CBRE arranges $38 million acquisition of 900 Stewart Ave.

Further demonstrating that quality office product is still a terrific investment even during economic turbulence, CB Richard Ellis' Long Island office arranged the acquisition of 900 Stewart Ave. for $38 million. CAF Realty, Inc. purchased the class A office property located in Garden City, NY, utilizing a 1031 Exchange requirement. The CBRE team of Philip Heilpern, Richard Karson, Martin Lomazow and Paul Leone represented CAF Realty in negotiations with the seller, BREOF BNK2 Atria LLC, an affiliate of Brookfield Asset Management, which was represented by Cushman & Wakefield. Located near the Meadowbrook State Parkway and just minutes from the Long Island Expressway, 900 Stewart Ave., also known as The Atria, was part of a portfolio of assets marketed by the seller. After a competitive bidding process, CAF Realty won the asset, which was acquired through a 1031 Exchange. JP Morgan Chase serves as the property's anchor tenant occupying the entire 235,000 s/f, six-story building. The financial giant has the option of returning 80,000 s/f of space within the next 18 months. "The Atria provided our client with a compelling investment opportunity to acquire a proven, trophy office property and also meet its 1031 Exchange requirement," said Lomazow. "What's more important to note is that deals with strong financial fundamentals are still being completed in this market even through a national economic downturn."