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Large, Long Island MOB Sells For Over $16 Million

GARDEN CITY, NY-A large office and medical condominium unit at Garden City Square has sold for $16.4 million, it was announced Monday by CBRE, which represented the seller on the deal.

The 125,000-square-foot facility was sold by AG-Metropolitan 711 Stewart Avenue, LLC, a joint venture of Metropolitan Realty Associates, LLC and Angelo, Gordon & Co. CBRE’s Jeffrey Dunne, vice chairman; Steven Bardsley, SVP and David Gavin, VP of New York’s institutional group closed the deal. Also representing the seller were Richard Karson EVP; Philip Heilpern, SVP and Martin Lomazow, SVP of CBRE’s Long Island office. The team was also responsible for procuring the buyer, Benedict Realty Group. Robert Watman, partner, RDW Advisors LLC, represented BRG.

Garden City Square offers several different medical specialties and is accessible and highly visible along Stewart Avenue. The office/medical condo at Garden City Square, which is 55% leased, was recently renovated. The complex also includes two retail condominiums—the 121,000 SF BJ’s Wholesale Club and the 55,000 SF LA Fitness, which are currently under construction—that were sold in a separate transaction by CBRE in April 2013 for $66.3 million.

Says Dunne in the release,  “This transaction was multifaceted and required considerable time, expertise and insight to complete. The office/medical component at Garden City Square provided a unique opportunity to acquire a newly renovated property in a highly desirable, infill market that benefits from a very low availability rate for medical space. The high demographic area and strategic location between two hospitals should provide BRG with significant upside through the lease-up of the well positioned vacancy.”

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