Sunday, October 24, 2010

Sale of Long Island office and retail development closed by HFF

 FLORHAM PARK, NJ – The New Jersey and New York offices of HFF (Holliday Fenoglio Fowler, L.P.) have closed the sale of 1300 Franklin Avenue (top left photo), a 125,495-square-foot, Class A office and retail development in Garden City, Long Island, New York.

The HFF investment sales team was led by senior managing directors Jose Cruz (middle right photo)  and Andrew Scandalios (lower left photo) and directors Kevin O’Hearn and Jeff Julien, who marketed the property on behalf of the seller, Alfred Weissman Real Estate, Inc., a New York-based owner and developer. 

Intercontinental Real Estate Corporation purchased the property for an undisclosed price.  

Originally built in 1962, 1300 Franklin Avenue was completely redeveloped in 2008 into a two-story office and retail complex that is fully leased. 

Key tenants include Winthrop University Hospital, Healthtrax, Morgan Stanley Smith Barney and Walgreens.  1300 Franklin Avenue is between 13th and 14th Streets in downtown Garden City approximately 30 minutes from Manhattan.

“The property benefits from a desirable location in Nassau County, which is one of the most dynamic markets in the country, as well as a high occupancy rate with no lease rollover in the next five years,” said Cruz.

Jose  R. Cruz, HFF Senior Managing Director, (973) 549-2000,
Andrew G. Scandalios, HFF Senior Managing Director, (212) 245-2425
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

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