MELVILLE, NY— The purchase price reportedly is around $30 million, according to several industry sources. Parties to the deal declined to site a price.
Jeffrey Dunne and Steven Bardsley of CBRE‘s Institutional Properties—in collaboration with Philip Heilpern of the CBRE Long Island office—closed the deal.
The CBRE team represented 1305 Walt Whitman Road, SPE LLC, and also procured the buyer.
The 165,310-square-foot property sits on the Suffolk/Nassau border in Melville, NY, just 100 yards away from the Long Island Expressway. The property is directly across from a full service Marriott Hotel while nearby restaurants and retail options are nearby on Route 110.
Currently 83% leased, 1305 Walt Whitman offers significant upside through further lease up, while having a strong credit rent roll with an average lease term of nearly seven years. Anchor tenants include the American Institute of Physics, with 44,791 square feet, Merrill Lynch, with 28,552 square feet, RUI Credit Services, with 19,011 square feet and KPMG, with 13,957 square feet.
“1305 is a great asset and offers new ownership stable income from the high credit rent roll and upside from the approximately 28,000 square feet in vacancy,” says Dunne. Further, Melville is an increasingly tight market where rents are beginning to move up. Collectively, these factors bode well for the future of the property.”