LI Office Portfolio Trades to Matrix

HAUPPAUGE, NY-A 13-building Suffolk County office portfolio, including the four-building, 215,000-square-foot Crossroads Corporate Center here, has traded to Matrix Realty Corp. The sellers, a joint venture between CenterSquare Investment Management Holdings Inc. and Ivy Realty, did not disclose the price; a source familiar with the transaction puts it at $39 million, or about $97 per square foot, comparable to other recent office sales in the region.

CenterSquare and Ivy bought Crossroads Corporate Center and the 185,000-square-foot, nine-building Crossroads Executive Center a mile away in Islandia, from developer Heatherwood Communities in 2004 for a reported $41 million. Ivy hired Colliers International to market both office parks as a package this past March, according to Real Estate Alert.