Island Associates brokers $9 million sale of 490 Wheeler Rd. in Hauppauge

Island Associates brokered the sale of 490 Wheeler Rd. The glass office building located north of Long Island Expressway consists of 52,000 s/f. This building offers over 200 car parking with 100+ covered car parking with proximity to LIE. The building consists of 23 tenants with over 7,800 s/f vacant space. The sellers, 490 Wheeler Rd. Associates invested over $1.4 million in building upgrades over the last two years. Building upgrades benefited the existing tenants and future tenants, with all new HVAC, Carrier Energy Control Panel assisting all tenants in monitoring all offices in the building, new elevators, parking lot, bathrooms and outside lighting. The new purchasers took advantage of the lack of financing availability and the rising capitalization rates for a purchase price of $9 million. In the present tenuous market purchasers are seeking transactions that reflect the current and future economies with rising vacancies and extending absorption periods.