GARDEN CITY, NY- A joint venture between Investcorp International Inc. and Lincoln Equities Group LLC has purchased a trio of Nassau County office properties totaling 372,544 square for $50 million. HFF represented the undisclosed seller, which traded the portfolio free and clear of existing debt, and arranged financing.
The portfolio has undergone more than $5 million in capital improvements since 2003 and is 93% leased. They include the 120,238-square-foot 666 Old Country Rd. in Garden City, which is 98% leased; 114 Old Country Rd. in Mineola, where the 114,356 square feet is 95% leased; and the two-building 100 Merrick Rd. in Rockville Centre, which totals 137,950 square feet that’s 87% leased.
The HFF team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeff Julien and associate Jackie Ferrer. Debt placement was handled by HFF senior managing director Mike Tepedino and associate director Michael Gigliotti.
“This was a rare opportunity to purchase a well-located office portfolio with upside in the competition-constrained Long Island market,” says Cruz. “Investcorp and Lincoln did a great job closing the multi-property portfolio.”