Totaling 70,167 Square Feet, Asset Represents Rare Office Acquisition Opportunity in a Highly Desirable Location
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a two-building medical office portfolio on Nassau County’s North Shore on Long Island.
With an asking price of $24.5 million, the two properties – together totaling 70,167 square feet in size – represent an unusual opportunity to acquire office assets in an upscale community witnessing growing demand for medical services.
Situated approximately a half-mile apart, the two sites are 310 East Shore Road in Great Neck and 333 Shore Road in Manhasset.
“This medical portfolio represents a rare and lucrative opportunity to invest in office space within one of America’s most-affluent communities,” said Stephen Preuss, a senior managing director with Cushman & Wakefield. “In addition to the area’s high demand for healthcare services, the community is also experiencing an infusion of new luxury residential development.”
Mr. Preuss is leading a Cushman & Wakefield team that includes Benjamin Efraimov, Denise Prevete, Kevin Louie, Andreas Efthymiou and Kevin Schmitz.
With frontage along Manhasset Bay, 310 East Shore Road is a 19-unit, three-story property measuring 52,517 square feet in size. The second site, 333 Shore Road, is a two-story property with nine units and is 17,650 square feet in size. Combined tenancy at the two properties is 88 percent and consists almost entirely of long-term tenants.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
