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A venture between First Point Partners and Treeline Cos. has paid $98.7 million for Franklin Avenue Plaza, a 520,000-square-foot office complex in Garden City, N.Y.

The venture purchased the four-building property, at 1205, 1225, 1305 and 1325 Franklin Avenue, from Cammeby's International Ltd. It financed the acquisition with debt provided by Bank of America.

The acquisition gives Treeline, which is led by Frances Schor and is based in Garden City, a 1.65 million-square-foot portfolio in the Long Island village.

The company started investing in Garden City soon after its founding in 1985. It purchased what were then vacant buildings or those in dire need of upgrades, and improved and leased them. The area, largely due to Treeline's efforts, is now considered the premier business address in western Long Island.

Treeline also owns several office properties in Brooklyn. Overall, its portfolio totals 2 million sf.

But the company is eager to expand its footprint in the New York metropolitan region, includingManhattan.

"Where we see an opportunity, we're in a position to make an acquisition,"

Schor said.

The company pursues properties that are in business hub locations, hence its investments in Brooklyn's Livingston Street area, close to a major courthouse, and Garden City, Nassau County's business hub.

Its latest acquisition marks the first time that Treeline has invested with a capital partner. It generally funds its investments with capital raised from a small group of investors, which whom Treeline has a long-standing relationship. But First Point, which was founded just over two years ago by David G. King, a former principal of NorthStar Capital Investment Corp., makes for an ideal partner. Such a partnership gives Treeline an added source of capital for its acquisition strategy, as well as an added level of expertise.

Unlike other investment managers, First Point aims for long-term holds, which jibes with Treeline's investment strategy. Its long-term hold strategy is possible because its exit strategy isn't necessarily a sale, rather it hopes to rely on refinancings as its capital events.