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Sells 133,987-SF, three-building complex of commercial office space in Hauppauge, NY, to Fairfield Properties for $7.95M
MELVILLE, NY, May 1, 2013 — Jones Lang LaSalle has completed the sale of Woodlands Office Park, 700-800 Veterans Memorial Highway in Hauppauge, N.Y., for Orix USA Corp. Fairfield Properties acquired the Class A, three-building campus, totaling 133,987 square feet of commmercial office space, for $7.95 million.
The seller, Orix USA Corp., was represented by Ray Ruiz, executive vice president and head of JLL’s Long Island office, and Marianne Dugan, vice president; along with Joseph Garibaldi, managing director and head of tri-state suburban capital markets, and Thomas Walsh, vice president, all with JLL. The buyer, Fairfield Properties, was represented by Michael Broxmeyer, principal, in-house.
“Woodlands Office Park is a terrific investment located in the steadily improving Central Suffolk office market and surrounded by Fortune 500 companies and well-established regional firms,” said Ruiz. “The high cost of development in Suffolk County allowed the buyer to acquire the property from Orix at below replacement cost, offering the new owner a competitive, long-term leasing advantage. Fairfield Properties takes a long-term view of ownership and plans to launch a multi-million dollar capital improvement program to upgrade Woodlands Office Park.”
Woodlands Office Park comprises three commercial office buildings, totaling 133,987 square feet, at the intersection of Veterans Memorial Highway and Route 111 in Hauppauge, N.Y. Situated on more than seven acres of land in the heart of the Central Suffolk office submarket, the portfolio provides immediate access to all major transportation arteries including the Long Island Expressway, Sunken Meadow Parkway and Route 347.
Since expanding its office on Long Island in early 2010, JLL has sold more than 1 million square feet in investment properties and commercial real estate throughout the market.
JLL is a leader in the New York tri-state commercial real estate market, with more than 1,750 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2011, the New York tri-state team completed approximately 15.9 million square feet in lease transactions, arranged capital markets transactions valued at $1.57 billion, managed projects valued at more than $6.8 billion, and oversaw a property and facilities management portfolio of 63.6 million square feet and an agency leasing portfolio of 49.8 million square feet.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.
George Shea, Mark Faris - Shea Communications