LI office complex sells for $7.2M
A 10-building office complex in Medford known as the Brookhaven Executive Center has been sold to New Jersey-based PAG Investments operated by Principal, Gershon Alexander.
The price was not disclosed, but real estate sources pegged it at $7.2 million.
Brookhaven Executive Center / Courtesy of Newmark Knight Frank
The 155,079-square-foot office complex is on a 15-acre campus at 3235 Route 112. It is 53 percent occupied by a variety of professional and medical tenants.
The property, once owned by Paul Elliott, CEO of Soundview Realty Group, was foreclosed in 2014. American General Life Insurance, a subsidiary of AIG Global, which had furnished $14 million in refinancing for the property in 2006, took possession of the office complex after it failed to find a buyer at auction.
Kevin Welsh, Brian Schulz, Chuck Kohaut and Jason Emrani of Newmark Knight Frank’s Tri-State Capital Markets team, in collaboration with Scott Berfas, Dan Oliver and Jordan Oliver from NKF’s Melville office represented seller AIG and procured the buyer in the sales transaction.
“BEC is one of the only office parks in central Suffolk County providing on-site amenities including property management, food service and daycare, positioning the asset for long term success” Schulz said in written statement. “PAG Investments will control a critical mass of office/medical space and continue to enhance the property in addition to the more than $2 million in upgrades that have been invested since 2014.”
Link to Article: https://libn.com/2018/07/30/li-office-complex-sells-for-7-2m/