Long Island Office Park Commands $61M
- Nov 20, 2017
Colin Development has sold Hauppauge Office Park in Hauppauge, N.Y. Signature Acquisitions purchased the three-building campus for $61 million, shortly after the firm acquired an eight-building commerce office portfolio in New Jersey.
Located at 878, 888 and 898 Veterans Memorial Hwy., the Class A office complex encompasses a total of 282,656 square feet. According to Yardi Matrix, the campus spreads across 25 acres and was built in phases in 1989 and 2014. Amenities include a fitness center, racquetball court, full-service cafeteria, on-site security, high-tech media center and 1,357 parking spaces.
Near full occupancy
Allstate has a 10-year lease for one entire building, while the other two are 95 percent leased to multiple tenants, including Bridgehampton National Bank (32,274 square feet), Crawford & Co. (23,546 square feet), Urban Financial America (12,625 square feet) and Morgan Stanley (8,008 square feet). Hauppauge Office Park is situated along the busy Long Island Expressway and Northern State Parkway, which provide tenants easy quick access to and from New York City and Long Island MacArthur Airport.
CBRE Institutional Properties’ Jeffrey Dunne and Steven Bardsley, along with Philip Heilpern represented both parties in the transaction.
“With the long-term lease to Allstate and high overall occupancy, Hauppauge Office Park offers new ownership a very stable and predictable income. Combined with its huge amenity package and highly accessible location, Hauppauge Office Park should continue to attract and retain credit tenants for years to come,” Dunne said in a prepared statement.
Image courtesy of Yardi Matrix