March 23, 2007
Franklin Avenue Plaza Sells for $99M
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GARDEN CITY, NY-The Treeline Cos. and First Point Partners have purchased Franklin Avenue Plaza for $98.7 million. The 520,000-sf, four-building office complex here was sold by New York City-based Cammeby's International Ltd. The four properties, located at 1205, 1225, 1305 and 1325 Franklin Ave., will undergo a multimillion-dollar capital improvement process. The common areas, elevators and building systems |
will be upgraded, and new landscaping will surround the properties.
ÒFranklin Avenue Plaza is located in the heart of Garden CityÕs vibrant business district, presenting a unique growth opportunity for which the Treeline Cos. can provide value enhancement,Ó Schor says. ÒWorld-class financial, legal and government office users are taking advantage of the access, amenities and value Nassau County provides.Ó
The portfolio is 90% leased to a variety of tenants, including Allstate Insurance, Merrill Lynch, Morgan Stanley, Wachovia Securities, Israeloff, Trattner & Co. and Hemisphere National Bank.
ÒThe property is proximate to our core holdings on Long Island, bringing TreelineÕs Garden City portfolio to nearly 1.7 million sf,Ó Schor says. Treeline owns a number of additional Long Island properties including 900 Stewart Ave., One Old Country Rd. as well as 100, 200, 300 and 400 Garden City Plaza.
CB Richard EllisÕ Jeff Dunne represented the buyers.
ÒFranklin Avenue Plaza is located in the heart of Garden CityÕs vibrant business district, presenting a unique growth opportunity for which the Treeline Cos. can provide value enhancement,Ó Schor says. ÒWorld-class financial, legal and government office users are taking advantage of the access, amenities and value Nassau County provides.Ó
The portfolio is 90% leased to a variety of tenants, including Allstate Insurance, Merrill Lynch, Morgan Stanley, Wachovia Securities, Israeloff, Trattner & Co. and Hemisphere National Bank.
ÒThe property is proximate to our core holdings on Long Island, bringing TreelineÕs Garden City portfolio to nearly 1.7 million sf,Ó Schor says. Treeline owns a number of additional Long Island properties including 900 Stewart Ave., One Old Country Rd. as well as 100, 200, 300 and 400 Garden City Plaza.
CB Richard EllisÕ Jeff Dunne represented the buyers.