Treeline Sells Nassau County Office Building for $65M
- May 13, 2008
An entity controlled by The Treeline Cos. has sold One Old Country Road in Carle Place, N.Y., a five-story, 315,000-square-foot office building, for $65 million. The seller was Treeline 1 OCR L.L.C., the buyer was CLK/HP One Old Country L.L.C. and a team composed of Jeffrey Dunne, Steven Bardsley and Rikki Lawrence of CB Richard Ellis Inc.’s New York institutional group and Bruce Nelson of CBRE’s Long Island office represented the seller and procured the buyer. “We divested ourselves of this property because it no longer was part of our strategic plan,” Frances Schor, president of the Treeline Cos., said in a prepared statement. “The property had fully matured and no longer fit our investment criteria.”One Old Country Road (pictured) is about 95 percent leased to 49 tenants and is anchored (at 93,000 square feet) by 1-800-flowers.com. The Class A building, which is near the Meadowbrook Parkway, includes covered parking, a full-service cafeteria and a barber shop and is walking distance from Roosevelt Field Mall–the largest shopping mall in New York State–and other retail and restaurants. Also in a prepared statement, CBRE’s Dunne commented, “We expect good rental rate increases in the near term, given the lack of available office sites and the fact that Nassau County is vastly underserved in terms of the amount of office space in the county relative to its dense population.” Established in 1985, the Treeline Cos. owns and manages more than 3 million square feet of commercial real estate in the New York metro area.