The four properties, located at 1205, 1225, 1305 and 1325 Franklin Ave., will undergo a multimillion-dollar capital improvement process. The common areas, elevators and building systems will be upgraded, and new landscaping will surround the properties.
"Franklin Avenue Plaza is located in the heart of Garden City's vibrant business district, presenting a unique growth opportunity for which the Treeline Cos. can provide value enhancement," Schor says. "World-class financial, legal and government office users are taking advantage of the access, amenities and value Nassau County provides."
The portfolio is 90% leased to a variety of tenants, including Allstate Insurance, Merrill Lynch, Morgan Stanley, Wachovia Securities, Israeloff, Trattner & Co. and Hemisphere National Bank.
"The property is proximate to our core holdings on Long Island, bringing Treeline's Garden City portfolio to nearly 1.7 million sf," Schor says. Treeline owns a number of additional Long Island properties including 900 Stewart Ave., One Old Country Rd. as well as 100, 200, 300 and 400 Garden City Plaza.
CB Richard Ellis' Jeff Dunne represented the buyers.
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