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LI Office Trio Trades for $50M

GARDEN CITY, NY-Led by the 98% leased 666 Old Country Rd. here, the Nassau County portfolio has traded to a joint venture of between Investcorp International Inc. and Lincoln Equities Group.

By Paul Bubny | Updated on October 15, 2013

GARDEN CITY, NY- A joint venture between Investcorp International Inc. and Lincoln Equities Group LLC has purchased a trio of Nassau County office properties totaling 372,544 square for $50 million. HFF represented the undisclosed seller, which traded the portfolio free and clear of existing debt, and arranged financing.

The portfolio has undergone more than $5 million in capital improvements since 2003 and is 93% leased. They include the 120,238-square-foot 666 Old Country Rd. in Garden City, which is 98% leased; 114 Old Country Rd. in Mineola, where the 114,356 square feet is 95% leased; and the two-building 100 Merrick Rd. in Rockville Centre, which totals 137,950 square feet that’s 87% leased.

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