Franklin Avenue Plaza (pictured) occupies a 12-acre parcel along a stretch known as the Wall Street of Long Island. The complex, which consists of two three-story buildings and two five-story structures, features Class A office space, two parking facilities, a cafeteria and a fitness center. Allstate Insurance, Merrill Lynch, Metropolitan Life Insurance, Morgan Stanley, NY Times Co. and Wachovia Securities grace the tenant roster at the 90 percent leased property, along with other businesses.

The office market in Nassau County is thriving. According to real estate services firm Grubb & Ellis Co., the average vacancy rate in Nassau County is 9 percent and the average asking rent for Class A space is $32.74 per square-foot.

For Treeline, which relied on debt financing from CBRE Middle Markets, the acquisition increases its holdings in Garden City to approximately 1.65 million square feet. The company purchased the 207,000-square-foot Atria East in Garden City for $46 million last December. And in October, Treeline revealed it would renovate a Macy's building in Brooklyn to feature 110,000 square feet of office space.

Treeline and First Point, who were represented by real estate services firm CB Richard Ellis Inc. in the purchase, plan to renovate Franklin Avenue Plaza right away. Garden City, N.Y.-based Treeline is a prominent landlord in the area, as well as in downtown Brooklyn. Manhattan-headquartered real estate investor First Point has $300 million of committed capital for investment. The company targets commercial and multifamily properties and development assets on the East Coast and West Coast, as well as in Hawaii and Puerto Rico.