Wednesday, March 28, 2007

TREELINE GETS FRANKLIN AVENUE PLAZA

By LOIS WEISS

The Treeline Companies has acquired Franklin Avenue Plaza in partnership with First Point Partners for $98.7 million. The 520,000 sf four-building commercial complex is located at 1205, 1225, 1305 and 1325 Franklin Avenue in
Garden City. This brings Treeline’s Garden City portfolio to nearly 1.65msf.

Amulti-million dollar capital improvement program for Franklin Avenue Plaza will be effective immediately. Improvements will include common area and elevator renovation, building system upgrades and amenities, first-class finishes and elegant landscaping.

CB Richard Ellis’ Jeff Dunne represented Treeline and First Point in the transaction with Cammeby’s International Ltd., the seller.

Michael Sherman of CBRE Middle Markets provided the debt financing for Treeline in the transaction.