areas of Connecticut and the greater New York metropolitan area.”

CBRE represented the landlord, Incubator Associates LP, in the sale and also procured the buyer.