Newmark Grubb Knight Frank (NGKF) has completed the $10.5 million sale of an office and retail property adjacent to the Walt Whitman Mall in Huntington Station on Long Island. The property, 100-110 Walt Whitman Road, comprises a 32,000-square-foot, multi-tenant office building and a 9,900-square-foot retail building that is triple-net-leased to TGIF restaurant.
NGKF Managing Director Scott Berfas and Principal Brian D. Lee negotiated the sale to CDC Realty, a private Long Island-based investor, after conducting an extensive marketing campaign on behalf of the seller, Kimco Realty Corp. Mark Walsh of Select Investment Realty Advisors represented the purchaser on the deal.
Prudential Douglas Elliman and GEI Consultants are the largest tenants at the office building, which currently has about 9,000 square feet available.
“The Melville/Huntington office market is one of Long Island’s premier business locations,” Mr. Berfas said. “This asset’s prime location on the Route 110 Corridor and tenant base, along with the fixed increases in the TGIF lease was attractive to the buyer.”
Mr. Lee said, “The NGKF team was able to successfully convey the investment potential through the marketing effort, which generated significant interest in the offering and resulted in a sale price that exceeded expectations.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, Newmark Grubb Knight Frank employs more than 11,000 professionals, operating from more than 300 offices in established and emerging property markets on five continents.
Newmark Grubb Knight Frank’s integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, Newmark Grubb Knight Frank serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.newmarkkf.com.
Newmark Grubb Knight Frank is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.