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Prudential Real Estate Investors Sells Office Portfolio for $50.3M

Investcorp, Lincoln Equities Buy 372,000 SF in Long Island
November 5, 2013
Prudential Real Estate Investors sold three office buildings in Long Island, NY to Lincoln Equities Group and Investcorp International for $50.3 million, or approximately $135 per square foot.

The deal totals 374,000 square feet and includes: 666 Old Country Rd. in Garden City, 114 Old Country Rd. in Mineola, and 100 Merrick Rd. in Rockville Centre, NY. The portfolio boasts historically high occupancy rates and access to mass transit and major roadways connecting to New York City. The multi-tenant properties are leased to 132 tenants, including law firms, professional businesses, healthcare, and technology industries.

The HFF team of Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeff Julien, and Jackie Ferrer represented the seller. The buyers handled the sale in-house.

Please see CoStar COMPS #2862542 for more information on this transaction.

Investcorp's US-based real estate arm, with $10 billion in transactions since 1995, announced the acquisition of 1.6 million square feet of office and retail assets spread across the Chicago, Los Angeles, Minneapolis, and New York City market areas valued at $250 million. Read CoStar News' coverage of the other three sales:
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