The 404,400-sf office park is located at 100, 200 and 300 Ring Road, directly opposite the Roosevelt Field Mall. The three buildings are currently 95% leased to a tenant roster of local law firms Berkman Henoch Peterson & Peddy and Jaspan Schlesinger Hoffman; as well as TNT SkyPak, The Berkely Group, Visiting Nurse Association of Long Island and Proginet Corporation.

Jeff Dunne, team leader of the CB Richard Ellis Tri-State Investment Team, comments, "This is a major sale in the Long Island market. The quality location and strong tenancy presented an intriguing investment opportunity to many qualified buyers." CB Richard Ellis' Tri-State Investment Team represented Garden City Plaza Associates, an affiliate of VMS Realty in the sales deal.

"The selling entity had owned the property for more than 15 years and the timing was right to sell," states Bruce Nelson, of CB Richard Ellis. "The Treeline Companies acquired a highly distinguished property in Nassau County and with the scarcity of available rental space in this submarket, Garden City Plaza will benefit from the escalating rental rates."

Dunne says that the deal, which closed in early February, marks the exit of VMS Realty from the commercial office market. He says, VMS, which was a major real estate syndication firm in the 1980s, is currently focused on owning and developing hotels and resort-related properties in the US.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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