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| Part of Long Island Office Portfolio, Long Island, NY |
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| Jose Cruz |
FLORHAM PARK, NJ – HFF announced today that it has closed
the $50 million sale of and arranged financing for a three-property office
portfolio totaling 372,544 square feet in various Nassau County, Long Island
locations.
A
joint venture between Investcorp International, Inc. and Lincoln Equities Group
LLC purchased the offering free and clear of existing debt. HFF also arranged acquisition financing for
the buyers.
The portfolio has undergone more than $5 million in capital
improvements since 2003 and is 93 percent leased. Individual property details are listed below:
Location Size/Number of
Buildings Occupancy
666 Old Country Road, Garden City, NY 120,238 SF/1 98%
114 Old Country Road, Mineola, NY 114,356 SF/1 95%
100 Merrick Road, Rockville Centre, NY 137,950 SF/2 87%
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| Andrew Scandalios |
The
HFF team representing the seller was led by senior managing directors Jose
Cruz and Andrew Scandalios, managing directors Kevin O’Hearn
and Jeff Julien and associate Jackie Ferrer.
HFF’s debt placement team was led by senior managing
director Mike Tepedino and associate director Michael Gigliotti.
“This was a rare opportunity to purchase a well-located
office portfolio with upside in the competition constrained Long Island
market,” said Cruz. “Investcorp and
Lincoln did a great job closing the multi-property portfolio.”
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873
| www.hfflp.com
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