FLORHAM PARK, NJ – January 23, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $16 million sale of 330 and 350 Motor Parkway, two four-story office buildings with a combined 131,223 square feet in the Long Island community of Hauppauge, New York.
The HFF team marketed the property on behalf of the seller, KABR Group and Capstone Realty Group, and procured the buyer, Long Island-based Valley East Management.
330 and 350 Motor Parkway are situated just off the Long Island Expressway/I-495 in western Suffolk County. This amenity-rich location is within minutes of the Northern State Parkway, Sagtikos Parkway and Southern State Parkway, which all provide access throughout Long Island, Manhattan and the other New York City boroughs. Originally built in 1971 and renovated between 2012 and 2016, the two-building complex is 94 percent leased to a diverse 41-tenant roster in industries such as law, accounting and financial services. Building amenities include a full-service cafeteria, fitness center with locker rooms, shared conference rooms, tenant storage areas and a high parking ratio of 4.4 spaces per 1,000 square feet.
The HFF investment advisory team representing the seller included senior managing directors Jose Cruz, Kevin O’Hearn and Andrew Scandalios and senior directors Stephen Simonelli and Michael Oliver.
“The diversity in the rent roll and the infill location were the two most important aspects of the properties for investors,” stated Cruz.
About KABR Group
The KABR Group (“KABR”) is a vertically integrated private equity real estate firm responsible for the investment, management, and development of commercial real estate. In 2008, KABR was founded as a response to the existing real estate crisis, and has evolved into a multi-strategy firm that effectively invests across the following themes: value-added, opportunistic, distressed debt, special situations, and development. As of Q4 2018, KABR has raised and deployed, on a fully-discretionary basis, over $225 million, 50% of which has been contributed by the principals of KABR. KABR has managed the purchase of 95 assets, the sale of 35 assets, and the participation in 45 joint ventures. More specifically, KABR has acquired over three million square feet of development rights, four million square feet of office and industrial space, and 2,400 multifamily units. For more information, please visit kabrgroup.com.
About Capstone Realty Group
Capstone (“CRG”) was formed in 1998 and invests on behalf of its three principal’s as well private equity partners and family offices. CRG has acquired distressed debt portfolios, as well as office, retail, and hospitality properties. CRG’s current portfolio is comprised of over 4 million square feet of office and grocery anchored retail. For more information, visit crgre.com.
About Valley East Management, LLC
Valley East Management, LLC represents over half a million-square footage of commercial real estate. Valley East properties was formed by a group of real estate professionals whose combined specialties have created an incredible team. With over 75 years of combined experience, they feel that they have created an environment to help their tenants grow their businesses to their fullest potential.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
HFF Senior Managing Director
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HFF Senior Managing Director
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