150 Motor Parkway - Hauppauge, NY
Philip Heilpern, CBREHauppauge, NY Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s Institutional Properties in collaboration with Philip Heilpern of the CBRE Long Island office, represented RA 150 Motor Parkway LLC, an entity controlled by RNY Property Trust, in the sale of 150 Motor Pwy. for $21 million. The team was also responsible for procuring the buyer, UA Properties LLC, who purchased the property as part of a 1031 exchange.
150 Motor Pwy. is a 201,258 s/f, well-located office property that offers ease of access to all the major transportation arteries in the area, including the Long Island Expressway, Northern State Pwy., Sagtikos Parkway and the Long Island Railroad. The property is located at the gateway to Hauppauge Business Park, the largest park on Long Island and second largest in the country with 18.5 million s/f of office, industrial and R&D space. In addition, 150 Motor Pwy. features popular corporate amenities such as a theater-style media room and boardroom, café, health club and bank branch with drive-through ATM as well as a parking ratio of nearly five spaces per 1,000 s/f.
Jeffrey Dunne, CBREDunne said, “150 Motor Parkway provides strong in-place cash flow with significant upside through lease-up of the 65,000 s/f of vacancy. Combined with its easily accessible location, 150 Motor Pwy. was an ideal property to satisfy the buyer’s 1031 exchange.”
CBRE Institutional Properties has a number of attractive investment opportunities currently on the market including: 60 Charles Lindbergh Boulevard, a 217,000 s/f single tenant office property on a long term lease with Nassau County in Uniondale, New York; 825 East Gate Blvd., an 80,000 s/f value add office property in Garden City, New York; 710 Bridgeport Ave., a 452,000 s/f value add flex/warehouse property in Shelton, Fairfield County, Connecticut; and 33 Benedict Place, a 128,000 s/f office property adjacent to Greenwich Ave. in Greenwich, Connecticut.
CBRE Group, a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.
Sign up is quick, easy, & FREE.