Brookhaven Executive Center at 3235 Route 112 in Medford, New York — Courtesy: Newmark Knight Frank
By Joshua Burd
Brokers in Newmark Knight Frank’s northern New Jersey office have completed the sale of a 10-building, 155,000-square-foot office park in Long Island.
The firm announced this week that it represented a financial institution in the sale of Brookhaven Executive Center at 3235 Route 112 in Medford, New York. Terms were not disclosed.
Kevin Welsh, Brian Schulz, Chuck Kohaut and Jason Emrani of NKF’s Rutherford-based capital markets team collaborated on the sale with Scott Berfas, Dan Oliver and Jordan Oliver from the firm’s Mellville, New York office. They also procured the buyer, PAG Investments LLC, a private real estate investment firm.
“BEC is one of the of the only office parks in Central Suffolk County providing on-site amenities including property management, food service (deli/café) and daycare, positioning the asset for long term success,” said Schulz, a managing director with NKF. “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.”
Sitting on a 15-acre campus, the 53 percent leased property has a roster of professional and medical users with distinct and branded entrances within a campus setting, NKF said in a news release. The property sits on Route 112 and is about a mile north of the Long Island Expressway, providing multidirectional access throughout Long Island and to major medical institutions.