TEI and Nova Ridge Dev. purchase 40,000 s/f office prop. for $7 million

Time Equities, Inc. (TEI) and Nova Ridge Development Corp. have formed a joint venture to purchase 1670 Bayview Ave., a 40,000 s/f office property for $7 million. Plans for the property include converting the popular building to office condos as well as creating smaller office units, which are in high demand in the office market. Director of asset management Richard Recny represented TEI and Michael Butler, president, represented Nova Ridge Development, while Keith Jameson of the Bank of Montreal Real Estate Division represented the seller.