A New York real estate firm has purchased the 269,080-square-foot Bridgeport Innovation Center in its first commercial acquisition in Fairfield County.

After buying the property for for $7.9 million, new owner Time Equities Inc. plans a capital improvements campaign and introducing a modern amenities package, with the goal of creating a post-manufacturing destination similar to past projects in New Haven, Long Island City and Brooklyn, New York.

The Bridgeport property is 90 percent occupied and includes 10 interconnected office and industrial buildings housing a diverse tenant roster, ranging from artisans, startup companies and tradespeople. Remaining spaces are available for lease; asking rents range from $6 to $10 per square foot.

Time Equities Inc. has a portfolio of 31.1 million square feet of residential, industrial, office and retail properties, including 4,000 apartment units. The company has a development and pre-development pipeline of an additional 1.4 million square feet. TEI said it plans to look for additional acquisitions in Connecticut.

Louis Zuckerman and Patrick Colwell of CBRE exclusively marketed the Bridgeport Innovation Center and represented the landlord, Incubator Assoc. LP, in the sale. The CBRE team also procured the buyer.