Salomone of Houlihan Lawrence completes $3.8 million sale of 50,000 s/f office building; Sold to Thylan Associates

Steven Salomone of Houlihan Lawrence Commercial Real Estate Group has completed the $3.8 million sale of the Hollowbrook 3&4 Office Building, located at 29 Marshall Rd. The 50,000 s/f building, sold by Hollowbrook of Dutchess, LLC, is home to Dutchess Community College's Southern Campus and New York State Department of Motor Vehicles Wappingers office. Thylan Associates, who purchased the building, thought it a stable and high-quality asset. Numerous capital investments are planned for the property over the next five years, which they expect will only add to the stability and value of the building, as well as surrounding commercial properties. "Our newly-formed commercial group was fully charged to enter this market. With our solid reputation and extensive experience, we were able to quickly facilitate this significant transaction," said Stephen Meyers, president and CEO of Houlihan Lawrence. "This deal represents an example of the improving economic trend within the commercial real estate market, and Houlihan Lawrence plans on being a major force within the commercial sector." "We are seeing increased demand for brick and mortar investments, which is beginning to boost the commercial real estate market," Steven Salomone, Houlihan Lawrence director of real estate investment sales said. "Solid income properties with good tenants are commanding a great deal of attention in the last several months, and we expect that trend to accelerate in 2013."