HAUPPAUGE, NY-A 13-building Suffolk County office portfolio,including the four-building, 215,000-square-foot CrossroadsCorporate Center here, has traded to Matrix RealtyCorp. The sellers, a joint venture betweenCenterSquare Investment Management Holdings Inc.and Ivy Realty, did not disclose the price; asource familiar with the transaction puts it at $39 million, orabout $97 per square foot, comparable to other recent office salesin the region.

CenterSquare and Ivy bought Crossroads Corporate Center and the185,000-square-foot, nine-building Crossroads Executive Center amile away in Islandia, from developer Heatherwood Communities in2004 for a reported $41 million. Ivy hired ColliersInternational to market both office parks as a packagethis past March, according to Real Estate Alert.

A Colliers team including Douglas Sayer of thePhiladelphia office, Mark DeRiemer in New YorkCity and the Long Island office's Ken Enos,Herb Agin and Steven D'Orazio,arranged the sale. Agin cites the improving office market on LongIsland in attracting investor interest.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.