Dunne, Bardsley and Heilpern of CBRE complete $61 million sale of the 282,656 s/f Hauppauge Office Park

Hauppauge, NY Jeffrey Dunne and Steven Bardsley of CBRE’s Institutional Properties in collaboration with Philip Heilpern of the CBRE Long Island office, represented Colin Development, in the sale of Hauppauge Office Park for $61 million. The team was also responsible for procuring the buyer, Signature Acquisitions. 

Hauppauge Office Park is a 282,656 s/f, three-building complex, located between the Long Island Expressway and Northern State Pwy. providing access for tenants commuting from Nassau County to the west and eastern Suffolk to the east. The park is comprised of one single tenant building which is 100% leased to Allstate for ten years and two multitenant buildings that are 95% leased, providing stable cash flow. Other notable tenants include Bridgehampton National Bank (32,274 s/f), Crawford & Company (23,546 s/f), Urban Financial America (12,625 s/f) and Morgan Stanley (8,008 s/f). 

Dunne said, “With the long-term lease to Allstate and high overall occupancy, Hauppauge Office Park offers new ownership a very stable and predictable income. Combined with its huge amenity package and highly accessible location, Hauppauge Office Park should continue to attract and retain credit tenants for years to come.”

CBRE Institutional Properties has a number of investment opportunities including: Reckson Executive Park, a 564,000 s/f, 64% office campus in Rye Brook; 115-117 Stevens Ave., a 175,000 s/f, two building office park in Mt. Pleasant; CenterPointe Portfolio at Bridgewater, an 87% leased four building 331,354 s/f office campus in Bridgewater, NJ; 350 & 360 Mount Kemble Ave. in Morristown, NJ, a 229,685 s/f value add opportunity at 81% occupancy.